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Zeal Aqua Q2 FY27 results: net profit up 35.7% to ₹4.07 crore, revenue up 15.4%
Zeal Aqua Limited reported standalone revenue of ₹213.15 crore for Q2 FY27, up 15.4% from ₹184.70 crore a year earlier. Net profit rose 35.7% to ₹4.07 crore and basic EPS rose to ₹0.32, while EBITDA was marginally lower at ₹10.33 crore and the EBITDA margin fell 0.8 percentage points to 4.8%.
Key points
- Q2 FY27 revenue was ₹213.15 crore, up ₹28.45 crore or 15.4% from ₹184.70 crore in Q2 FY26
- Net profit for the quarter was ₹4.07 crore, up ₹1.07 crore or 35.7% from ₹3 crore a year earlier
- Basic EPS for Q2 FY27 was ₹0.32, against ₹0.24 in Q2 FY26 and ₹0.17 in Q1 FY27
- EBITDA was ₹10.33 crore, down ₹0.05 crore or 0.5%, and the EBITDA margin fell 0.8 percentage points to 4.8%
- H1 FY27 revenue was ₹364.06 crore, up 18.0% from ₹308.58 crore, while net profit rose 37.0% to ₹6.22 crore
How did Zeal Aqua perform in Q2 FY27?
Zeal Aqua reported standalone revenue of ₹213.15 crore for the July–September 2026 quarter, up ₹28.45 crore or 15.4% from ₹184.70 crore in Q2 FY26. Total income rose ₹29.73 crore or 16.0% to ₹215.87 crore. Against the previous quarter, revenue was up ₹62.23 crore or 41.2% from ₹150.92 crore in Q1 FY27, and total income rose ₹61.74 crore or 40.1%.
EBITDA for the quarter was ₹10.33 crore, down ₹0.05 crore or 0.5% from ₹10.38 crore in Q2 FY26, with the EBITDA margin lower by 0.8 percentage points at 4.8%. It was up ₹3.50 crore or 51.2% from ₹6.83 crore in Q1 FY27, when the margin was 4.5%. The filing gives only standalone figures for the quarter and half year.
Profit before tax rose to ₹4.85 crore from ₹4.50 crore a year earlier and ₹3.06 crore in the previous quarter. Net profit was ₹4.07 crore, up ₹1.07 crore or 35.7% from ₹3 crore and up ₹1.92 crore or 89.3% from ₹2.15 crore. Basic EPS for the quarter was ₹0.32, against ₹0.24 in Q2 FY26 and ₹0.17 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 213.15 | 150.92 | 184.70 | +15.4% | +41.2% |
| Other income | 2.73 | 3.21 | 1.44 | +89.6% | −15.0% |
| Total expenses | 211.03 | 151.07 | 181.64 | +16.2% | +39.7% |
| EBITDA | 10.33 | 6.83 | 10.38 | −0.5% | +51.2% |
| EBITDA margin | 4.8% | 4.5% | 5.6% | −0.8 pp | +0.3 pp |
| Profit before tax | 4.85 | 3.06 | 4.50 | +7.8% | +58.5% |
| Tax | 0.78 | 0.91 | 1.50 | −48.0% | −14.3% |
| Net profit | 4.07 | 2.15 | 3 | +35.7% | +89.3% |
| EPS (₹) | 0.32 | 0.17 | 0.24 | +33.3% | +88.2% |
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 Zeal Aqua's costs and profit?
Cost of materials consumed was ₹187.34 crore, up ₹38.33 crore or 25.7% from ₹149.01 crore in Q2 FY26, and up ₹57.06 crore or 43.8% from ₹130.28 crore in Q1 FY27. Total expenses rose ₹29.39 crore or 16.2% to ₹211.03 crore year on year, and ₹59.96 crore or 39.7% from the previous quarter. Other expenses were ₹15.32 crore, up ₹3.53 crore or 29.9% from a year earlier.
Employee cost rose ₹0.54 crore or 23.6% to ₹2.83 crore from ₹2.29 crore a year earlier, finance costs rose ₹0.45 crore or 7.5% to ₹6.47 crore from ₹6.02 crore, and depreciation rose ₹0.44 crore or 33.8% to ₹1.74 crore from ₹1.30 crore. Against Q1 FY27, employee cost rose ₹0.60 crore, finance costs ₹1.03 crore and depreciation ₹0.20 crore.
