Kama Holdings Q2 FY27 Results (NSE: KAMAHOLD)
Signal: Steady quarter
The read
The trajectory remains growth-positive but has softened sequentially: revenue grew 34.7% YoY to ₹4,94,233.19 lakhs, while total segment PBIT grew 26.4% YoY to ₹82,688.62 lakhs and fell 11.8% QoQ. Performance Films & Foil is expanding fastest, but its 41.0% QoQ PBIT decline and the 44.0% H1 decline in operating cash flow warrant monitoring.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,942.33 Cr | +34.7% | -2.5% |
P&L walk
Revenue was ₹4,94,233.19 lakhs, +34.7% YoY but -2.5% QoQ; total segment PBIT was ₹82,688.62 lakhs, +26.4% YoY but -11.8% QoQ, with finance cost broadly stable YoY at ₹7,142.16 lakhs, +1.3%.
Segments
Performance Films & Foil was the main growth engine, with revenue of ₹2,12,238.95 lakhs, +50.7% YoY, and PBIT of ₹20,622.32 lakhs, +73.4% YoY; Chemicals remained the largest profit contributor at ₹52,777.63 lakhs of PBIT despite a 17.3% QoQ decline.
Key positives
- Performance Films & Foil revenue reached ₹2,12,238.95 lakhs, +50.7% YoY, while its PBIT rose 73.4% YoY to ₹20,622.32 lakhs.
- Total segment PBIT increased 26.4% YoY to ₹82,688.62 lakhs, ahead of the 24.7% YoY growth in Chemicals revenue and supported by stronger technical textiles and films profitability.
- PP&E and CWIP both increased, with PP&E at ₹13,84,266.40 lakhs and CWIP at ₹2,12,229.46 lakhs, consistent with continued investment.
Key concerns
- Total segment PBIT declined 11.8% QoQ to ₹82,688.62 lakhs despite revenue of ₹4,94,233.19 lakhs, indicating sequential operating moderation.
- Performance Films & Foil PBIT fell 41.0% QoQ to ₹20,622.32 lakhs, while Chemicals PBIT declined 17.3% QoQ to ₹52,777.63 lakhs.
- H1 operating cash flow fell 44.0% YoY to ₹60,533.06 lakhs despite H1 profit before tax of ₹1,66,456.15 lakhs, alongside ₹97,526.59 lakhs of capex.
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