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Styrenix Performance Materials Q2 FY27 results: net profit down 48.2% to ₹23.17 crore, revenue up 24.4%
Styrenix Performance Materials Limited reported consolidated Q2 FY27 revenue of ₹993.51 crore, up 24.4% from a year earlier, while profit after tax fell 48.2% to ₹23.17 crore and EBITDA margin declined 3.5 percentage points to 7.2%. The July–September 2026 quarter also saw a lower margin and profit than Q1 FY27, when revenue was ₹1,011 crore and net profit was ₹138.30 crore.
Key points
- Consolidated Q2 FY27 revenue rose 24.4% to ₹993.51 crore from ₹798.93 crore in Q2 FY26.
- EBITDA fell 16.0% to ₹71.81 crore and the EBITDA margin declined to 7.2% from 10.7%.
- Profit after tax was ₹23.17 crore, down 48.2% from ₹44.72 crore, and basic EPS was ₹13.18.
- Total expenses rose 28.4% to ₹956.92 crore, led by a 37.8% increase in cost of materials to ₹758.62 crore.
- For H1 FY27, revenue rose 15.0% to ₹2,004.37 crore while profit after tax rose 67.0% to ₹161.46 crore.
How did Styrenix Performance Materials perform in Q2 FY27?
Styrenix Performance Materials reported consolidated revenue of ₹993.51 crore for Q2 FY27, up 24.4% from ₹798.93 crore in Q2 FY26. Total income rose 24.4% to ₹997.30 crore from ₹801.89 crore, while other income increased 28.0% to ₹3.79 crore from ₹2.96 crore.
EBITDA fell 16.0% to ₹71.81 crore from ₹85.47 crore, and the EBITDA margin was 7.2% against 10.7% a year earlier. Profit before tax declined 29.0% to ₹40.38 crore, and after tax of ₹17.21 crore, net profit was ₹23.17 crore against ₹44.72 crore. Basic EPS was ₹13.18 against ₹25.43.
Against Q1 FY27, revenue fell 1.7% from ₹1,011 crore to ₹993.51 crore. EBITDA dropped 67.4% from ₹220.26 crore to ₹71.81 crore, the margin eased from 21.8% to 7.2%, and net profit fell 83.2% from ₹138.30 crore to ₹23.17 crore. On the standalone basis, revenue was ₹779.70 crore and profit after tax was ₹51.20 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 993.51 | 1,011 | 798.93 | +24.4% | −1.7% |
| Other income | 3.79 | 3.33 | 2.96 | +28.0% | +13.8% |
| Total expenses | 956.92 | 825.56 | 745.02 | +28.4% | +15.9% |
| EBITDA | 71.81 | 220.26 | 85.47 | −16.0% | −67.4% |
| EBITDA margin | 7.2% | 21.8% | 10.7% | −3.5 pp | −14.6 pp |
| Profit before tax | 40.38 | 188.63 | 56.87 | −29.0% | −78.6% |
| Tax | 17.21 | 50.33 | 12.15 | +41.6% | −65.8% |
| Net profit | 23.17 | 138.30 | 44.72 | −48.2% | −83.2% |
| EPS (₹) | 13.18 | 78.64 | 25.43 | −48.2% | −83.2% |
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 Styrenix Performance Materials' costs and profit?
Total expenses rose 28.4% to ₹956.92 crore in Q2 FY27 from ₹745.02 crore in Q2 FY26. Cost of materials was the largest increase, up 37.8% by ₹208.22 crore to ₹758.62 crore, while employee cost rose 12.2% by ₹4.37 crore to ₹40.10 crore and depreciation rose 16.1% by ₹4.20 crore to ₹30.36 crore.
Other expenses declined 0.3% by ₹0.33 crore to ₹106.58 crore from ₹106.91 crore, and finance costs fell 10.0% by ₹0.54 crore to ₹4.86 crore from ₹5.40 crore. Other income rose 28.0% by ₹0.83 crore to ₹3.79 crore, and there was no exceptional item in either quarter.
