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Vikram Thermo Q2 FY27 results: net profit up 22.7% to ₹13.59 crore, revenue up 28.1%
Vikram Thermo (India) Ltd. reported standalone Q2 FY27 revenue of ₹44.37 crore and a net profit of ₹13.59 crore. Revenue rose 28.1% from Q2 FY26 and 17.2% from Q1 FY27, while EBITDA margin declined to 41.3%.
Key points
- Q2 FY27 revenue was ₹44.37 crore, up 28.1% from Q2 FY26 and 17.2% from Q1 FY27.
- EBITDA was ₹18.33 crore, with a margin of 41.3% versus 44.7% in Q2 FY26 and 47.6% in Q1 FY27.
- Net profit was ₹13.59 crore, up 22.7% from Q2 FY26 and 2.3% from Q1 FY27; basic EPS was ₹4.33.
- H1 FY27 revenue was ₹82.24 crore, up 30.0% from H1 FY26, while net profit rose 41.3% to ₹26.87 crore.
- Total assets were ₹221.46 crore and total equity was ₹179.85 crore as of 30 September 2026.
How did Vikram Thermo perform in Q2 FY27?
Vikram Thermo reported standalone revenue of ₹44.37 crore in Q2 FY27, against ₹34.64 crore in Q2 FY26 and ₹37.87 crore in Q1 FY27. EBITDA rose to ₹18.33 crore from ₹15.49 crore a year earlier and ₹18.01 crore in the previous quarter. The EBITDA margin was 41.3%, down from 44.7% in Q2 FY26 and 47.6% in Q1 FY27.
Net profit was ₹13.59 crore, compared with ₹11.08 crore in Q2 FY26 and ₹13.28 crore in Q1 FY27. Basic EPS was ₹4.33, against ₹3.53 a year earlier and ₹4.24 in the previous quarter. The results were standalone; the company reported one reportable segment, Pharma Polymers, and no consolidated results were given.
Profit before tax was ₹18.23 crore, up from ₹14.87 crore in Q2 FY26 and ₹17.90 crore in Q1 FY27. Total income was ₹45.29 crore, against ₹34.85 crore a year earlier and ₹38.76 crore in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 44.37 | 37.87 | 34.64 | +28.1% | +17.2% |
| Other income | 0.92 | 0.89 | 0.21 | +338.1% | +3.4% |
| Total expenses | 27.06 | 20.86 | 19.98 | +35.4% | +29.7% |
| EBITDA | 18.33 | 18.01 | 15.49 | +18.3% | +1.8% |
| EBITDA margin | 41.3% | 47.6% | 44.7% | −3.4 pp | −6.3 pp |
| Profit before tax | 18.23 | 17.90 | 14.87 | +22.6% | +1.8% |
| Tax | 4.64 | 4.62 | 3.80 | +22.1% | +0.4% |
| Net profit | 13.59 | 13.28 | 11.08 | +22.7% | +2.3% |
| EPS (₹) | 4.33 | 4.24 | 3.53 | +22.7% | +2.1% |
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 Vikram Thermo's costs and profit?
Cost of materials consumed increased by ₹5.81 crore from Q2 FY26 to ₹17.13 crore, while employee cost rose by ₹0.50 crore to ₹3.64 crore, finance costs by ₹0.03 crore to ₹0.12 crore, depreciation by ₹0.15 crore to ₹0.89 crore and other expenses by ₹1.84 crore to ₹6.45 crore. Total expenses consequently rose by ₹7.08 crore to ₹27.06 crore.
Other income increased by ₹0.71 crore from Q2 FY26 to ₹0.92 crore. Profit before tax rose by ₹3.36 crore to ₹18.23 crore, while tax expense increased by ₹0.84 crore to ₹4.64 crore. Net profit increased by ₹2.51 crore to ₹13.59 crore, and there was no exceptional item.
Against Q1 FY27, cost of materials rose by ₹5 crore and other expenses by ₹0.71 crore, while employee cost fell by ₹0.04 crore. Other income rose by ₹0.03 crore, tax expense by ₹0.02 crore and total expenses by ₹6.20 crore. Net profit was higher by ₹0.31 crore, with no exceptional item in either quarter. The filing does not state reasons for these changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 17.13 | 11.32 | +5.81 | +51.3% |
| Employee cost | 3.64 | 3.14 | +0.50 | +15.9% |
| Finance costs | 0.12 | 0.09 | +0.03 | +33.3% |
| Depreciation | 0.89 | 0.74 | +0.15 | +20.3% |
| Other expenses | 6.45 | 4.61 | +1.84 | +39.9% |
| Total expenses | 27.06 | 19.98 | +7.08 | +35.4% |
| Other income | 0.92 | 0.21 | +0.71 | +338.1% |
| Tax | 4.64 | 3.80 | +0.84 | +22.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Vikram Thermo reported standalone revenue of ₹82.24 crore, up from ₹63.24 crore in H1 FY26. Total income rose to ₹83.97 crore from ₹63.6 crore, while profit before tax increased to ₹36.13 crore from ₹25.53 crore.
