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Polycon International Q2 FY27 results: net loss narrows to ₹0.89 crore, revenue down 28.2%
Polycon International Ltd reported standalone revenue of ₹2.77 crore and a net loss of ₹0.89 crore for Q2 FY27, with EBITDA of ₹0.09 crore and an EBITDA margin of -3.4%. Revenue fell from ₹3.86 crore a year earlier and ₹4.25 crore in Q1 FY27, while basic EPS was -₹1.82.
Key points
- Standalone Q2 FY27 revenue was ₹2.77 crore, down 28.2% from ₹3.86 crore in Q2 FY26 and 34.8% from ₹4.25 crore in Q1 FY27.
- The company reported EBITDA of ₹0.09 crore and an EBITDA margin of -3.4%, compared with -3.9% in Q2 FY26 and 6.7% in Q1 FY27.
- A net loss of ₹0.89 crore was reported, compared with a net loss of ₹1.02 crore in Q2 FY26 and ₹0.47 crore in Q1 FY27; basic EPS was -₹1.82.
- Total expenses were ₹3.79 crore, down ₹1.11 crore from Q2 FY26, while cost of materials fell by ₹0.91 crore and other expenses by ₹0.26 crore.
- H1 FY27 revenue was ₹7.02 crore, down 14.5% from ₹8.21 crore in H1 FY26, and the company reported a net loss of ₹1.36 crore.
How did Polycon International perform in Q2 FY27?
Polycon International reported standalone revenue of ₹2.77 crore in Q2 FY27, down ₹1.09 crore or 28.2% from ₹3.86 crore in Q2 FY26. Total income was ₹2.86 crore, down ₹1 crore or 25.9% year on year. EBITDA was ₹0.09 crore, with a margin of -3.4%, compared with -3.9% in Q2 FY26.
Against Q1 FY27, revenue fell ₹1.48 crore or 34.8% from ₹4.25 crore and total income fell ₹1.50 crore or 34.4% from ₹4.36 crore. EBITDA moved from ₹0.29 crore to a loss of ₹0.09 crore, and the margin fell from 6.7% to -3.4%. The company reported a net loss of ₹0.89 crore versus ₹0.47 crore in Q1 FY27, with basic EPS of -₹1.82 against -₹0.96. These are standalone figures.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2.77 | 4.25 | 3.86 | −28.2% | −34.8% |
| Other income | 0.09 | 0.11 | 0 | −18.2% | |
| Total expenses | 3.79 | 4.86 | 4.90 | −22.7% | −22.0% |
| EBITDA | −0.09 | 0.29 | −0.15 | turned to loss | |
| EBITDA margin | -3.4% | 6.7% | -3.9% | +0.5 pp | −10.1 pp |
| Profit before tax | −0.93 | −0.50 | −1.04 | ||
| Tax | −0.04 | −0.03 | −0.03 | ||
| Net profit | −0.89 | −0.47 | −1.02 | ||
| EPS (₹) | −1.82 | −0.96 | −2.08 |
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 Polycon International's costs and profit?
Total expenses fell ₹1.11 crore or 22.7% from ₹4.90 crore in Q2 FY26 to ₹3.79 crore. Cost of materials declined ₹0.91 crore or 39.1% to ₹1.42 crore, while other expenses fell ₹0.26 crore or 17.4% to ₹1.23 crore. Employee cost rose ₹0.03 crore or 5.8% to ₹0.55 crore and finance costs rose ₹0.03 crore or 5.7% to ₹0.56 crore; depreciation was unchanged at ₹0.36 crore. Other income increased ₹0.09 crore to ₹0.09 crore, and there was no exceptional item.
Profit before tax was a loss of ₹0.93 crore in Q2 FY27, compared with a loss of ₹1.04 crore in Q2 FY26. Tax was ₹0.04 crore against ₹0.03 crore a year earlier. The net loss narrowed by ₹0.13 crore to ₹0.89 crore from ₹1.02 crore, although the PAT margin fell 5.8 percentage points to -32.1%. The filing does not state a reason for the changes in revenue or costs.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1.42 | 2.33 | −0.91 | −39.1% |
| Employee cost | 0.55 | 0.52 | +0.03 | +5.8% |
| Finance costs | 0.56 | 0.53 | +0.03 | +5.7% |
| Depreciation | 0.36 | 0.36 | 0 | +0.0% |
| Other expenses | 1.23 | 1.49 | −0.26 | −17.4% |
| Total expenses | 3.79 | 4.90 | −1.11 | −22.7% |
| Other income | 0.09 | 0 | +0.09 | |
| Tax | −0.04 | −0.03 | −0.01 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Polycon International reported standalone revenue of ₹7.02 crore, down ₹1.19 crore or 14.5% from ₹8.21 crore in H1 FY26. Total income was ₹7.22 crore, down ₹1.00 crore or 12.2% from ₹8.22 crore. The company reported a profit before tax loss of ₹1.43 crore, compared with a loss of ₹1.33 crore, and a net loss of ₹1.36 crore versus ₹1.27 crore.