Tax expense rose 41.6% by ₹5.06 crore to ₹17.21 crore from ₹12.15 crore. The company said the quarter was marked by geopolitical uncertainty and disruptions across global supply chains, with availability and pricing of key raw materials and energy remaining volatile, while its Thailand business continued to face challenges from capacity overhang in the region and the resulting competitive pressures.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 758.62 | 550.40 | +208.22 | +37.8% |
| Employee cost | 40.10 | 35.73 | +4.37 | +12.2% |
| Finance costs | 4.86 | 5.40 | −0.54 | −10.0% |
| Depreciation | 30.36 | 26.16 | +4.20 | +16.1% |
| Other expenses | 106.58 | 106.91 | −0.33 | −0.3% |
| Total expenses | 956.92 | 745.02 | +211.90 | +28.4% |
| Other income | 3.79 | 2.96 | +0.83 | +28.0% |
| Tax | 17.21 | 12.15 | +5.06 | +41.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue rose 15.0% to ₹2,004.37 crore from ₹1,742.44 crore in H1 FY26. Total income rose 14.9% to ₹2,009.84 crore from ₹1,748.69 crore.
Profit before tax rose 79.7% to ₹229.00 crore from ₹127.42 crore, and profit after tax rose 67.0% to ₹161.46 crore from ₹96.66 crore. Basic EPS for the half year was ₹91.82 against ₹54.97.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,004 | 1,742 | +15.0% |
| Profit before tax | 229 | 127.42 | +79.7% |
| Net profit | 161.46 | 96.66 | +67.0% |
| EPS (₹) | 91.82 | 54.97 | +67.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹2,554.0 crore on 30 September 2026, against ₹2,482.56 crore on 31 March 2026. Total equity was ₹1,486.9 crore against ₹1,366.31 crore, while borrowings fell to ₹237.65 crore from ₹309.05 crore and cash declined to ₹53.17 crore from ₹70.13 crore.
Inventories rose to ₹757.7 crore from ₹664.49 crore and trade receivables to ₹478.11 crore from ₹428.83 crore, while trade payables were ₹417.59 crore against ₹421.10 crore. For H1 FY27, operating cash flow was ₹137.80 crore against an outflow of ₹64.83 crore in H1 FY26, and capital expenditure was ₹80.70 crore against ₹75.60 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,554 | 2,483 |
| Total equity | 1,487 | 1,366 |
| Borrowings | 237.65 | 309.05 |
| Cash and equivalents | 53.17 | 70.13 |
| Inventories | 757.70 | 664.49 |
| Trade receivables | 478.11 | 428.83 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 137.80 | −64.83 |
| Cash from investing | −16.14 | −43.61 |
| Cash from financing | −138.42 | 40.60 |
| Capital expenditure | 80.70 | 75.60 |
Source: Company's results filing (XBRL).
How has Styrenix Performance Materials done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters, and the trend shows a peak of ₹1,010.86 crore in Q1 FY27, when profit after tax reached ₹138.30 crore and the EBITDA margin was 21.8%. In Q2 FY27, revenue eased to ₹993.51 crore, profit after tax fell to ₹23.17 crore and the margin dropped to 7.2%.
Over the eight quarters to September 2026, revenue bottomed at ₹690.79 crore in Q3 FY25 and peaked at ₹1,010.86 crore in Q1 FY27. Profit after tax was lowest at ₹16.34 crore in Q3 FY26, when the EBITDA margin was 4.8%, and highest at ₹138.30 crore in Q1 FY27, with a margin of 21.8%.
What else did the company announce?
The board, at its meeting on 28 October 2026, approved the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026, along with the auditors' limited review report. The meeting ran from 10:45 hours to 11:05 hours IST, and the statutory auditor expressed an unmodified conclusion on the standalone results.
The company also filed an investor presentation on 28 October 2026 relating to the standalone and consolidated results for the quarter and half year ended 30 September 2026, and uploaded it on its website. The same-day filings covered the results and the presentation, with no dividend, fund raise or appointment disclosed.
What did Styrenix Performance Materials' management say?
