Andhra Petrochem Q2 FY27 Results (BSE: 500012)
Signal: Revenue declined
The read
The key inflection is the recovery from the plant-shutdown-affected Q1FY27 revenue of ₹1409.06 lakh and PAT loss of ₹325.18 lakh to Q2FY27 revenue of ₹11761.19 lakh and PAT of ₹242.01 lakh; however, revenue is still down 29.8% YoY, gross-margin expansion to 20.7% is not attributed by management, and H1 operating cash flow remains negative at ₹2379.44 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹117.61 Cr | -29.8% | +735.0% |
| Net profit | ₹2.42 Cr | +12.5% | |
| EPS | ₹0.28 | +12.0% |
P&L walk
Revenue was ₹11761.19 lakh, down 29.8% YoY but up 735.0% QoQ after the prior quarter's ₹1409.06 lakh base; gross margin expanded to 20.7% YoY, PAT recovered to ₹242.01 lakh, and EPS rose to ₹0.28, although operating cash flow stayed negative for H1.
Key positives
- Revenue recovered to ₹11761.19 lakh in Q2FY27 from ₹1409.06 lakh in Q1FY27, while still down 29.8% YoY.
- Gross margin expanded 358bps YoY to 20.7%, although the filing does not disclose the driver.
- PAT turned positive at ₹242.01 lakh from a ₹325.18 lakh preceding-quarter loss, and EPS improved to ₹0.28 from negative ₹0.38.
Key concerns
- Revenue remains 29.8% below ₹16764.30 lakh YoY, indicating that the recovery has not yet restored prior-year operating scale.
- H1 operating cash flow was negative at ₹2379.44 lakh despite reported H1 PAT loss of ₹83.17 lakh, driven by working-capital absorption.
- Raw material cost was 91.9% of current-quarter revenue versus 82.8% YoY, so the 358bps gross-margin improvement was not supported by lower raw-material intensity.
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