Basic EPS for the first half was -₹2.78, compared with -₹2.60 in H1 FY26. The filing states that the quarter and half-year standalone results were unaudited, reviewed by the audit committee and limited-reviewed by the statutory auditors.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 7.02 | 8.21 | −14.5% |
| Profit before tax | −1.43 | −1.33 | |
| Net profit | −1.36 | −1.27 | |
| EPS (₹) | −2.78 | −2.60 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹42.35 crore at 30 September 2026, compared with ₹42.65 crore at 31 March 2026. Total equity was negative ₹0.26 crore, compared with ₹1.11 crore, while borrowings rose to ₹35.74 crore from ₹33.81 crore. Cash and cash equivalents fell to ₹0.07 crore from ₹0.14 crore; inventories rose to ₹22.57 crore from ₹21.26 crore, trade receivables fell to ₹7.06 crore from ₹8.05 crore and trade payables fell to ₹2.77 crore from ₹3.21 crore.
For H1 FY27, net cash used in operating activities was ₹0.89 crore, compared with net cash generated of ₹0.76 crore in H1 FY26. Net cash used in investing activities was ₹0.30 crore against ₹0.59 crore a year earlier, while financing cash flow was ₹1.13 crore against a use of ₹0.15 crore. Capital expenditure was ₹0.74 crore, compared with ₹0.04 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 42.35 | 42.65 |
| Total equity | −0.26 | 1.11 |
| Borrowings | 35.74 | 33.81 |
| Cash and equivalents | 0.07 | 0.14 |
| Inventories | 22.57 | 21.26 |
| Trade receivables | 7.06 | 8.05 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −0.89 | 0.76 |
| Cash from investing | −0.30 | −0.59 |
| Cash from financing | 1.13 | −0.15 |
| Capital expenditure | 0.74 | 0.04 |
Source: Company's results filing (XBRL).
How has Polycon International done over the last 8 quarters?
Revenue rose from ₹4.36 crore in Q1 FY26 to ₹4.84 crore in Q3 FY26 before falling to ₹4.57 crore in Q4 FY26 and ₹4.25 crore in Q1 FY27; it reached ₹2.77 crore in Q2 FY27. The lowest quarterly PAT in the series was ₹1.02 crore of loss in Q2 FY26, while the highest PAT was ₹0.8 crore in Q3 FY25. The EBITDA margin reached 13.7% in Q1 FY26 and fell to -3.4% in Q2 FY27.
How did Polycon International shares react?
The filing was announced after market hours on 14 October 2026. From the previous close, the stock fell 2.9% on the reaction day, then was up 1.9% by the next day's close and up 17.4% by the fifth session's close. The Packaging industry median fell 0.1% on the reaction day, 1.0% by the next close and 8.9% by the fifth close; Polycon's excess sector moves were -2.9 percentage points, 2.9 percentage points and 26.4 percentage points, respectively.
Earlier reaction-day moves were positive on 14 February 2026, when the stock rose 2.8%, and on 14 November 2025, when it rose 1.4%. It fell 5.0% on 30 May 2025 and 2.0% on 14 August 2024, while the move on 30 May 2024 was 0.0%.
| After the filing | Stock | Packaging median |
|---|---|---|
| Reaction day | −2.9% | −0.1% |
| Next day | +1.9% | −1.0% |
| 5 days | +17.4% | −8.9% |
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 |
|---|---|
| 14 February 2026 | +2.8% |
| 14 November 2025 | +1.4% |
| 30 May 2025 | −5.0% |
| 14 August 2024 | −2.0% |
| 30 May 2024 | +0.0% |
Source: MarketPing price-reaction measurement.
How did other Packaging companies do?
Twenty-four other Packaging companies had filed for the quarter by 4 November 2026, and their median revenue growth was 21.6%. Among the compared peers, 2 grew slower than Polycon International and 22 grew faster than the company. Fourteen of the 25 peers for which profit was compared reported higher profit.
| Polycon International revenue growth (YoY) | −28.2% |
|---|---|
| Median of 24 other Packaging companies | +21.6% |
| Companies with slower revenue growth than Polycon International | 2 of 24 |
| Companies with faster revenue growth than Polycon International | 22 of 24 |
| Companies whose net profit rose | 14 of 25 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Polycon International's revenue in Q2 FY27?
Revenue from operations was ₹2.77 crore, down 28.2% from ₹3.86 crore in Q2 FY26 (standalone).
Did Polycon International make a profit in Q2 FY27?
No. It reported a net loss of ₹0.89 crore, against a net loss of ₹1.02 crore in Q2 FY26.
What was Polycon International's EPS in Q2 FY27?
Basic loss per share was ₹1.82, against a loss of ₹2.08 in Q2 FY26.
How did Polycon International shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.9% from the previous close; the median Packaging stock moved −0.1%.
When did Polycon International announce its Q2 FY27 results?
On 14 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Standalone Financial Results For The Quarter/Half Year Ended On 30Th Sept.2026. (BSE, 5 October 2026) · PDF
- Results-Standalone Unaudited Financial Results For The Quarter/ Half Year Ended On 30.09.2026 (BSE, 14 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting-Approval Of Standalone Unaudited Financial Results For The Quarter /Half Year Ended On 30.09.2026 (BSE, 14 October 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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