Management said the first phase of the ABS capacity expansion in India remained on track for commissioning during FY27, with a large part of the new capacity expected to be utilised in FY28 and full utilisation considered possible thereafter. For H2 FY27, ABS volumes are expected to match Q2 FY27, HIPS should remain close to full utilisation, and GPPS volumes should improve slightly while staying below historical levels.
The company expects normalised gross margin to remain in line with or slightly better than the prior year, excluding the first quarter's one-off gains, and no FY27 or FY28 volume guidance was provided. Management said Thailand may need another 1.5-2 years of cost work before becoming structurally profitable, while Phase 2 ABS expansion remains on its original timeline.
On risks, management flagged geopolitical crude and feedstock volatility, Thailand's high cost base, speculative GPPS procurement exposed to volatile styrene monomer prices, customer validation and revalidation timelines that may delay the specialty-grade ramp, and Asian oversupply with alleged Chinese dumping. The managing director said that, for GPPS, "that uncertainty continues, and the management call always has been not to be very speculative in buying raw materials, especially if a lot of the demand is based on spot and based on unorganized kind of markets."
How did Styrenix Performance Materials shares react?
The stock fell 6.5% within 5 minutes of the filing appearing, 6.9% after 15 minutes and 8.9% after 30 minutes. From the previous close of ₹1,968.0, the reaction-day move was a fall of 9.0%, with the base price at ₹1,943.9.
On earlier results days, the reaction-day move was a fall of 0.3% on 4 August 2026, a fall of 2.9% on 16 May 2026 and a rise of 1.1% on 29 January 2026. Earlier moves in 2025 were 0.2% higher on 12 November, 0.7% lower on 13 August, 1.4% lower on 24 May and 1.0% lower on 30 January, while the 28 October 2024 move was 2.1% higher.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −6.5% | |
| 15 minutes | −6.9% | |
| 30 minutes | −8.9% | |
| Reaction day | −9.0% | +0.4% |
| Next day | −8.2% | +0.4% |
| 5 days | −7.6% | +1.0% |
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 |
|---|---|
| 4 August 2026 | −0.3% |
| 16 May 2026 | −2.9% |
| 29 January 2026 | +1.1% |
| 12 November 2025 | +0.2% |
| 13 August 2025 | −0.7% |
| 24 May 2025 | −1.4% |
| 30 January 2025 | −1.0% |
| 28 October 2024 | +2.1% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among 69 Specialty Chemicals companies compared for the quarter, the median revenue growth was 28.9%, against 24.4% for Styrenix Performance Materials. Twenty-six peers grew slower than the company and 42 grew faster than the company. Of the 63 peers for which profit was compared, 54 reported higher profit.
| Styrenix Performance Materials revenue growth (YoY) | +24.4% |
|---|---|
| Median of 69 other Specialty Chemicals companies | +28.9% |
| Companies with slower revenue growth than Styrenix Performance Materials | 26 of 69 |
| Companies with faster revenue growth than Styrenix Performance Materials | 42 of 69 |
| Companies whose net profit rose | 54 of 63 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Styrenix Performance Materials' revenue in Q2 FY27?
Revenue from operations was ₹993.51 crore, up 24.4% from ₹798.93 crore in Q2 FY26 (consolidated).
Did Styrenix Performance Materials make a profit in Q2 FY27?
Yes. Net profit was ₹23.17 crore, against a net profit of ₹44.72 crore in Q2 FY26.
What was Styrenix Performance Materials' EPS in Q2 FY27?
Basic earnings per share were ₹13.18, against ₹25.43 in Q2 FY26.
How did Styrenix Performance Materials shares react to the Q2 FY27 results?
On the reaction day the stock moved −9.0% from the previous close; the median Specialty Chemicals stock moved +0.4%.
When did Styrenix Performance Materials announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider And Approve Standalone And Consolidated Unaudited Financial Results For The Quarter And Half Year Ended On September 30, 2026. (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Approved Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended On September 30, 2026. (BSE, 28 October 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended On September 30, 2026. (BSE, 28 October 2026) · PDF
- The earnings call (5 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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