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SPIC Q2 FY27 results: net profit down 23.1% to ₹47.06 crore, revenue up 22.3%
Southern Petrochemical Industries Corporation Ltd reported consolidated Q2 FY27 revenue of ₹999.17 crore, up 22.3% from Q2 FY26, while EBITDA fell 20.0% to ₹61.52 crore. Net profit declined 23.1% year on year to ₹47.06 crore and basic EPS fell to ₹2.31 from ₹3.01; against Q1 FY27, revenue rose while profit was lower.
Key points
- Consolidated Q2 FY27 revenue was ₹999.17 crore, up 22.3% from ₹817.29 crore in Q2 FY26 and 17.7% from ₹848.81 crore in Q1 FY27.
- EBITDA was ₹61.52 crore in Q2 FY27, down 20.0% from ₹76.87 crore a year earlier and up 4.6% from ₹58.79 crore in Q1 FY27.
- EBITDA margin declined to 6.2% from 9.4% in Q2 FY26, while net profit fell 23.1% to ₹47.06 crore and basic EPS fell 23.3% to ₹2.31.
- For H1 FY27, revenue rose 15.6% to ₹1,847.98 crore, but PAT fell 16.2% to ₹107.24 crore and EPS fell 16.1% to ₹5.27.
- Total assets were ₹3,112.04 crore at 30 September 2026, compared with ₹2,497.56 crore at 31 March 2026, while cash was ₹73.83 crore versus ₹93.96 crore.
How did SPIC perform in Q2 FY27?
On a consolidated basis, SPIC reported Q2 FY27 revenue of ₹999.17 crore, up 22.3% from ₹817.29 crore in Q2 FY26 and 17.7% from ₹848.81 crore in Q1 FY27. EBITDA rose 4.6% sequentially to ₹61.52 crore, but fell 20.0% from ₹76.87 crore a year earlier. The EBITDA margin was 6.2%, compared with 6.9% in Q1 FY27 and 9.4% in Q2 FY26.
Consolidated net profit was ₹47.06 crore in Q2 FY27, down 23.1% from ₹61.22 crore in Q2 FY26 and 21.8% from ₹60.18 crore in Q1 FY27. Basic EPS was ₹2.31, down 23.3% year on year and 22.0% sequentially. On a standalone basis, revenue was ₹999.17 crore and PAT was ₹34.96 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 999.17 | 848.81 | 817.29 | +22.3% | +17.7% |
| Other income | 3.57 | 1.48 | 25.53 | −86.0% | +141.2% |
| Total expenses | 957.11 | 807.57 | 761.60 | +25.7% | +18.5% |
| EBITDA | 61.52 | 58.79 | 76.87 | −20.0% | +4.6% |
| EBITDA margin | 6.2% | 6.9% | 9.4% | −3.2 pp | −0.7 pp |
| Profit before tax | 45.63 | 42.72 | 81.22 | −43.8% | +6.8% |
| Tax | 14.87 | 2.44 | 31 | −52.0% | +509.4% |
| Net profit | 47.06 | 60.18 | 61.22 | −23.1% | −21.8% |
| EPS (₹) | 2.31 | 2.96 | 3.01 | −23.3% | −22.0% |
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 SPIC's costs and profit?
Total expenses rose to ₹957.11 crore in Q2 FY27 from ₹761.60 crore in Q2 FY26, an increase of ₹195.51 crore. Cost of materials was the main reported increase, up ₹236.28 crore to ₹776.50 crore. Employee cost rose ₹3.49 crore to ₹29.05 crore, finance costs increased ₹2.56 crore to ₹9.51 crore, and other expenses rose ₹0.59 crore to ₹118.73 crore; depreciation fell ₹4.28 crore to ₹9.95 crore.
Other income declined to ₹3.57 crore from ₹25.53 crore in Q2 FY26, a fall of ₹21.96 crore, while there was no exceptional item in either quarter. Profit before tax fell to ₹45.63 crore from ₹81.22 crore, and tax expense fell to ₹14.87 crore from ₹31 crore. The filings do not state a reason for the increase in material costs or the decline in other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 776.50 | 540.22 | +236.28 | +43.7% |
| Employee cost | 29.05 | 25.56 | +3.49 | +13.7% |
| Finance costs | 9.51 | 6.95 | +2.56 | +36.8% |
| Depreciation | 9.95 | 14.23 | −4.28 | −30.1% |
| Other expenses | 118.73 | 118.14 | +0.59 | +0.5% |
| Total expenses | 957.11 | 761.60 | +195.51 | +25.7% |
| Other income | 3.57 | 25.53 | −21.96 | −86.0% |
| Tax | 14.87 | 31 | −16.13 | −52.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, SPIC reported consolidated revenue of ₹1,847.98 crore, up 15.6% from ₹1,597.92 crore in H1 FY26. Total income rose 12.9% to ₹1,853.03 crore from ₹1,640.97 crore, while profit before tax fell 48.2% to ₹88.35 crore from ₹170.4 crore.
