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Sprayking Q2 FY27 results: net profit down 93.4% to ₹0.27 crore, revenue up 11.5%
Sprayking Limited reported consolidated revenue of ₹21.92 crore and a net profit of ₹0.27 crore for Q2 FY27, compared with ₹19.66 crore and ₹4.10 crore in the year-ago quarter. EBITDA was ₹1.80 crore, with an EBITDA margin of 8.2%, while the company returned to profit from a loss in Q1 FY27.
Key points
- Consolidated Q2 FY27 revenue rose 11.5% to ₹21.92 crore from ₹19.66 crore in Q2 FY26.
- EBITDA fell 68.1% to ₹1.80 crore from ₹5.64 crore, while the EBITDA margin declined 20.5 percentage points to 8.2%.
- Net profit was ₹0.27 crore, down 93.4% from ₹4.10 crore in Q2 FY26; basic EPS was ₹0.01.
- Against Q1 FY27, revenue rose 29.5% to ₹21.92 crore, EBITDA rose 42.9% to ₹1.80 crore, and the company reported a net profit of ₹0.27 crore versus a net loss of ₹0.13 crore.
- H1 FY27 revenue was ₹38.85 crore, down 7.4% from ₹41.95 crore, while net profit was ₹0.14 crore versus ₹4.76 crore.
How did Sprayking perform in Q2 FY27?
Sprayking Limited’s consolidated Q2 FY27 revenue was ₹21.92 crore, up 11.5% from ₹19.66 crore in Q2 FY26 and 29.5% from ₹16.93 crore in Q1 FY27. EBITDA was ₹1.80 crore, compared with ₹5.64 crore a year earlier and ₹1.26 crore in the previous quarter. The EBITDA margin was 8.2%, compared with 28.7% in Q2 FY26 and 7.5% in Q1 FY27.
Profit before tax was ₹0.41 crore in Q2 FY27, against ₹5.02 crore in Q2 FY26 and a loss of ₹0.04 crore in Q1 FY27. Net profit was ₹0.27 crore, compared with ₹4.10 crore in the year-ago quarter and a net loss of ₹0.13 crore in the previous quarter. Basic EPS was ₹0.01, against ₹0.38 in Q2 FY26 and ₹0.00 in Q1 FY27.
The Board approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 4 November 2026. On the standalone basis, revenue was ₹3.94 crore, down 20.9%, while profit after tax was a loss of ₹0.31 crore against profit before tax of ₹0.14 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 21.92 | 16.93 | 19.66 | +11.5% | +29.5% |
| Other income | 0.10 | 0.11 | 0.98 | −89.8% | −9.1% |
| Total expenses | 21.61 | 17.08 | 15.62 | +38.3% | +26.5% |
| EBITDA | 1.80 | 1.26 | 5.64 | −68.1% | +42.9% |
| EBITDA margin | 8.2% | 7.5% | 28.7% | −20.5 pp | +0.7 pp |
| Profit before tax | 0.41 | −0.04 | 5.02 | −91.8% | turned to profit |
| Tax | 0.14 | 0.09 | 0.92 | −84.8% | +55.6% |
| Net profit | 0.27 | −0.13 | 4.10 | −93.4% | turned to profit |
| EPS (₹) | 0.01 | 0.00 | 0.38 | −97.4% |
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 Sprayking's costs and profit?
Total expenses rose to ₹21.61 crore in Q2 FY27 from ₹15.62 crore in Q2 FY26, an increase of ₹5.99 crore or 38.3%. Cost of materials was ₹16.80 crore, up ₹0.35 crore or 2.1%, while employee cost increased by ₹0.02 crore or 2.5% to ₹0.81 crore. Finance costs fell by ₹0.17 crore or 20.0% to ₹0.68 crore, depreciation rose by ₹0.07 crore or 9.5% to ₹0.81 crore, and other expenses fell by ₹0.22 crore or 19.0% to ₹0.94 crore.
Other income fell to ₹0.10 crore from ₹0.98 crore in Q2 FY26, a decline of ₹0.88 crore or 89.8%. There was no exceptional item in either quarter. Tax was ₹0.14 crore, down ₹0.78 crore or 84.8% from ₹0.92 crore. The filing does not state the reasons for the changes in expenses or other income.
