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Paradeep Phosphates Q2 FY27 results: net profit down 64.6% to ₹121.01 crore, revenue up 7.2%
Paradeep Phosphates Ltd reported consolidated revenue of ₹7,364 crore in Q2 FY27, up 7.2% from Q2 FY26, while EBITDA fell 37.0% to ₹413.45 crore and net profit fell 64.6% to ₹121.01 crore. Basic EPS was ₹1.16, compared with ₹3.30 a year earlier and ₹3.78 in Q1 FY27.
Key points
- Consolidated revenue was ₹7,364 crore in Q2 FY27, up 7.2% from ₹6,872 crore in Q2 FY26 and up 20.2% from ₹6,124 crore in Q1 FY27.
- EBITDA fell 37.0% year on year to ₹413.45 crore, while the margin declined to 5.6% from 9.6% in Q2 FY26.
- Net profit was ₹121.01 crore in Q2 FY27, down 64.6% from ₹341.94 crore a year earlier and down 69.2% from ₹392.54 crore in Q1 FY27.
- For H1 FY27, revenue rose 18.6% to ₹13,488.31 crore, but net profit fell 22.0% to ₹513.55 crore and basic EPS fell to ₹4.94.
- Total assets rose to ₹22,393.13 crore on 30 September 2026, while borrowings increased to ₹9,879.08 crore and cash declined to ₹222.85 crore.
How did Paradeep Phosphates perform in Q2 FY27?
Paradeep Phosphates reported consolidated revenue of ₹7,364 crore for Q2 FY27, up 7.2% from ₹6,872 crore in Q2 FY26 and 20.2% from ₹6,124 crore in Q1 FY27. Total income was ₹7,381.81 crore, up 6.8% year on year and 20.1% quarter on quarter. Standalone revenue was ₹7,364.06 crore, while standalone profit before tax was ₹341.93 crore.
Consolidated EBITDA fell 37.0% from ₹656.64 crore in Q2 FY26 to ₹413.45 crore in Q2 FY27. The margin declined to 5.6% from 9.6% year on year and from 11.8% in Q1 FY27. PBT was ₹164.17 crore, down 65.0% from ₹468.52 crore, while net profit was ₹121.01 crore, down 64.6% from ₹341.94 crore. Basic EPS was ₹1.16, against ₹3.30 in Q2 FY26 and ₹3.78 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,364 | 6,124 | 6,872 | +7.2% | +20.2% |
| Other income | 17.75 | 21.57 | 41.71 | −57.4% | −17.7% |
| Total expenses | 7,218 | 5,641 | 6,445 | +12.0% | +27.9% |
| EBITDA | 413.45 | 720.23 | 656.64 | −37.0% | −42.6% |
| EBITDA margin | 5.6% | 11.8% | 9.6% | −4.0 pp | −6.2 pp |
| Profit before tax | 164.17 | 526.22 | 468.52 | −65.0% | −68.8% |
| Tax | 43.16 | 133.62 | 126.59 | −65.9% | −67.7% |
| Net profit | 121.01 | 392.54 | 341.94 | −64.6% | −69.2% |
| EPS (₹) | 1.16 | 3.78 | 3.30 | −64.8% | −69.3% |
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 Paradeep Phosphates' costs and profit?
Total expenses rose 12.0% to ₹7,218 crore from ₹6,445 crore in Q2 FY26, compared with a 7.2% increase in revenue. Cost of materials fell 2.1% to ₹3,169 crore, while employee cost rose 2.1% to ₹83.65 crore, finance costs rose 12.7% to ₹158.02 crore, depreciation rose 21.7% to ₹109.01 crore and other expenses rose 2.1% to ₹890.30 crore.
Other income fell 57.4% to ₹17.75 crore from ₹41.71 crore in Q2 FY26, and there was no exceptional item in either quarter. Tax expense fell 65.9% to ₹43.16 crore from ₹126.59 crore, but profit before tax fell 65.0% to ₹164.17 crore. Against Q1 FY27, total expenses rose 27.9% to ₹7,218 crore, while other income fell 17.7% to ₹17.75 crore and the previous quarter included a ₹21.80 crore exceptional gain.
