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NOCIL Q2 FY27 results: net profit up 98.4% to ₹24.05 crore, revenue up 33.2%
NOCIL Limited reported Q2 FY27 consolidated revenue of ₹426.89 crore, up 33.2% from the year-ago quarter, with EBITDA of ₹36 crore and a net profit of ₹24.05 crore. Against the previous quarter, revenue rose 5.9% while EBITDA fell 20.4% and profit declined 13.4% as the margin narrowed to 8.4%.
Key points
- Consolidated Q2 FY27 revenue was ₹426.89 crore, up 33.2% year on year and 5.9% sequentially.
- EBITDA was ₹36 crore at an 8.4% margin, against 7.0% in Q2 FY26 and 11.2% in Q1 FY27.
- Net profit was ₹24.05 crore, up 98.4% from Q2 FY26 but down 13.4% from the previous quarter; basic EPS was ₹1.44.
- Total expenses rose 29.8% year on year to ₹405.20 crore, led by cost of materials at ₹273.45 crore.
- H1 FY27 revenue was ₹829.91 crore and net profit was ₹51.81 crore, with EPS of ₹3.1.
How did NOCIL perform in Q2 FY27?
NOCIL Limited reported consolidated revenue from operations of ₹426.89 crore for Q2 FY27, the July–September 2026 quarter, against ₹320.56 crore in Q2 FY26 and ₹403.02 crore in Q1 FY27. EBITDA was ₹36 crore, with a margin of 8.4%, compared with 7.0% a year earlier and 11.2% in the previous quarter. Profit before tax was ₹28.23 crore.
Net profit for the quarter was ₹24.05 crore, against ₹12.12 crore in Q2 FY26 and ₹27.76 crore in Q1 FY27. Basic EPS was ₹1.44, up from ₹0.73 a year earlier and lower than ₹1.66 in the previous quarter. On the standalone basis, revenue was ₹426.89 crore and profit was ₹23.84 crore, against ₹17.26 crore a year earlier.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 426.89 | 403.02 | 320.56 | +33.2% | +5.9% |
| Other income | 6.54 | 5.90 | 10.18 | −35.8% | +10.8% |
| Total expenses | 405.20 | 371.83 | 312.22 | +29.8% | +9.0% |
| EBITDA | 36 | 45.22 | 22.32 | +61.3% | −20.4% |
| EBITDA margin | 8.4% | 11.2% | 7.0% | +1.4 pp | −2.8 pp |
| Profit before tax | 28.23 | 37.09 | 18.52 | +52.4% | −23.9% |
| Tax | 4.18 | 9.33 | 6.40 | −34.7% | −55.2% |
| Net profit | 24.05 | 27.76 | 12.12 | +98.4% | −13.4% |
| EPS (₹) | 1.44 | 1.66 | 0.73 | +97.3% | −13.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in NOCIL's costs and profit?
Total expenses rose 29.8% year on year to ₹405.20 crore, from ₹312.22 crore in Q2 FY26, and were up 9.0% from ₹371.83 crore in Q1 FY27. Cost of materials was the largest line at ₹273.45 crore, up ₹94.45 crore, or 52.8%, from ₹179 crore a year earlier, and ₹0.84 crore from ₹272.61 crore in the previous quarter.
Other expenses were ₹104.17 crore, up ₹18.42 crore from ₹85.75 crore a year earlier, while employee cost was ₹24.21 crore, up ₹0.08 crore from ₹24.13 crore and down ₹2.91 crore from ₹27.12 crore. Depreciation was ₹14.01 crore against ₹13.63 crore and finance costs were ₹0.30 crore against ₹0.35 crore. There was no exceptional item.
Other income fell ₹3.64 crore to ₹6.54 crore from ₹10.18 crore a year earlier, but was up ₹0.64 crore from ₹5.90 crore in Q1 FY27. Tax was ₹4.18 crore, down ₹2.22 crore from ₹6.40 crore and ₹5.15 crore from ₹9.33 crore, while profit before tax rose to ₹28.23 crore from ₹18.52 crore a year earlier.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 273.45 | 179 | +94.45 | +52.8% |
| Employee cost | 24.21 | 24.13 | +0.08 | +0.3% |
| Finance costs | 0.30 | 0.35 | −0.05 | −14.3% |
| Depreciation | 14.01 | 13.63 | +0.38 | +2.8% |
| Other expenses | 104.17 | 85.75 | +18.42 | +21.5% |
| Total expenses | 405.20 | 312.22 | +92.98 | +29.8% |
| Other income | 6.54 | 10.18 | −3.64 | −35.8% |
| Tax | 4.18 | 6.40 | −2.22 | −34.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, NOCIL reported consolidated revenue of ₹829.91 crore, up 26.4% from ₹656.78 crore in H1 FY26. Total income was ₹842.35 crore against ₹673.56 crore, and profit before tax was ₹65.32 crore against ₹41.66 crore.
Net profit for H1 FY27 was ₹51.81 crore, up 76.3% from ₹29.38 crore in the year-ago period, with EPS of ₹3.1 compared with ₹1.76. EBITDA for the half was ₹81 crore, up 54% from ₹53 crore, with the margin at 9.8% against 8.1%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 829.91 | 656.78 | +26.4% |
| Profit before tax | 65.32 | 41.66 | +56.8% |
| Net profit | 51.81 | 29.38 | +76.3% |
| EPS (₹) | 3.10 | 1.76 | +76.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹2,189.25 crore at 30 September 2026, against ₹2,110.69 crore at 31 March 2026. Total equity rose to ₹1,806.28 crore from ₹1,773.39 crore, and the company reported no borrowings at either date. Cash was ₹26.78 crore against ₹31.82 crore, while inventories rose to ₹248.21 crore from ₹157.71 crore.