Against Q1 FY27, total expenses increased by ₹4.53 crore or 26.5%, including a ₹0.24 crore rise in cost of materials and a ₹0.40 crore rise in other expenses. Other income was ₹0.10 crore, compared with ₹0.11 crore, and tax was ₹0.14 crore, up ₹0.05 crore or 55.6% from ₹0.09 crore. No exceptional item was reported.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 16.80 | 16.45 | +0.35 | +2.1% |
| Employee cost | 0.81 | 0.79 | +0.02 | +2.5% |
| Finance costs | 0.68 | 0.85 | −0.17 | −20.0% |
| Depreciation | 0.81 | 0.74 | +0.07 | +9.5% |
| Other expenses | 0.94 | 1.16 | −0.22 | −19.0% |
| Total expenses | 21.61 | 15.62 | +5.99 | +38.3% |
| Other income | 0.10 | 0.98 | −0.88 | −89.8% |
| Tax | 0.14 | 0.92 | −0.78 | −84.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹38.85 crore, down 7.4% from ₹41.95 crore in H1 FY26. Total income fell 9.3% to ₹39.05 crore from ₹43.06 crore. There was no exceptional item in either period.
Profit before tax declined to ₹0.36 crore from ₹5.31 crore, while net profit fell to ₹0.14 crore from ₹4.76 crore. Basic EPS was ₹0.0, compared with ₹0.46 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 38.85 | 41.95 | −7.4% |
| Profit before tax | 0.36 | 5.31 | −93.2% |
| Net profit | 0.14 | 4.76 | −97.1% |
| EPS (₹) | 0.00 | 0.46 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹121.38 crore, compared with ₹119.28 crore at 31 March 2026, while total equity was ₹81.44 crore against ₹81.3 crore. Borrowings rose to ₹33.79 crore from ₹24.29 crore and cash declined to ₹0.07 crore from ₹0.10 crore. Inventories were ₹43.5 crore, trade receivables ₹16.12 crore and trade payables ₹4.09 crore.
H1 FY27 operating cash flow was a cash outflow of ₹6.77 crore, compared with an inflow of ₹22.61 crore in H1 FY26. Investing cash flow was an outflow of ₹1.45 crore against an outflow of ₹14.06 crore, while financing cash flow was an inflow of ₹8.20 crore against an outflow of ₹8.41 crore. Capital expenditure was ₹1.45 crore, compared with ₹0.6 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 121.38 | 119.28 |
| Total equity | 81.44 | 81.30 |
| Borrowings | 33.79 | 24.29 |
| Cash and equivalents | 0.07 | 0.10 |
| Inventories | 43.50 | 42.90 |
| Trade receivables | 16.12 | 16.33 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −6.77 | 22.61 |
| Cash from investing | −1.45 | −14.06 |
| Cash from financing | 8.20 | −8.41 |
| Capital expenditure | 1.45 | 0.60 |
Source: Company's results filing (XBRL).
How has Sprayking done over the last 8 quarters?
Revenue reached its highest level in the reported period at ₹44.72 crore in Q4 FY26 and its lowest at ₹16.93 crore in Q1 FY27. It then rose to ₹21.92 crore in Q2 FY27. EBITDA margin peaked at 28.7% in Q2 FY26 and bottomed at 0.3% in Q4 FY26, before recovering to 8.2% in Q2 FY27.
Net profit was highest in the reported period at ₹4.10 crore in Q2 FY26. It moved to a net loss of ₹0.43 crore in Q3 FY26 and a net loss of ₹0.40 crore in Q4 FY26, then improved to a net loss of ₹0.13 crore in Q1 FY27 and a net profit of ₹0.27 crore in Q2 FY27.
How did other Other Industrial Products companies do?
Fourteen Other Industrial Products companies filed for the quarter, with a median revenue growth of 13.7%, compared with Sprayking’s 11.5% consolidated revenue growth. Seven peers grew more slowly than Sprayking and seven grew faster. Six of the 10 peers for which profit was compared reported higher profit.
| Sprayking revenue growth (YoY) | +11.5% |
|---|---|
| Median of 14 other Other Industrial Products companies | +13.7% |
| Companies with slower revenue growth than Sprayking | 7 of 14 |
| Companies with faster revenue growth than Sprayking | 7 of 14 |
| Companies whose net profit rose | 6 of 10 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sprayking's revenue in Q2 FY27?
Revenue from operations was ₹21.92 crore, up 11.5% from ₹19.66 crore in Q2 FY26 (consolidated).
Did Sprayking make a profit in Q2 FY27?
Yes. Net profit was ₹0.27 crore, against a net profit of ₹4.10 crore in Q2 FY26.
What was Sprayking's EPS in Q2 FY27?
Basic earnings per share were ₹0.01, against ₹0.38 in Q2 FY26.
When did Sprayking announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results (Standalone And Consolidated) For Quarter And Half Year Ended September 30, 2026 (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On Wednesday, November 04, 2026 (BSE, 4 November 2026) · PDF
- Results- Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 4 November 2026) · PDF
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