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Vinati Organics Q2 FY27 results: net profit down 31.8% to ₹78.36 crore, revenue up 23.6%
Vinati Organics Limited reported consolidated revenue of ₹680.21 crore in Q2 FY27, up 23.6% from Q2 FY26, while EBITDA fell 24.9% to ₹125.67 crore and net profit declined 31.8% to ₹78.36 crore. The EBITDA margin narrowed to 18.5% from 30.4%, and basic EPS fell to ₹7.56 from ₹11.08. On the standalone basis, revenue was ₹668.00 crore and profit was ₹86.84 crore.
Key points
- Consolidated revenue rose 23.6% year on year to ₹680.21 crore, but fell 2.3% from Q1 FY27.
- EBITDA declined 24.9% year on year to ₹125.67 crore, with the margin narrowing by 11.9 percentage points to 18.5%.
- Consolidated net profit was ₹78.36 crore, down 31.8% from Q2 FY26, and basic EPS fell to ₹7.56.
- H1 FY27 revenue rose 26.0% to ₹1,376.12 crore, while profit before tax fell 15.1% to ₹253.37 crore.
- Management guided FY27 revenue growth of 20–25% and an EBITDA margin of around 24–25%.
How did Vinati Organics perform in Q2 FY27?
Vinati Organics reported consolidated revenue of ₹680.21 crore in Q2 FY27, up ₹129.99 crore or 23.6% from Q2 FY26, but down ₹15.70 crore or 2.3% from Q1 FY27. EBITDA was ₹125.67 crore, down ₹41.66 crore or 24.9% year on year and ₹44.82 crore or 26.3% sequentially. The EBITDA margin fell to 18.5% from 30.4% a year earlier and 24.5% in the previous quarter.
Consolidated profit before tax declined to ₹105.61 crore from ₹157.25 crore in Q2 FY26 and ₹147.76 crore in Q1 FY27. Net profit was ₹78.36 crore, down ₹36.52 crore or 31.8% year on year and ₹30.50 crore or 28.0% sequentially. Basic EPS fell to ₹7.56 from ₹11.08 a year earlier and ₹10.50 in the previous quarter. On the standalone basis, revenue was ₹668.00 crore and profit was ₹86.84 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 680.21 | 695.91 | 550.22 | +23.6% | −2.3% |
| Other income | 12.65 | 9 | 16.01 | −21.0% | +40.6% |
| Total expenses | 587.25 | 557.15 | 408.98 | +43.6% | +5.4% |
| EBITDA | 125.67 | 170.49 | 167.33 | −24.9% | −26.3% |
| EBITDA margin | 18.5% | 24.5% | 30.4% | −11.9 pp | −6.0 pp |
| Profit before tax | 105.61 | 147.76 | 157.25 | −32.8% | −28.5% |
| Tax | 27.25 | 38.90 | 42.37 | −35.7% | −29.9% |
| Net profit | 78.36 | 108.86 | 114.88 | −31.8% | −28.0% |
| EPS (₹) | 7.56 | 10.50 | 11.08 | −31.8% | −28.0% |
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 Vinati Organics' costs and profit?
Total expenses increased ₹178.27 crore or 43.6% to ₹587.25 crore from Q2 FY26, exceeding the increase in revenue. Cost of materials was the largest change, rising ₹147.54 crore or 57.5% to ₹404.24 crore. Other expenses increased ₹17.29 crore or 18.2% to ₹112.09 crore, depreciation rose ₹6.63 crore or 25.4% to ₹32.71 crore, and employee cost rose ₹4.31 crore or 9.6% to ₹48.98 crore. Finance costs fell ₹0.01 crore to no finance cost.
Other income fell ₹3.36 crore or 21.0% to ₹12.65 crore from ₹16.01 crore in Q2 FY26, while tax expense fell ₹15.12 crore or 35.7% to ₹27.25 crore from ₹42.37 crore. There was no exceptional item in either quarter. The filing did not state why the cost increase occurred. Against Q1 FY27, total expenses rose ₹30.10 crore or 5.4%, while other income increased ₹3.65 crore or 40.6% and tax fell ₹11.65 crore or 29.9%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 404.24 | 256.70 | +147.54 | +57.5% |
| Employee cost | 48.98 | 44.67 | +4.31 | +9.6% |
| Finance costs | 0 | 0.01 | −0.01 | |
| Depreciation | 32.71 | 26.08 | +6.63 | +25.4% |
| Other expenses | 112.09 | 94.80 | +17.29 | +18.2% |
| Total expenses | 587.25 | 408.98 | +178.27 | +43.6% |
| Other income | 12.65 | 16.01 | −3.36 | −21.0% |
| Tax | 27.25 | 42.37 | −15.12 | −35.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue rose ₹283.93 crore or 26.0% to ₹1,376.12 crore from ₹1,092.19 crore in H1 FY26. Total income increased ₹282.18 crore or 25.3% to ₹1,397.77 crore from ₹1,115.59 crore. Despite the higher revenue, profit before tax fell ₹45.04 crore or 15.1% to ₹253.37 crore from ₹298.41 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,376 | 1,092 | +26.0% |
| Profit before tax | 253.37 | 298.41 | −15.1% |
| Net profit | 187.22 | 219.07 | −14.5% |
| EPS (₹) | 18.06 | 21.13 | −14.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, consolidated total assets were ₹3,726.52 crore, compared with ₹3,589.53 crore at 31 March 2026. Total equity increased to ₹3,260.67 crore from ₹3,161.68 crore, while borrowings remained nil. Cash and cash equivalents were ₹7.45 crore, compared with ₹3.77 crore. Inventories rose to ₹354.60 crore from ₹311.13 crore, trade receivables to ₹582.23 crore from ₹521.26 crore, and trade payables to ₹137.49 crore from ₹121.27 crore.