Trade receivables stood at ₹361.56 crore against ₹289.53 crore at the previous balance sheet date, and trade payables were ₹198.03 crore against ₹151.85 crore. For H1 FY27, operating cash flow was an outflow of ₹53.08 crore, compared with an inflow of ₹135.64 crore in H1 FY26, while investing cash flow was ₹75.49 crore against an outflow of ₹104.63 crore. Capital expenditure was ₹70.65 crore against ₹103.12 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,189 | 2,111 |
| Total equity | 1,806 | 1,773 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 26.78 | 31.82 |
| Inventories | 248.21 | 157.71 |
| Trade receivables | 361.56 | 289.53 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −53.08 | 135.64 |
| Cash from investing | 75.49 | −104.63 |
| Cash from financing | −27.45 | −35.89 |
| Capital expenditure | 70.65 | 103.12 |
Source: Company's results filing (XBRL).
How has NOCIL done over the last 8 quarters?
Revenue has risen year on year in each of the last two quarters, and profit has also risen year on year in each of the last two quarters. Q2 FY27 revenue of ₹426.89 crore was the highest in the eight quarters shown, while the Q2 FY27 EBITDA margin of 8.4% was below the 11.2% recorded in Q1 FY27.
Quarterly profit moved from ₹12.12 crore in Q2 FY26 to ₹9.25 crore in Q3 FY26 and ₹17 crore in Q4 FY26, before rising to ₹27.76 crore in Q1 FY27 and easing to ₹24.05 crore in Q2 FY27. The margin bottomed at 6.4% in Q4 FY26 and peaked at 11.2% in Q1 FY27.
What else did the company announce?
The Board met on 29 October 2026 and approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities, the cash flow statement and the limited review report of the statutory auditors dated 29 October 2026. The meeting began at 12.00 noon and concluded at 4.00 p.m. IST.
The company also filed an investor presentation on the financial highlights for the quarter and half year ended 30 September 2026 on the same day. The filing recorded the ₹250 crore TDQ brownfield expansion at Dahej as delivered ahead of schedule and within budget, and said the integrated speciality rubber chemicals project was progressing as planned.
What did NOCIL's management say?
Management said FY27 revenue guidance stays at Rs.1,400-1,600 crore and that the company is now confident of closing towards the upper end, with EBITDA margins of around 10%. V. S. Anand, Managing Director, said: "Given our H1 performance and the current momentum, we remain confident of closing FY27 towards the upper end of this range with EBITDA margins of around 10%."
Management held its FY27 volume growth guidance at 8%-10% and expects an H2 volume index of around 160-165 on a Q1 FY20 base of 100. Anand said: "We have addressed the supply side constraints, and we expect the affected volumes to recover in the second half." The company expects Dahej TDQ capitalization in Q3 FY27 after receipt of pending customer approvals.
Management said Rs.130 crore of Board-sanctioned capex will be spent across H2 FY27 and H1 FY28, with routine maintenance capex additional. On priorities, Anand said: "we've been actively exploring opportunities for inorganic growth in the chemical space, and we will keep you posted as and when there is any development in that space." The risks flagged included supply and geopolitical logistics disruptions, import dumping and competitive pricing, higher coal, gas, freight and crude-linked input costs, and a weaker monsoon.
How did NOCIL shares react?
The filing appeared after market hours. From the price when the filing appeared, the stock fell 2.5% after 5 minutes, 4.1% after 15 minutes and 5.5% after 30 minutes. On the reaction day it closed 6.5% below the previous close of ₹149.60, which was itself above the prior close of ₹145.40.
By the next day's close the stock was down 4.1% from its pre-results close, against a 0.1% rise for the median Specialty Chemicals stock. The move was 4.2 percentage points below the industry median on that measure. Earlier reaction-day moves were 6.2% on 3 August 2026, -3.2% on 7 May 2026 and 1.9% on 11 February 2026.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −2.5% | |
| 15 minutes | −4.1% | |
| 30 minutes | −5.5% | |
| Reaction day | −6.5% | −2.0% |
| Next day | −4.1% | +0.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | +6.2% |
| 7 May 2026 | −3.2% |
| 11 February 2026 | +1.9% |
| 31 October 2025 | −2.1% |
| 7 August 2025 | −0.7% |
| 6 February 2025 | −5.5% |
| 28 October 2024 | +0.5% |
| 8 August 2024 | −5.6% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among the 69 Specialty Chemicals companies compared, the median revenue growth was 28.9%. NOCIL's revenue growth of 33.2% was higher than the peer median, with 32 peers growing faster and 37 peers growing slower than the company. Of the 63 peers for which profit was compared, 53 reported higher profit.
| NOCIL revenue growth (YoY) | +33.2% |
|---|---|
| Median of 69 other Specialty Chemicals companies | +28.9% |
| Companies with slower revenue growth than NOCIL | 37 of 69 |
| Companies with faster revenue growth than NOCIL | 32 of 69 |
| Companies whose net profit rose | 53 of 63 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was NOCIL's revenue in Q2 FY27?
Revenue from operations was ₹426.89 crore, up 33.2% from ₹320.56 crore in Q2 FY26 (consolidated).
Did NOCIL make a profit in Q2 FY27?
Yes. Net profit was ₹24.05 crore, against a net profit of ₹12.12 crore in Q2 FY26.
What was NOCIL's EPS in Q2 FY27?
Basic earnings per share were ₹1.44, against ₹0.73 in Q2 FY26.
How did NOCIL shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.5% from the previous close; the median Specialty Chemicals stock moved −2.0%.
When did NOCIL announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Approval Of Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 5 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Of The Company Held On Thursday, I.E. 29Th October , 2026 (BSE, 29 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended 30.09.2026 (BSE, 29 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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