Management said that Q2 fertilizer production and sales fell sharply, especially in NPK, while West Asia-related shipping disruptions and raw-material volatility created procurement and working-capital pressure. Management also said higher freight, war-risk insurance and raw-material costs exerted margin pressure and increased inventory and working-capital requirements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,169 | 3,237 | −67.20 | −2.1% |
| Employee cost | 83.65 | 81.94 | +1.71 | +2.1% |
| Finance costs | 158.02 | 140.25 | +17.77 | +12.7% |
| Depreciation | 109.01 | 89.58 | +19.43 | +21.7% |
| Other expenses | 890.30 | 872.36 | +17.94 | +2.1% |
| Total expenses | 7,218 | 6,445 | +772.25 | +12.0% |
| Other income | 17.75 | 41.71 | −23.96 | −57.4% |
| Tax | 43.16 | 126.59 | −83.43 | −65.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹13,488.31 crore, up 18.6% from ₹11,375.70 crore in H1 FY26. Total income rose 18.1% to ₹13,527.63 crore, while profit before tax fell 22.7% to ₹690.39 crore. Net profit declined 22.0% to ₹513.55 crore from ₹658.69 crore.
Basic EPS for H1 FY27 was ₹4.94, down from ₹6.35 in H1 FY26. Management said H1 FY27 EBITDA was ₹11,730 million, down 10.7%, and the margin declined to 8.7% from 11.5%. The company reported H1 total fertilizer sales of 1,999,630 MT, up 12.9%, and H1 production of 1,347,323 MT, up 27.5%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 13,488 | 11,376 | +18.6% |
| Profit before tax | 690.39 | 892.90 | −22.7% |
| Net profit | 513.55 | 658.69 | −22.0% |
| EPS (₹) | 4.94 | 6.35 | −22.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹22,393.13 crore, compared with ₹17,935.96 crore on 31 March 2026. Total equity rose to ₹7,144.82 crore from ₹6,782.69 crore, while borrowings increased to ₹9,879.08 crore from ₹6,906.28 crore. Cash and cash equivalents declined to ₹222.85 crore from ₹363.45 crore. Inventories were ₹6,184.69 crore, trade receivables ₹7,484.96 crore and trade payables ₹3,994.14 crore.
H1 FY27 operating cash flow was negative ₹2,314.68 crore, compared with positive ₹161.58 crore in H1 FY26. Investing cash flow was negative ₹491.10 crore against negative ₹1,243.28 crore, while financing cash flow was positive ₹2,665.18 crore against positive ₹241.95 crore. Capital expenditure was ₹310.63 crore in H1 FY27, compared with ₹471.50 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 22,393 | 17,936 |
| Total equity | 7,145 | 6,783 |
| Borrowings | 9,879 | 6,906 |
| Cash and equivalents | 222.85 | 363.45 |
| Inventories | 6,185 | 4,627 |
| Trade receivables | 7,485 | 4,790 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −2,315 | 161.58 |
| Cash from investing | −491.10 | −1,243 |
| Cash from financing | 2,665 | 241.95 |
| Capital expenditure | 310.63 | 471.50 |
Source: Company's results filing (XBRL).
How has Paradeep Phosphates done over the last 8 quarters?
Revenue increased in each of the last eight quarters. It reached a low of ₹3,494.02 crore in Q4 FY25 and a high of ₹7,364.06 crore in Q2 FY27, with the latest quarter extending the upward direction. Net profit was highest at ₹392.54 crore in Q1 FY27 and lowest at ₹121.01 crore in Q2 FY27, so profit reversed lower in the latest quarter after reaching its peak.
The EBITDA margin reached its high of 12.4% in Q1 FY26 and its low of 5.6% in Q2 FY27. It stood at 11.8% in Q1 FY27 before falling in the latest quarter. Revenue rose to ₹6,124.25 crore in Q1 FY27 from ₹4,701.97 crore in Q4 FY26 and then to ₹7,364.06 crore in Q2 FY27, while profit moved from ₹155.60 crore to ₹392.54 crore and then ₹121.01 crore.