H1 FY27 operating cash flow was ₹169.12 crore, compared with ₹358.43 crore in H1 FY26. Investing cash flow was negative ₹77.31 crore against negative ₹92.38 crore, while financing cash flow was negative ₹88.13 crore against negative ₹140.99 crore. Capital expenditure was ₹74.06 crore, compared with ₹128.35 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,727 | 3,590 |
| Total equity | 3,261 | 3,162 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 7.45 | 3.77 |
| Inventories | 354.60 | 311.13 |
| Trade receivables | 582.23 | 521.26 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 169.12 | 358.43 |
| Cash from investing | −77.31 | −92.38 |
| Cash from financing | −88.13 | −140.99 |
| Capital expenditure | 74.06 | 128.35 |
Source: Company's results filing (XBRL).
How has Vinati Organics done over the last 8 quarters?
Revenue rose in each of the last two quarters on a year-on-year basis. It reached ₹695.91 crore in Q1 FY27 before easing to ₹680.21 crore in Q2 FY27. Over the eight-quarter series, revenue was highest at ₹695.91 crore and lowest at ₹521.68 crore in Q3 FY25.
Profit followed a different path from revenue. Net profit reached ₹123.86 crore in Q4 FY26, then declined to ₹108.86 crore in Q1 FY27 and ₹78.36 crore in Q2 FY27. The EBITDA margin peaked at 30.4% in Q2 FY26 and fell to 18.5% in Q2 FY27, after easing from 24.5% in Q1 FY27.
What else did the company announce?
The board approved an aggregated capital expenditure plan of ₹500 crore for Vinati Organics and wholly owned subsidiary Veeral Organics Private Limited. The filing said the greenfield projects would cover specialty chemicals applications in resins, fragrances and personal care, water treatment solutions, oil field and adjacent segments, based on market demand and growth opportunities. The projects are to be funded entirely through internal accruals and are expected to be commissioned within the next two years. The same-day financial-results filing recorded no dividend, fund raise or appointment.
What did Vinati Organics' management say?
Management said FY27 top-line growth was expected at 20–25% over the prior year, supported by higher volumes and pricing, while the FY27 EBITDA margin was now expected around 24–25%. Logistics rates had started cooling in Q3 and management expected a further reduction in Q4, which it said would positively affect Q3 and Q4 profitability. ATBS volumes were described as meaningfully improving in Q3, with demand recovery expected through H2.
Management said MEHQ commercial sales were targeted from April 2027 after debottlenecking, with about one year expected from commercial start to optimal VOPL utilisation. The ₹500 crore announced capex was targeted for commercialisation within two years. A further ₹500 crore expansion remained uncommitted and could be dropped after a six-month evaluation. Management identified raw-material, energy and logistics inflation, ATBS customer destocking and delays to the VOPL ramp-up as risks. No analyst questions were recorded in the supplied material.
How did Vinati Organics shares react?
Vinati Organics shares fell 2.7% within 5 minutes of the filing appearing, then were down 1.8% after 15 minutes and 1.0% after 30 minutes. The stock closed 5.2% below its pre-results close on the reaction day. By the next day's close, it was 8.2% below the pre-results close. The Specialty Chemicals median moved 2.0% lower on the reaction day and was up 0.1% by the next close.
The stock underperformed the industry median by 3.2 percentage points on the reaction day and by 8.3 percentage points by the next day's close, measured cumulatively from the same pre-results close. Earlier reaction-day moves were mixed: 0.6% on 29 July 2026, negative 4.3% on 12 May 2026 and 2.4% on 14 August 2025.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −2.7% | |
| 15 minutes | −1.8% | |
| 30 minutes | −1.0% | |
| Reaction day | −5.2% | −2.0% |
| Next day | −8.2% | +0.1% |
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 |
|---|---|
| 29 July 2026 | +0.6% |
| 12 May 2026 | −4.3% |
| 31 January 2026 | −1.7% |
| 5 November 2025 | +0.2% |
| 14 August 2025 | +2.4% |
| 1 February 2025 | +4.6% |
| 12 November 2024 | −1.1% |
| 10 August 2024 | −7.8% |
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%. Vinati Organics' revenue growth was slower than 44 peers and faster than 25 peers. Of the 63 peers for which profit was compared, 54 reported higher profit. The peer comparison was as of 6 November 2026.
| Vinati Organics revenue growth (YoY) | +23.6% |
|---|---|
| Median of 69 other Specialty Chemicals companies | +28.9% |
| Companies with slower revenue growth than Vinati Organics | 25 of 69 |
| Companies with faster revenue growth than Vinati Organics | 44 of 69 |
| Companies whose net profit rose | 54 of 63 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Vinati Organics' revenue in Q2 FY27?
Revenue from operations was ₹680.21 crore, up 23.6% from ₹550.22 crore in Q2 FY26 (consolidated).
Did Vinati Organics make a profit in Q2 FY27?
Yes. Net profit was ₹78.36 crore, against a net profit of ₹114.88 crore in Q2 FY26.
What was Vinati Organics' EPS in Q2 FY27?
Basic earnings per share were ₹7.56, against ₹11.08 in Q2 FY26.
How did Vinati Organics shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.2% from the previous close; the median Specialty Chemicals stock moved −2.0%.
When did Vinati Organics announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Un-Audited Financial Results (Standalone & Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 30 October 2026) · PDF
- Financial Result For The Quarter Ended September 30, 2026 (BSE, 30 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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