Amines & Plast. Q2 FY27 Results (NSE: AMNPLST)
Signal: Growth reaccelerated
The read
Q2FY27 marks a revenue recovery to +12.5% YoY from the recent Q1FY27 +7.3%, and consolidated EBITDA margin remained 71bps above last year at 8.88%, but the 118bps sequential margin fall from 10.06% shows that the Q4FY26-Q1FY27 margin recovery has not yet become consistent; lower finance costs, down 48.4% YoY to 64.02 lakh, amplified the 35.1% PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹149.84 Cr | +12.5% | -0.5% |
| EBIT | ₹11.86 Cr | +25.5% | |
| Net profit | ₹8.33 Cr | +35.1% | |
| EPS | ₹1.51 | +34.8% | |
| EBIT margin | 8.88% |
P&L walk
Consolidated revenue increased to 14,983.58 lakh, +12.5% YoY and -0.5% QoQ; EBITDA rose 22.4% YoY to 1,331.05 lakh, but margin fell 118bps QoQ to 8.88% as employee and other expenses increased sequentially, while PAT rose 35.1% YoY to 833.05 lakh with lower finance costs supporting the conversion.
Segments
The overseas wholly owned subsidiary lifted consolidated H1FY27 profit by 82.22 lakh; this explains consolidated H1 PAT of 1,779.63 lakh versus standalone PAT of 1,697.04 lakh, while no operating segment split is reported.
Key positives
- Consolidated revenue reached 14,983.58 lakh, up 12.5% YoY after Q1FY27 growth of 7.3%, indicating an acceleration in topline momentum.
- Consolidated EBITDA grew 22.4% YoY to 1,331.05 lakh versus revenue growth of 12.5%, with EBITDA margin expanding 71bps YoY to 8.88%.
- Finance costs declined 48.4% YoY to 64.02 lakh, helping PAT grow 35.1% to 833.05 lakh.
- Net cash increased to 5,744.01 lakh at September 2026 from 2,593.20 lakh at March 2026, while H1 operating cash flow remained positive at 3,526.45 lakh.
Key concerns
- EBITDA margin fell 118bps QoQ to 8.88% from 10.06% despite revenue being broadly stable, indicating that the recent margin recovery remains uneven.
- Standalone revenue declined 1.1% QoQ to 14,890.36 lakh and standalone EBITDA margin dropped 174bps QoQ to 8.35%, showing greater sequential pressure in the parent business.
- H1 operating cash flow declined to 3,526.45 lakh from 3,626.56 lakh despite H1 PAT increasing to 1,779.63 lakh from 1,359.82 lakh, requiring monitoring of working-capital conversion.
Research and educational content only. Not investment advice.