H1 FY27 net profit was ₹26.87 crore, compared with ₹19.02 crore in H1 FY26, and EPS was ₹8.57 against ₹6.06. The board approved the standalone unaudited financial results on 4 November 2026, following a limited review by the statutory auditor.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 82.24 | 63.24 | +30.0% |
| Profit before tax | 36.13 | 25.53 | +41.5% |
| Net profit | 26.87 | 19.02 | +41.3% |
| EPS (₹) | 8.57 | 6.06 | +41.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹221.46 crore, against ₹187.91 crore at 31 March 2026. Total equity increased to ₹179.85 crore from ₹156.87 crore, while borrowings fell to ₹4.43 crore from ₹4.59 crore and cash rose to ₹5.52 crore from ₹4.85 crore.
Inventories were ₹14.55 crore at 30 September 2026, against ₹10.31 crore at 31 March 2026. Trade receivables increased to ₹55.42 crore from ₹45.97 crore, and trade payables rose to ₹18.09 crore from ₹12.39 crore.
H1 FY27 operating cash flow was ₹25.09 crore, compared with ₹20.98 crore in H1 FY26. Investing cash flow was negative ₹23.65 crore against negative ₹12.18 crore, financing cash flow was negative ₹0.76 crore against negative ₹7.65 crore, and capital expenditure was ₹3.21 crore against ₹4.65 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 221.46 | 187.91 |
| Total equity | 179.85 | 156.87 |
| Borrowings | 4.43 | 4.59 |
| Cash and equivalents | 5.52 | 4.85 |
| Inventories | 14.55 | 10.31 |
| Trade receivables | 55.42 | 45.97 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 25.09 | 20.98 |
| Cash from investing | −23.65 | −12.18 |
| Cash from financing | −0.76 | −7.65 |
| Capital expenditure | 3.21 | 4.65 |
Source: Company's results filing (XBRL).
How has Vikram Thermo done over the last 8 quarters?
Revenue reached ₹44.37 crore in Q2 FY27, the highest level in the eight-quarter series, after ₹37.87 crore in Q1 FY27. The low was ₹27.11 crore in Q4 FY25. Revenue has risen year on year in each of the last three quarters.
Net profit was ₹13.59 crore in Q2 FY27, slightly above ₹13.28 crore in Q1 FY27 and above ₹11.08 crore in Q2 FY26. The lowest quarterly profit in the series was ₹4.07 crore in Q4 FY25, and profit has risen year on year in each of the last five quarters.
The EBITDA margin fell to 41.3% in Q2 FY27 from 47.6% in Q1 FY27, which was the series high. The low was 24.6% in Q4 FY25; the margin was also 44.5% in Q3 FY26 and 31.7% in Q4 FY26.
How did other Commodity Chemicals companies do?
Among 23 Commodity Chemicals companies compared for the quarter, the median revenue growth was 19.1%. Thirteen peers grew slower than Vikram Thermo and 10 grew faster. The company’s Q2 FY27 revenue growth was 28.1%.
Profit increased for 21 of the 27 peers for which profit was compared.
| Vikram Thermo revenue growth (YoY) | +28.1% |
|---|---|
| Median of 23 other Commodity Chemicals companies | +19.1% |
| Companies with slower revenue growth than Vikram Thermo | 13 of 23 |
| Companies with faster revenue growth than Vikram Thermo | 10 of 23 |
| Companies whose net profit rose | 21 of 27 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Vikram Thermo's revenue in Q2 FY27?
Revenue from operations was ₹44.37 crore, up 28.1% from ₹34.64 crore in Q2 FY26 (standalone).
Did Vikram Thermo make a profit in Q2 FY27?
Yes. Net profit was ₹13.59 crore, against a net profit of ₹11.08 crore in Q2 FY26.
What was Vikram Thermo's EPS in Q2 FY27?
Basic earnings per share were ₹4.33, against ₹3.53 in Q2 FY26.
When did Vikram Thermo announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for INTIMATION OF BOARD MEETING UNDER REGULATION 29(1)(A) OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS 2015. (BSE, 16 October 2026) · PDF
- Board Meeting Outcome for OUTCOME OF MEETING (BSE, 4 November 2026) · PDF
- COMPLIANCE OF REGULATION 33 OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURES REQUIREMENTS) REGULATIONS, 2015 FOR M/S. VIKRAM THERMO (INDIA) LIMITED. (BSE, 4 November 2026) · PDF
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