PAT for H1 FY27 was ₹107.24 crore, down 16.2% from ₹127.92 crore in H1 FY26. Basic EPS declined 16.1% to ₹5.27 from ₹6.28, showing that the increase in first-half revenue did not translate into higher profit or earnings per share.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,848 | 1,598 | +15.6% |
| Profit before tax | 88.35 | 170.40 | −48.2% |
| Net profit | 107.24 | 127.92 | −16.2% |
| EPS (₹) | 5.27 | 6.28 | −16.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,112.04 crore, compared with ₹2,497.56 crore at 31 March 2026, and total equity was ₹1,445.06 crore versus ₹1,370.05 crore. Borrowings stood at ₹707.80 crore, up from ₹697.79 crore, while cash was lower at ₹73.83 crore from ₹93.96 crore. Inventories were ₹149.77 crore against ₹94 crore, trade receivables were ₹12.26 crore against ₹13.92 crore, and trade payables were ₹640.27 crore against ₹258.46 crore.
H1 FY27 operating cash flow was ₹237.66 crore, compared with ₹811.36 crore in H1 FY26. Investing cash flow was negative ₹254.16 crore against negative ₹388.85 crore, financing cash flow was negative ₹6.25 crore against negative ₹348.26 crore, and capital expenditure was ₹255 crore compared with ₹224.03 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,112 | 2,498 |
| Total equity | 1,445 | 1,370 |
| Borrowings | 707.80 | 697.79 |
| Cash and equivalents | 73.83 | 93.96 |
| Inventories | 149.77 | 94 |
| Trade receivables | 12.26 | 13.92 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 237.66 | 811.36 |
| Cash from investing | −254.16 | −388.85 |
| Cash from financing | −6.25 | −348.26 |
| Capital expenditure | 255 | 224.03 |
Source: Company's results filing (XBRL).
How has SPIC done over the last 8 quarters?
Revenue increased year on year in each of the last two quarters, reaching ₹999.17 crore in Q2 FY27 from ₹848.81 crore in Q1 FY27. It was higher than ₹817.29 crore in Q2 FY26, but below the trend’s peak of ₹848.81 crore before Q2 FY27; the lowest point in the listed period was ₹584.15 crore in Q4 FY26.
PAT rose to ₹60.18 crore in Q1 FY27 from ₹29.49 crore in Q4 FY26, then fell to ₹47.06 crore in Q2 FY27. The listed high was ₹66.71 crore in Q1 FY26 and the low was ₹19.47 crore in Q4 FY25. The EBITDA margin reached 12.0% in Q1 FY26, fell to 7.7% in Q4 FY26 and was 6.2% in Q2 FY27.
What else did the company announce?
The company said the Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, following review by the Audit Committee. Statutory auditors issued limited review reports for both sets of results, which were filed with the exchange.
SPIC also said Dr D Karthikeyan was appointed as an additional non-executive nominee director effective 4 November 2026, subject to shareholder approval. The filing identified him as TIDCO’s nominee and stated that there was no relationship between the directors.
How did other Fertilizers companies do?
Five other Fertilizers companies that filed for the quarter had a median revenue growth of 28.1%, compared with SPIC’s 22.3% consolidated revenue growth. Three peers grew faster than SPIC, while two grew slower. Of the five peers for which profit was compared, two reported higher profit.
| SPIC revenue growth (YoY) | +22.3% |
|---|---|
| Median of 5 other Fertilizers companies | +28.1% |
| Companies with slower revenue growth than SPIC | 2 of 5 |
| Companies with faster revenue growth than SPIC | 3 of 5 |
| Companies whose net profit rose | 2 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was SPIC's revenue in Q2 FY27?
Revenue from operations was ₹999.17 crore, up 22.3% from ₹817.29 crore in Q2 FY26 (consolidated).
Did SPIC make a profit in Q2 FY27?
Yes. Net profit was ₹47.06 crore, against a net profit of ₹61.22 crore in Q2 FY26.
What was SPIC's EPS in Q2 FY27?
Basic earnings per share were ₹2.31, against ₹3.01 in Q2 FY26.
When did SPIC announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 4 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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