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Valiant Organics Q2 FY27 results: net profit ₹17.30 crore vs ₹5.66 crore, revenue up 93.4%
Valiant Organics Limited reported consolidated revenue of ₹304.22 crore for Q2 FY27, up 93.4% from ₹157.31 crore in the year-ago quarter. EBITDA rose 84.4% to ₹39.02 crore, but the margin declined 0.6 percentage points to 12.8%, while net profit increased 205.7% to ₹17.30 crore.
Key points
- Revenue was ₹304.22 crore in Q2 FY27, up 93.4% from ₹157.31 crore in Q2 FY26 and 31.4% from ₹231.54 crore in Q1 FY27.
- EBITDA rose to ₹39.02 crore from ₹21.16 crore a year earlier, while the margin fell to 12.8% from 13.4%.
- Net profit was ₹17.30 crore, compared with ₹5.66 crore in Q2 FY26 and ₹29.26 crore in Q1 FY27; basic EPS was ₹6.18.
- H1 FY27 revenue rose 48.1% to ₹535.76 crore, while profit after tax increased 235.9% to ₹46.56 crore.
- Total assets reached ₹1335.2 crore as of 30 September 2026, compared with ₹1230.79 crore as of 31 March 2026.
How did Valiant Organics perform in Q2 FY27?
Valiant Organics reported consolidated revenue of ₹304.22 crore for Q2 FY27, up ₹146.91 crore or 93.4% from ₹157.31 crore in Q2 FY26. Against Q1 FY27, revenue rose ₹72.68 crore or 31.4% from ₹231.54 crore. Total income was ₹305.33 crore, compared with ₹157.5 crore a year earlier and ₹234.82 crore in the previous quarter.
Consolidated EBITDA was ₹39.02 crore in Q2 FY27, up ₹17.86 crore or 84.4% from ₹21.16 crore in Q2 FY26, but down ₹2.60 crore or 6.2% from ₹41.62 crore in Q1 FY27. The EBITDA margin was 12.8%, down 0.6 percentage points year on year and 5.2 percentage points sequentially. On a standalone basis, revenue was ₹304.22 crore and profit after tax was ₹17.15 crore.
Profit before tax rose to ₹24.64 crore from ₹7.36 crore in Q2 FY26, an increase of ₹17.28 crore or 234.8%, while it fell ₹4.91 crore or 16.6% from ₹29.55 crore in Q1 FY27. Net profit was ₹17.30 crore, compared with ₹5.66 crore a year earlier and ₹29.26 crore in the previous quarter. Basic EPS was ₹6.18, against ₹2.02 in Q2 FY26 and ₹10.44 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 304.22 | 231.54 | 157.31 | +93.4% | +31.4% |
| Other income | 1.11 | 3.28 | 0.20 | +455.0% | −66.2% |
| Total expenses | 280.69 | 205.27 | 150.14 | +87.0% | +36.7% |
| EBITDA | 39.02 | 41.62 | 21.16 | +84.4% | −6.2% |
| EBITDA margin | 12.8% | 18.0% | 13.4% | −0.6 pp | −5.2 pp |
| Profit before tax | 24.64 | 29.55 | 7.36 | +234.8% | −16.6% |
| Tax | 7.49 | 7.52 | 1.76 | +325.6% | −0.4% |
| Net profit | 17.30 | 29.26 | 5.66 | +205.7% | −40.9% |
| EPS (₹) | 6.18 | 10.44 | 2.02 | +205.9% | −40.8% |
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 Valiant Organics' costs and profit?
Total expenses rose ₹130.55 crore or 87.0% year on year to ₹280.69 crore. Cost of materials increased ₹92.55 crore or 96.2% to ₹188.71 crore, while other expenses rose ₹17.55 crore or 45.7% to ₹55.96 crore. Employee cost was up ₹1.92 crore or 16.0% at ₹13.89 crore.
Finance costs increased ₹0.97 crore or 23.0% to ₹5.18 crore, and depreciation rose ₹0.53 crore or 5.4% to ₹10.31 crore. Other income increased ₹0.91 crore or 455.0% to ₹1.11 crore. Tax expense rose ₹5.73 crore or 325.6% to ₹7.49 crore, and there was no exceptional item in the quarter.
Against Q1 FY27, total expenses rose ₹75.42 crore or 36.7%. Cost of materials increased ₹38.39 crore and other expenses ₹12.89 crore, while other income fell ₹2.17 crore to ₹1.11 crore. EBITDA margin declined by 5.2 percentage points to 12.8%, and the profit margin declined by 6.9 percentage points to 5.7%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 188.71 | 96.16 | +92.55 | +96.2% |
| Employee cost | 13.89 | 11.97 | +1.92 | +16.0% |
| Finance costs | 5.18 | 4.21 | +0.97 | +23.0% |
| Depreciation | 10.31 | 9.78 | +0.53 | +5.4% |
| Other expenses | 55.96 | 38.41 | +17.55 | +45.7% |
| Total expenses | 280.69 | 150.14 | +130.55 | +87.0% |
| Other income | 1.11 | 0.20 | +0.91 | +455.0% |
| Tax | 7.49 | 1.76 | +5.73 | +325.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, Valiant Organics reported revenue of ₹535.76 crore, up ₹174.05 crore or 48.1% from ₹361.71 crore in H1 FY26. Total income rose 48.8% to ₹540.14 crore from ₹362.99 crore, while profit before tax increased ₹36.35 crore or 203.8% to ₹54.19 crore.
