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Vinayak Polycon International Q2 FY27 results: net profit down 25.0% to ₹0.03 crore, revenue up 21.9%
Vinayak Polycon International Ltd reported standalone Q2 FY27 revenue of ₹6.18 crore, up 21.9% from Q2 FY26, but EBITDA fell 22.2% to ₹0.21 crore and the EBITDA margin declined 2.1 percentage points to 3.3%. Net profit was ₹0.03 crore compared with ₹0.04 crore a year earlier, while basic EPS fell to ₹0.09 from ₹0.14.
Key points
- Q2 FY27 revenue rose 21.9% year on year to ₹6.18 crore and increased 1.5% from Q1 FY27’s ₹6.09 crore.
- EBITDA fell 22.2% year on year to ₹0.21 crore, with the margin declining 2.1 percentage points to 3.3%.
- Net profit was ₹0.03 crore, down 25.0% from Q2 FY26 and 25.0% from Q1 FY27.
- Basic EPS fell to ₹0.09 from ₹0.14 in both Q2 FY26 and Q1 FY27.
- In H1 FY27, revenue rose 21.0% to ₹12.27 crore, while PAT fell 30.0% to ₹0.07 crore.
How did Vinayak Polycon International perform in Q2 FY27?
Vinayak Polycon International reported standalone revenue of ₹6.18 crore in Q2 FY27, up 21.9% from ₹5.07 crore in Q2 FY26 and 1.5% from ₹6.09 crore in Q1 FY27. EBITDA fell 22.2% year on year to ₹0.21 crore from ₹0.27 crore and declined 12.5% from ₹0.24 crore in the previous quarter. The EBITDA margin was 3.3%, down 2.1 percentage points year on year and 0.6 percentage points sequentially.
Profit before tax was ₹0.03 crore in Q2 FY27, down 50.0% from ₹0.06 crore in Q2 FY26 and 40.0% from ₹0.05 crore in Q1 FY27. Net profit was ₹0.03 crore, compared with ₹0.04 crore in both comparison periods, while basic EPS fell 35.7% to ₹0.09 from ₹0.14. The results are standalone, and the company operates within a single segment.
The board approved the un-audited quarterly and half-year results on 31 October 2026, following a limited review by the statutory auditors. The filing said corresponding-period figures had been regrouped or rearranged wherever necessary to make them compatible.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6.18 | 6.09 | 5.07 | +21.9% | +1.5% |
| Other income | 0 | 0 | 0 | ||
| Total expenses | 6.15 | 6.05 | 5.01 | +22.8% | +1.7% |
| EBITDA | 0.21 | 0.24 | 0.27 | −22.2% | −12.5% |
| EBITDA margin | 3.3% | 3.9% | 5.4% | −2.1 pp | −0.6 pp |
| Profit before tax | 0.03 | 0.05 | 0.06 | −50.0% | −40.0% |
| Tax | 0 | 0 | 0.02 | ||
| Net profit | 0.03 | 0.04 | 0.04 | −25.0% | −25.0% |
| EPS (₹) | 0.09 | 0.14 | 0.14 | −35.7% | −35.7% |
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 Vinayak Polycon International's costs and profit?
Total expenses rose 22.8% year on year to ₹6.15 crore from ₹5.01 crore, exceeding the 21.9% rise in revenue. Cost of materials increased by ₹0.97 crore, or 31.4%, to ₹4.06 crore, while employee cost rose by ₹0.08 crore, or 13.3%, to ₹0.68 crore. The filing did not state reasons for these cost movements.
Finance costs fell by ₹0.02 crore, or 28.6%, to ₹0.05 crore from ₹0.07 crore. Depreciation decreased by ₹0.02 crore, or 13.3%, to ₹0.13 crore from ₹0.15 crore, and other expenses declined by ₹0.12 crore, or 9.7%, to ₹1.12 crore from ₹1.24 crore. There was no exceptional item in either quarter.
Other income was unchanged at no exceptional amount, while tax fell by ₹0.02 crore from Q2 FY26, when tax was ₹0.02 crore, to no tax charge in Q2 FY27. Despite the lower tax charge, profit before tax fell by ₹0.03 crore and net profit declined by ₹0.01 crore to ₹0.03 crore. Compared with Q1 FY27, employee cost rose by ₹0.09 crore, while other expenses fell by ₹0.10 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 4.06 | 3.09 | +0.97 | +31.4% |
| Employee cost | 0.68 | 0.60 | +0.08 | +13.3% |
| Finance costs | 0.05 | 0.07 | −0.02 | −28.6% |
| Depreciation | 0.13 | 0.15 | −0.02 | −13.3% |
| Other expenses | 1.12 | 1.24 | −0.12 | −9.7% |
| Total expenses | 6.15 | 5.01 | +1.14 | +22.8% |
| Other income | 0 | 0 | 0 | |
| Tax | 0 | 0.02 | −0.02 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, standalone revenue and total income rose 21.0% to ₹12.27 crore from ₹10.14 crore in H1 FY26. Profit before tax fell 27.3% to ₹0.08 crore from ₹0.11 crore, and PAT declined 30.0% to ₹0.07 crore from ₹0.10 crore. Basic EPS fell 25.8% to ₹0.23 from ₹0.31.
