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Organic Coatings Q2 FY27 results: net loss widens to ₹0.90 crore, revenue up 117.5%
Organic Coatings Ltd reported standalone revenue of ₹12.03 crore in Q2 FY27, up 117.5% from ₹5.53 crore in Q2 FY26. The company reported a net loss of ₹0.90 crore, compared with a net loss of ₹0.60 crore a year earlier and ₹0.36 crore in Q1 FY27, while EBITDA moved to a loss of ₹0.51 crore.
Key points
- Q2 FY27 standalone revenue was ₹12.03 crore, up 117.5% from ₹5.53 crore in Q2 FY26 and 7.2% from ₹11.22 crore in Q1 FY27.
- The company reported a net loss of ₹0.90 crore in Q2 FY27, compared with a net loss of ₹0.60 crore in Q2 FY26 and ₹0.36 crore in Q1 FY27.
- EBITDA was a loss of ₹0.51 crore, with an EBITDA margin of -4.3%, compared with a loss of ₹0.22 crore and a margin of -3.9% in Q2 FY26.
- Total expenses were ₹12.95 crore in Q2 FY27, including cost of materials of ₹10.37 crore; the company reported no exceptional item.
- H1 FY27 revenue was ₹23.25 crore, up 84.4% from ₹12.61 crore in H1 FY26, while the net loss was ₹1.26 crore.
How did Organic Coatings perform in Q2 FY27?
Organic Coatings reported standalone revenue of ₹12.03 crore in Q2 FY27, against ₹5.53 crore in Q2 FY26 and ₹11.22 crore in Q1 FY27. Total income was ₹12.05 crore, up from ₹5.56 crore a year earlier and ₹11.23 crore in the previous quarter. The figures are on a standalone basis.
EBITDA was a loss of ₹0.51 crore in Q2 FY27, compared with a loss of ₹0.22 crore in Q2 FY26 and EBITDA of ₹0.04 crore in Q1 FY27. The EBITDA margin was -4.3%, down 0.4 percentage points year on year and 4.6 percentage points from the previous quarter. The company reported a net loss of ₹0.90 crore and basic EPS of ₹0.90, against a net loss of ₹0.60 crore and EPS of ₹0.60 in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 12.03 | 11.22 | 5.53 | +117.5% | +7.2% |
| Other income | 0.02 | 0.01 | 0.03 | −33.3% | +100.0% |
| Total expenses | 12.95 | 11.60 | 6.16 | +110.2% | +11.6% |
| EBITDA | −0.51 | 0.04 | −0.22 | turned to loss | |
| EBITDA margin | -4.3% | 0.3% | -3.9% | −0.4 pp | −4.6 pp |
| Profit before tax | −0.90 | −0.36 | −0.60 | ||
| Tax | 0 | 0 | 0 | ||
| Net profit | −0.90 | −0.36 | −0.60 | ||
| EPS (₹) | −0.90 | −0.36 | −0.60 |
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 Organic Coatings' costs and profit?
Total expenses increased to ₹12.95 crore in Q2 FY27 from ₹6.16 crore in Q2 FY26, with cost of materials rising ₹6.80 crore to ₹10.37 crore. Employee cost rose ₹0.12 crore to ₹0.47 crore, while other expenses increased ₹0.99 crore to ₹2.52 crore. Finance costs were ₹0.19 crore, up ₹0.01 crore, and depreciation was ₹0.22 crore, down ₹0.01 crore.
Other income was ₹0.02 crore, down ₹0.01 crore from Q2 FY26. There was no exceptional item, and tax was unchanged at no exceptional tax charge. The filing did not state the reasons for the changes in the cost lines or other income. EBITDA moved to a loss of ₹0.51 crore from a loss of ₹0.22 crore, while PBT and PAT were each a loss of ₹0.90 crore, compared with a loss of ₹0.60 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 10.37 | 3.57 | +6.80 | +190.5% |
| Employee cost | 0.47 | 0.35 | +0.12 | +34.3% |
| Finance costs | 0.19 | 0.18 | +0.01 | +5.6% |
| Depreciation | 0.22 | 0.23 | −0.01 | −4.3% |
| Other expenses | 2.52 | 1.53 | +0.99 | +64.7% |
| Total expenses | 12.95 | 6.16 | +6.79 | +110.2% |
| Other income | 0.02 | 0.03 | −0.01 | −33.3% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Organic Coatings reported revenue of ₹23.25 crore and total income of ₹23.29 crore, against ₹12.61 crore and ₹12.65 crore respectively in H1 FY26. Revenue rose 84.4% and total income rose 84.1% from the year-ago period.
