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Polychem Q2 FY27 results: net profit up 85.9% to ₹1.71 crore, revenue up 65.7%
Polychem Ltd reported consolidated revenue of ₹16.72 crore in Q2 FY27, up 65.7% from Q2 FY26. EBITDA rose to ₹1.93 crore from ₹0.85 crore, while the margin expanded to 11.5% from 8.5%, and net profit increased to ₹1.71 crore from ₹0.92 crore.
Key points
- Consolidated revenue was ₹16.72 crore in Q2 FY27, up 65.7% from ₹10.09 crore in Q2 FY26 and 37.8% from ₹12.13 crore in Q1 FY27.
- EBITDA was ₹1.93 crore, compared with ₹0.85 crore a year earlier and a loss of ₹0.04 crore in Q1 FY27; the margin was 11.5%.
- Net profit was ₹1.71 crore versus ₹0.92 crore in Q2 FY26 and ₹0.71 crore in Q1 FY27, while basic EPS was ₹33.59.
- In H1 FY27, revenue rose 24.6% to ₹28.85 crore, but profit before tax fell 47.6% to ₹3.44 crore and net profit fell 58.1% to ₹2.42 crore.
- The board approved standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2026, along with the independent auditors’ limited review reports.
How did Polychem perform in Q2 FY27?
Polychem’s consolidated revenue for Q2 FY27 was ₹16.72 crore, up 65.7% from ₹10.09 crore in Q2 FY26 and 37.8% from ₹12.13 crore in Q1 FY27. EBITDA was ₹1.93 crore, compared with ₹0.85 crore a year earlier and a loss of ₹0.04 crore in the previous quarter. The EBITDA margin was 11.5%, up 3.0 percentage points year on year and 11.8 percentage points sequentially.
Profit before tax rose to ₹2.40 crore from ₹1.10 crore in Q2 FY26 and ₹1.04 crore in Q1 FY27. Net profit was ₹1.71 crore, up from ₹0.92 crore a year earlier and ₹0.71 crore in the previous quarter, while basic EPS was ₹33.59 compared with ₹17.73 and ₹9.36, respectively. On a standalone basis, revenue was ₹11.16 crore and profit after tax was ₹1.2 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 16.72 | 12.13 | 10.09 | +65.7% | +37.8% |
| Other income | 0.68 | 1.29 | 0.48 | +41.7% | −47.3% |
| Total expenses | 15 | 12.38 | 9.47 | +58.4% | +21.2% |
| EBITDA | 1.93 | −0.04 | 0.85 | +127.1% | turned to profit |
| EBITDA margin | 11.5% | -0.3% | 8.5% | +3.0 pp | +11.8 pp |
| Profit before tax | 2.40 | 1.04 | 1.10 | +118.2% | +130.8% |
| Tax | 0.69 | 0.32 | 0.18 | +283.3% | +115.6% |
| Net profit | 1.71 | 0.71 | 0.92 | +85.9% | +140.8% |
| EPS (₹) | 33.59 | 9.36 | 17.73 | +89.5% | +258.9% |
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 Polychem's costs and profit?
Total expenses rose to ₹15 crore in Q2 FY27 from ₹9.47 crore in Q2 FY26, an increase of ₹5.53 crore. Cost of materials was the largest movement, rising ₹3.17 crore to ₹5.62 crore, while other expenses increased ₹1.39 crore to ₹3.34 crore. Employee cost declined ₹0.04 crore to ₹2.06 crore, finance costs fell ₹0.01 crore to ₹0.02 crore and depreciation declined ₹0.02 crore to ₹0.18 crore.
Other income increased ₹0.20 crore to ₹0.68 crore from ₹0.48 crore in the year-ago quarter. There was no exceptional item in either period. Tax expense rose ₹0.51 crore to ₹0.69 crore from ₹0.18 crore. The filing did not state any specific reasons for the changes in the cost lines or other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 5.62 | 2.45 | +3.17 | +129.4% |
| Employee cost | 2.06 | 2.10 | −0.04 | −1.9% |
| Finance costs | 0.02 | 0.03 | −0.01 | −33.3% |
| Depreciation | 0.18 | 0.20 | −0.02 | −10.0% |
| Other expenses | 3.34 | 1.95 | +1.39 | +71.3% |
| Total expenses | 15 | 9.47 | +5.53 | +58.4% |
| Other income | 0.68 | 0.48 | +0.20 | +41.7% |
| Tax | 0.69 | 0.18 | +0.51 | +283.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹28.85 crore, up 24.6% from ₹23.16 crore in H1 FY26. Total income rose 14.2% to ₹30.82 crore from ₹26.99 crore, while profit before tax declined 47.6% to ₹3.44 crore from ₹6.56 crore.
Net profit in the first half was ₹2.42 crore, down 58.1% from ₹5.77 crore in H1 FY26, and basic EPS fell to ₹42.95 from ₹101.71. The year-on-year EPS decrease was 57.8%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 28.85 | 23.16 | +24.6% |
| Profit before tax | 3.44 | 6.56 | −47.6% |
| Net profit | 2.42 | 5.77 | −58.1% |
| EPS (₹) | 42.95 | 101.71 | −57.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹86.58 crore at September 30, 2026 from ₹83.18 crore at March 31, 2026, and total equity rose to ₹79.97 crore from ₹78.58 crore. There were no borrowings at either balance-sheet date, while cash declined to ₹1.57 crore from ₹2.03 crore. Inventories rose to ₹9.38 crore from ₹6.98 crore and trade receivables increased to ₹10.74 crore from ₹6.55 crore.