The half-year figures show that the higher revenue did not translate into higher profit. The filing contained no explanation for the divergence between revenue and profit.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 12.27 | 10.14 | +21.0% |
| Profit before tax | 0.08 | 0.11 | −27.3% |
| Net profit | 0.07 | 0.10 | −30.0% |
| EPS (₹) | 0.23 | 0.31 | −25.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹8.91 crore, down from ₹10.07 crore at 31 March 2026. Total equity was ₹5.13 crore compared with ₹5.06 crore, while borrowings fell to ₹2.59 crore from ₹3.89 crore. Cash and cash equivalents declined to ₹0.33 crore from ₹0.41 crore.
Inventories fell to ₹1.63 crore from ₹2.82 crore at the previous balance-sheet date. Trade receivables increased to ₹3.04 crore from ₹2.88 crore, and trade payables were ₹0.23 crore compared with ₹0.08 crore. For H1 FY27, operating cash flow was ₹1.33 crore, compared with negative ₹0.25 crore in H1 FY26.
Investing cash flow for H1 FY27 was no exceptional amount, against negative ₹0.16 crore in the earlier half-year. Financing cash flow was negative ₹1.41 crore, compared with ₹0.43 crore in H1 FY26, while capital expenditure was no exceptional amount in both periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8.91 | 10.07 |
| Total equity | 5.13 | 5.06 |
| Borrowings | 2.59 | 3.89 |
| Cash and equivalents | 0.33 | 0.41 |
| Inventories | 1.63 | 2.82 |
| Trade receivables | 3.04 | 2.88 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1.33 | −0.25 |
| Cash from investing | 0 | −0.16 |
| Cash from financing | −1.41 | 0.43 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Vinayak Polycon International done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters, but the eight-quarter trend shows an uneven path. It peaked at ₹6.18 crore in Q2 FY27 after reaching a low of ₹4.68 crore in Q3 FY26. The latest quarter was also above Q1 FY27’s ₹6.09 crore, continuing the recent upward revenue direction.
Profit remained close to break-even. PAT peaked at ₹0.09 crore in Q4 FY25 and bottomed with a net loss of ₹0.06 crore in Q4 FY26; Q2 FY27 PAT was ₹0.03 crore. The EBITDA margin peaked at 6.1% in Q4 FY25 and fell to 3.3% in Q2 FY27, its lowest level in the reported series.
How did other Packaging companies do?
Among 23 other Packaging companies that filed for the quarter, the median revenue growth was 19.1%. Vinayak Polycon International’s 21.9% revenue growth was higher than the median, with 13 peers growing more slowly and 10 growing faster than the company.
Of the 24 peers for which profit was compared, 14 reported higher profit. The peer comparison was recorded as of 4 November 2026.
| Vinayak Polycon International revenue growth (YoY) | +21.9% |
|---|---|
| Median of 23 other Packaging companies | +19.1% |
| Companies with slower revenue growth than Vinayak Polycon International | 13 of 23 |
| Companies with faster revenue growth than Vinayak Polycon International | 10 of 23 |
| Companies whose net profit rose | 14 of 24 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Vinayak Polycon International's revenue in Q2 FY27?
Revenue from operations was ₹6.18 crore, up 21.9% from ₹5.07 crore in Q2 FY26 (standalone).
Did Vinayak Polycon International make a profit in Q2 FY27?
Yes. Net profit was ₹0.03 crore, against a net profit of ₹0.04 crore in Q2 FY26.
What was Vinayak Polycon International's EPS in Q2 FY27?
Basic earnings per share were ₹0.09, against ₹0.14 in Q2 FY26.
When did Vinayak Polycon International announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Of Un-Audited Standalone Financial Results Of The Company For The Quarter And Half Year Ended On September 30, 2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For For Disclosures Under Regulation 30 And Regulation 33 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (''''''''Listing Regulations'''''''')- Outcome Of Board Meeting Held On October 31, 2026 (BSE, 31 October 2026) · PDF
- Un-Audited Financial Results For The Second Quarter And Half Year Ended On 30Th September, 2026 (BSE, 31 October 2026) · PDF
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