What did Paradeep Phosphates' management say?
Management said the Paradeep phosphoric acid Phase 1 expansion from 500,000 MTPA to 700,000 MTPA was on track. The company added that the public hearing for environmental approval had been completed and approvals were expected shortly. Management also said a broader phosphoric acid capacity expansion to 1.0 MMTPA was underway, while the Goa energy-efficiency project had been completed.
Management said West Asia tensions were disrupting the Red Sea and Strait of Hormuz routes, requiring vessel rerouting and increasing freight, war-risk insurance and raw-material costs. It said the impact of the Rabi notification had not been factored in, while sulphur pricing and availability remained uncertain. The company’s response included diversified sourcing, inventory planning, procurement discipline, strong logistics partnerships and continuous monitoring of geopolitical developments.
Management said the Paradeep, Goa and Mangalore units would consume 75,000 MT, 25,000 MT and 15,000 MT of green ammonia, respectively, at fixed prices under a 10-year SECI tender. It also said it remained committed to consistent performance through an integrated supply chain and value-added product mix optimisation. The presentation did not provide answers to specific analysts’ questions.
How did Paradeep Phosphates shares react?
The filing appeared after market hours, and the stock was down 2.1% after 5 minutes, 3.0% after 15 minutes and 5.7% after 30 minutes. It closed 7.4% below the previous close on the reaction day. By the next day’s close, the stock was down 4.0% from its pre-results close. The Fertilizers industry median moved down 2.3% on the reaction day and up 0.3% by the next day’s close.
| After the filing | Stock | Fertilizers median |
|---|---|---|
| 5 minutes | −2.1% | |
| 15 minutes | −3.0% | |
| 30 minutes | −5.7% | |
| Reaction day | −7.4% | −2.3% |
| Next day | −4.0% | +0.3% |
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 |
|---|---|
| 28 July 2026 | +12.2% |
| 11 May 2026 | +3.2% |
| 2 February 2026 | −2.0% |
| 6 November 2025 | +4.9% |
| 28 July 2025 | +10.6% |
| 6 May 2025 | +6.1% |
| 3 February 2025 | −7.9% |
| 28 October 2024 | +7.3% |
Source: MarketPing price-reaction measurement.
How did other Fertilizers companies do?
Five other Fertilizers companies that had filed for the quarter were compared with Paradeep Phosphates. Their median revenue growth was 28.1%, above Paradeep Phosphates’ revenue growth of 7.2%, and all five grew faster than the company, while none grew slower.
Two of the five peers reported higher profit, with profit compared for all five companies. The peer data was compiled as of 4 November 2026.
| Paradeep Phosphates revenue growth (YoY) | +7.2% |
|---|---|
| Median of 5 other Fertilizers companies | +28.1% |
| Companies with slower revenue growth than Paradeep Phosphates | 0 of 5 |
| Companies with faster revenue growth than Paradeep Phosphates | 5 of 5 |
| Companies whose net profit rose | 2 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Paradeep Phosphates' revenue in Q2 FY27?
Revenue from operations was ₹7,364 crore, up 7.2% from ₹6,872 crore in Q2 FY26 (consolidated).
Did Paradeep Phosphates make a profit in Q2 FY27?
Yes. Net profit was ₹121.01 crore, against a net profit of ₹341.94 crore in Q2 FY26.
What was Paradeep Phosphates' EPS in Q2 FY27?
Basic earnings per share were ₹1.16, against ₹3.30 in Q2 FY26.
How did Paradeep Phosphates shares react to the Q2 FY27 results?
On the reaction day the stock moved −7.4% from the previous close; the median Fertilizers stock moved −2.3%.
When did Paradeep Phosphates announce its Q2 FY27 results?
On 29 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering, Inter Alia, The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- Outcome of Board Meeting (NSE, 29 October 2026) · PDF
- The investor presentation (2 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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