Other income was ₹2.73 crore, up ₹1.29 crore or 89.6% from ₹1.44 crore in Q2 FY26 but down ₹0.48 crore or 15.0% from ₹3.21 crore in Q1 FY27. Tax expense fell ₹0.72 crore or 48.0% to ₹0.78 crore from ₹1.50 crore a year earlier, and was down ₹0.13 crore or 14.3% from ₹0.91 crore in the previous quarter. There was no exceptional item in either comparison period.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 187.34 | 149.01 | +38.33 | +25.7% |
| Employee cost | 2.83 | 2.29 | +0.54 | +23.6% |
| Finance costs | 6.47 | 6.02 | +0.45 | +7.5% |
| Depreciation | 1.74 | 1.30 | +0.44 | +33.8% |
| Other expenses | 15.32 | 11.79 | +3.53 | +29.9% |
| Total expenses | 211.03 | 181.64 | +29.39 | +16.2% |
| Other income | 2.73 | 1.44 | +1.29 | +89.6% |
| Tax | 0.78 | 1.50 | −0.72 | −48.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, revenue from operations was ₹364.06 crore, up ₹55.48 crore or 18.0% from ₹308.58 crore in H1 FY26. Total income rose ₹58.24 crore or 18.7% to ₹370.0 crore from ₹311.76 crore.
Profit before tax for the half year was ₹7.91 crore, up ₹1.02 crore or 14.8% from ₹6.89 crore. Net profit was ₹6.22 crore, up ₹1.68 crore or 37.0% from ₹4.54 crore, and basic EPS rose ₹0.14 to ₹0.50 from ₹0.36. The figures are on a standalone basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 364.06 | 308.58 | +18.0% |
| Profit before tax | 7.91 | 6.89 | +14.8% |
| Net profit | 6.22 | 4.54 | +37.0% |
| EPS (₹) | 0.50 | 0.36 | +38.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹631.96 crore as on 30 September 2026, against ₹340.74 crore as on 31 March 2026. Total equity rose to ₹109.51 crore from ₹103.26 crore, while borrowings rose to ₹253.53 crore from ₹186.2 crore. Cash and cash equivalents were ₹1.01 crore against ₹0.93 crore.
Inventories rose to ₹231.91 crore from ₹95.92 crore, trade receivables to ₹325.41 crore from ₹102.94 crore, and trade payables to ₹259.79 crore from ₹37.77 crore. The company reported a debt-equity ratio of 2.455 in its standalone results.
For H1 FY27, operating cash flow was negative ₹45.3 crore, compared with negative ₹55.95 crore in H1 FY26. Investing cash flow was negative ₹3.44 crore against negative ₹1.74 crore, and financing cash flow was positive ₹48.82 crore against positive ₹57.49 crore. Capital expenditure was ₹3.44 crore, against ₹1.74 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 631.96 | 340.74 |
| Total equity | 109.51 | 103.26 |
| Borrowings | 253.53 | 186.20 |
| Cash and equivalents | 1.01 | 0.93 |
| Inventories | 231.91 | 95.92 |
| Trade receivables | 325.41 | 102.94 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −45.30 | −55.95 |
| Cash from investing | −3.44 | −1.74 |
| Cash from financing | 48.82 | 57.49 |
| Capital expenditure | 3.44 | 1.74 |
Source: Company's results filing (XBRL).
How has Zeal Aqua done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters, according to the reported quarterly data. It reached ₹213.15 crore in Q2 FY27, the highest of the eight quarters shown, and was lower in Q1 FY27 at ₹150.92 crore. The earlier low in the series was ₹96.94 crore in Q4 FY25.
Net profit has risen year on year in each of the last two quarters. It was ₹4.07 crore in Q2 FY27, up from ₹2.15 crore in Q1 FY27 and ₹3 crore in Q2 FY26. Over the eight quarters shown, profit ranged from ₹1.54 crore in Q1 FY26 to ₹7.53 crore in Q3 FY26.
The EBITDA margin was 4.8% in Q2 FY27, above 4.5% in Q1 FY27 but below 5.6% in Q2 FY26. It bottomed at 1.1% in Q4 FY26 and was highest at 10.8% in Q4 FY25, so the recent direction is upward from the low but still below the earlier peak.
Quick answers
What was Zeal Aqua's revenue in Q2 FY27?
Revenue from operations was ₹213.15 crore, up 15.4% from ₹184.70 crore in Q2 FY26 (standalone).
Did Zeal Aqua make a profit in Q2 FY27?
Yes. Net profit was ₹4.07 crore, against a net profit of ₹3 crore in Q2 FY26.
What was Zeal Aqua's EPS in Q2 FY27?
Basic earnings per share were ₹0.32, against ₹0.24 in Q2 FY26.
When did Zeal Aqua announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider And Approve The Standalone Unaudited Financial Result Of The Company For The Quarter And Half Year Ended 30 September 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On 05Th November, 2026 (BSE, 5 November 2026) · PDF
- Unaudited Standalone Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 5 November 2026) · PDF
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