H1 FY27 operating cash flow was an outflow of ₹4.03 crore, compared with an inflow of ₹3.26 crore in H1 FY26. Investing cash flow was an inflow of ₹4.79 crore against an outflow of ₹2.97 crore, while financing cash flow was an outflow of ₹1.22 crore compared with ₹0.97 crore. Capital expenditure was ₹0.15 crore, against ₹0.02 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 86.58 | 83.18 |
| Total equity | 79.97 | 78.58 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 1.57 | 2.03 |
| Inventories | 9.38 | 6.98 |
| Trade receivables | 10.74 | 6.55 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −4.03 | 3.26 |
| Cash from investing | 4.79 | −2.97 |
| Cash from financing | −1.22 | −0.97 |
| Capital expenditure | 0.15 | 0.02 |
Source: Company's results filing (XBRL).
How has Polychem done over the last 8 quarters?
Revenue reached ₹16.72 crore in Q2 FY27, the highest level in the reported quarterly series, after falling to ₹8.86 crore in Q3 FY26. The latest quarter also showed a recovery in EBITDA margin to 11.5% from -0.3% in Q1 FY27, following a trough of 2.2% in Q3 FY26.
Net profit peaked at ₹25.47 crore in Q3 FY26 and bottomed at a loss of ₹1.39 crore in Q4 FY26. In Q2 FY27, net profit was ₹1.71 crore and EBITDA margin was 11.5%, showing a recovery from Q1 FY27’s ₹0.71 crore profit and -0.3% margin.
Which businesses drove the quarter?
Specialty Chemicals reported revenue of ₹10.81 crore in Q2 FY27, up 100.7% from ₹5.39 crore in the year-ago quarter. Segment EBIT was ₹2.09 crore, compared with ₹1.28 crore, and the EBIT margin was 19.3%.
Manufacturing and trading in capacitors recorded revenue of ₹5.55 crore, up 24.0% from ₹4.47 crore. EBIT increased to ₹1.17 crore from ₹0.52 crore, with an EBIT margin of 21.1%. Unallocated revenue was ₹1.04 crore, up 46.2% from ₹0.71 crore, while EBIT was nil compared with a loss of ₹0.7 crore. Property Development reported no revenue or EBIT in either period.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Property Development | 0 | 0 | ||
| Specialty Chemicals | 10.81 | +100.7% | 2.09 | 19.3% |
| Manufacturing and trading in Capacitors | 5.55 | +24.0% | 1.17 | 21.1% |
| Unallocated | 1.04 | +46.2% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
How did Polychem shares react?
The filing appeared in the market, and Polychem’s price was 6.5% higher after 15 minutes and 2.4% higher after 30 minutes from the price at publication. On the reaction day, it closed 2.9% above its pre-results close; by the next day’s close, the cumulative move was -0.0% from that close.
The Commodity Chemicals industry median was unchanged on the reaction day and rose 0.7% by the next day’s close. Polychem therefore outperformed the sector median by 2.9 percentage points on the reaction day and lagged it by 0.7 percentage points by the next day’s close. Earlier reaction-day moves were negative on 13 August 2026, 21 May 2026, 9 February 2026 and 12 November 2025.
| After the filing | Stock | Commodity Chemicals median |
|---|---|---|
| 15 minutes | +6.5% | |
| 30 minutes | +2.4% | |
| Reaction day | +2.9% | +0.0% |
| Next day | −0.0% | +0.7% |
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 |
|---|---|
| 13 August 2026 | −6.9% |
| 21 May 2026 | −2.6% |
| 9 February 2026 | −4.8% |
| 12 November 2025 | −3.9% |
| 6 August 2025 | +8.3% |
| 14 May 2025 | −4.0% |
| 8 August 2024 | −11.4% |
| 14 May 2024 | +3.9% |
Source: MarketPing price-reaction measurement.
How did other Commodity Chemicals companies do?
Fourteen other Commodity Chemicals companies that had filed for the quarter were compared with Polychem. Their median revenue growth was 18.2%; 12 peers grew more slowly than Polychem and two grew faster. Of the 17 peers for which profit was compared, 12 reported higher profit.
| Polychem revenue growth (YoY) | +65.7% |
|---|---|
| Median of 14 other Commodity Chemicals companies | +18.2% |
| Companies with slower revenue growth than Polychem | 12 of 14 |
| Companies with faster revenue growth than Polychem | 2 of 14 |
| Companies whose net profit rose | 12 of 17 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Polychem's revenue in Q2 FY27?
Revenue from operations was ₹16.72 crore, up 65.7% from ₹10.09 crore in Q2 FY26 (consolidated).
Did Polychem make a profit in Q2 FY27?
Yes. Net profit was ₹1.71 crore, against a net profit of ₹0.92 crore in Q2 FY26.
What was Polychem's EPS in Q2 FY27?
Basic earnings per share were ₹33.59, against ₹17.73 in Q2 FY26.
How did Polychem shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.9% from the previous close; the median Commodity Chemicals stock moved +0.0%.
When did Polychem announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering The Standalone And Consolidated Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Regulation 33 And 30 Of SEBI (LODR) Regulations, 2015 - Standalone And Consolidated Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- Standalone And Consolidated Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- Outcome Of Board Meeting (BSE, 3 November 2026) · PDF
- Clarification On Outcome Of Board Meeting (BSE, 3 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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