Profit after tax for the first half was ₹46.56 crore, up ₹32.7 crore or 235.9% from ₹13.86 crore in H1 FY26. Basic EPS increased 235.8% to ₹16.62 from ₹4.95. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 5 November 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 535.76 | 361.71 | +48.1% |
| Profit before tax | 54.19 | 17.84 | +203.8% |
| Net profit | 46.56 | 13.86 | +235.9% |
| EPS (₹) | 16.62 | 4.95 | +235.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹1335.2 crore, compared with ₹1230.79 crore at 31 March 2026. Total equity rose to ₹806.32 crore from ₹759.37 crore, and borrowings increased to ₹256.54 crore from ₹252.75 crore. Cash stood at ₹6.52 crore against ₹1.79 crore at the previous balance sheet date.
Inventories increased to ₹110.98 crore from ₹91.52 crore, trade receivables to ₹320.33 crore from ₹243.31 crore, and trade payables to ₹153.9 crore from ₹122.09 crore. H1 FY27 operating cash flow was ₹22.84 crore, compared with ₹92.24 crore in H1 FY26; investing cash flow was negative ₹11.37 crore against negative ₹70.24 crore, and financing cash flow was negative ₹6.75 crore against negative ₹23.08 crore.
Capital expenditure was ₹25.29 crore in H1 FY27, compared with ₹12.49 crore in H1 FY26. The company filed statements of assets and liabilities and cash flows along with the results, which the board approved on 5 November 2026.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,335 | 1,231 |
| Total equity | 806.32 | 759.37 |
| Borrowings | 256.54 | 252.75 |
| Cash and equivalents | 6.52 | 1.79 |
| Inventories | 110.98 | 91.52 |
| Trade receivables | 320.33 | 243.31 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 22.84 | 92.24 |
| Cash from investing | −11.37 | −70.24 |
| Cash from financing | −6.75 | −23.08 |
| Capital expenditure | 25.29 | 12.49 |
Source: Company's results filing (XBRL).
How has Valiant Organics done over the last 8 quarters?
Revenue reached a high of ₹304.22 crore in Q2 FY27, after ₹231.54 crore in Q1 FY27, and had earlier bottomed at ₹157.31 crore in Q2 FY26. Revenue has risen year on year in each of the last three quarters. Net profit reached a high of ₹29.26 crore in Q1 FY27 before falling to ₹17.30 crore in Q2 FY27; the earlier low was ₹3.64 crore in Q3 FY26.
The EBITDA margin peaked at 18.0% in Q1 FY27 and declined to 12.8% in Q2 FY27, after reaching a low of 8.2% in Q3 FY25. Profit has risen year on year in each of the last three quarters. The current quarter therefore showed higher revenue than the preceding three quarters, while profit and margin moved lower from Q1 FY27.
Which businesses drove the quarter?
The Speciality Chemical Division reported revenue of ₹218.38 crore and EBIT of ₹20.57 crore for Q2 FY27, with an EBIT margin of 9.4%. The Pharma Division reported revenue of ₹85.83 crore and EBIT of ₹9.4 crore, with an EBIT margin of 10.9%. The filing did not provide year-ago segment revenue, EBIT or growth figures for comparison.
The company’s filing refers to internal reports reviewed by the Chief Operating Decision Maker and presents the Speciality Chemical Division and Pharma Division as its reported business segments. No exceptional item was reported for Q2 FY27, and the segment figures shown are on the stated consolidated basis.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Speciality Chemical Division | 218.38 | 20.57 | 9.4% | |
| Pharma Division | 85.83 | 9.40 | 10.9% |
Source: Company's results filing (XBRL segment data).
How did other Specialty Chemicals companies do?
A total of 63 Specialty Chemicals companies filed for the quarter as of 5 November 2026. Their median revenue growth was 28.5%, compared with Valiant Organics’ revenue growth of 93.4%. Of the other companies, 54 grew more slowly than Valiant Organics and 9 grew faster.
Out of 59 peers for which profit was compared, 50 reported higher profit. The peer count includes companies other than Valiant Organics and reflects filings available as of 5 November 2026.
| Valiant Organics revenue growth (YoY) | +93.4% |
|---|---|
| Median of 63 other Specialty Chemicals companies | +28.5% |
| Companies with slower revenue growth than Valiant Organics | 54 of 63 |
| Companies with faster revenue growth than Valiant Organics | 9 of 63 |
| Companies whose net profit rose | 50 of 59 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Valiant Organics' revenue in Q2 FY27?
Revenue from operations was ₹304.22 crore, up 93.4% from ₹157.31 crore in Q2 FY26 (consolidated).
Did Valiant Organics make a profit in Q2 FY27?
Yes. Net profit was ₹17.30 crore, against a net profit of ₹5.66 crore in Q2 FY26.
What was Valiant Organics' EPS in Q2 FY27?
Basic earnings per share were ₹6.18, against ₹2.02 in Q2 FY26.
When did Valiant Organics announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 And Any Other Business. (BSE, 31 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 5 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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