PBT was a loss of ₹1.26 crore in H1 FY27, compared with a loss of ₹1.45 crore in H1 FY26. PAT was also a loss of ₹1.26 crore, compared with a loss of ₹1.45 crore, while EPS was ₹1.26 against ₹1.45.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 23.25 | 12.61 | +84.4% |
| Profit before tax | −1.26 | −1.45 | |
| Net profit | −1.26 | −1.45 | |
| EPS (₹) | −1.26 | −1.45 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹31.59 crore, compared with ₹24.28 crore at 31 March 2026. Total equity was negative ₹1.24 crore against positive ₹0.02 crore, while borrowings were ₹12.58 crore, up from ₹10.16 crore. Cash was ₹0.06 crore, down from ₹0.97 crore.
Inventories were ₹7.36 crore against ₹5.35 crore at 31 March 2026, trade receivables were ₹14.36 crore against ₹8.05 crore, and trade payables were ₹17.43 crore against ₹11.97 crore. H1 FY27 operating cash flow was negative ₹2.85 crore, compared with positive ₹1.24 crore in H1 FY26; investing cash flow was negative ₹0.11 crore against negative ₹0.86 crore, and financing cash flow was positive ₹2.06 crore against positive ₹0.21 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 31.59 | 24.28 |
| Total equity | −1.24 | 0.02 |
| Borrowings | 12.58 | 10.16 |
| Cash and equivalents | 0.06 | 0.97 |
| Inventories | 7.36 | 5.35 |
| Trade receivables | 14.36 | 8.05 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −2.85 | 1.24 |
| Cash from investing | −0.11 | −0.86 |
| Cash from financing | 2.06 | 0.21 |
| Capital expenditure | 0.17 | 0.87 |
Source: Company's results filing (XBRL).
How has Organic Coatings done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters, according to the trend data. It increased from ₹5.53 crore in Q2 FY26 to ₹5.87 crore in Q3 FY26, ₹9.62 crore in Q4 FY26 and ₹11.22 crore in Q1 FY27 before reaching ₹12.03 crore in Q2 FY27.
PAT was a loss of ₹0.36 crore in Q1 FY27 and a loss of ₹0.90 crore in Q2 FY27. The EBITDA margin was 0.3% in Q1 FY27, after a -5.0% margin in Q4 FY26 and a -10.0% margin in Q3 FY26, before falling to -4.3% in the latest quarter. The lowest revenue in the reported period was ₹3.39 crore in Q3 FY25, while the highest was ₹12.03 crore in Q2 FY27.
What else did the company announce?
The board approved the unaudited financial results for the quarter and half year ended 30 September 2026, along with the limited review report of the statutory auditors. The company also appointed Tejas Rajeshbhai Basrani as Chief Financial Officer and Key Managerial Personnel, effective 12 November 2026.
The appointment filing states that Tejas Basrani has over 15 years of experience in finance, accounts, taxation, audit and regulatory compliance. The filing says he is not related to any directors, key managerial personnel or promoters of the company. The same-day filings did not mention a dividend or fund raise.
How did other Specialty Chemicals companies do?
Among 69 Specialty Chemicals companies compared, the median revenue growth was 28.9%. Organic Coatings’ revenue growth was higher than 62 peers and lower than 7 peers on the comparison provided.
The peer set showed profit growth at 54 of the 63 companies where profit was compared. The peer comparison was as of 6 November 2026.
| Organic Coatings revenue growth (YoY) | +117.5% |
|---|---|
| Median of 69 other Specialty Chemicals companies | +28.9% |
| Companies with slower revenue growth than Organic Coatings | 62 of 69 |
| Companies with faster revenue growth than Organic Coatings | 7 of 69 |
| Companies whose net profit rose | 54 of 63 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Organic Coatings' revenue in Q2 FY27?
Revenue from operations was ₹12.03 crore, up 117.5% from ₹5.53 crore in Q2 FY26 (standalone).
Did Organic Coatings make a profit in Q2 FY27?
No. It reported a net loss of ₹0.90 crore, against a net loss of ₹0.60 crore in Q2 FY26.
What was Organic Coatings' EPS in Q2 FY27?
Basic loss per share was ₹0.90, against a loss of ₹0.60 in Q2 FY26.
When did Organic Coatings announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Consideration And Approval Of Unaudited Financial Results For The Second Quarter And Half Year Ended 30Th September, 2026. (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On 05.11.2026 (BSE, 5 November 2026) · PDF
- Submission Of Un-Audited Financial Results Of The Company For The Second Quarter And Half Year Ended 30Th September, 2026. (BSE, 5 November 2026) · PDF
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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