Q2 FY27 key numbers:
Revenue: ₹436.9 cr, up 42.7% YoY from ₹306.2 cr and up 32.5% QoQ
Gross profit: ₹271.5 cr, up 59%, with gross margin at 62.1% vs 55.8% a year ago
EBITDA: ₹176 cr, up 84.6% YoY and 55.6% QoQ
EBITDA margin: 40.3% vs 31.1% a year ago and 34.3% in Q1
PAT: ₹123.1 cr, up 71.4% YoY from ₹71.9 cr and up 64.2% QoQ
PAT margin: 28.2% vs 23.5%
H1 FY27 key numbers:
Revenue: ₹766.6 cr, up 49.3%
EBITDA: ₹289 cr, up 97.7%, a 37.7% margin
PAT: ₹198.1 cr, up 71%
Segments (Q2)
Advanced Intermediates (pharma intermediates and CDMO): ₹402 cr, up 53.1%
Specialty Chemicals: ₹34.9 cr, down 20%
Guidance and expansion
FY27 revenue growth guidance raised to about 30% from 25%
FY27 EBITDA margin guidance raised to 38-40%
Inaugurated its South Korea facility ahead of schedule, to make high-purity chemicals for photoresists and semiconductor packaging materials
Property, plant and equipment: ₹954.5 cr vs ₹582.8 cr at FY26 end, showing heavy capex
Market reaction
The stock rose about 13-14% to roughly ₹3,796, near its 52-week high of ₹3,900
Takeaways
Margin expansion is the headline. EBITDA grew about twice as fast as revenue, driven by a richer product mix and higher gross margin.
Growth is concentrated in pharma intermediates and CDMO, which are lumpy and customer-driven. Specialty Chemicals is shrinking but is small.
The guidance math is worth noting. With H1 revenue up 49%, a full-year target of about 30% implies H2 growth well below H1's pace, so either guidance is conservative or growth is expected to slow.
Q2 margin of 40.3% is at the top of the 38-40% guided range, so margins could ease in H2.
The South Korea semiconductor chemicals plant adds a new growth leg, but it's early-stage and carries ramp-up risk.
Capex is rising fast, so watch return ratios and cash flow.