Acutaas Chemicals' Q2 FY27 consolidated PAT jumps 71% YoY as margins expand to ~40%

Acutaas Chemicals (formerly Ami Organics) reported consolidated revenue of ₹436.92 Cr for Q2 FY27, up 42.7% year-on-year from ₹306.20 Cr and 32.5% sequentially from ₹329.67 Cr. Consolidated profit for the period (before minority interest) rose 71.4% YoY to ₹123.14 Cr from ₹71.86 Cr, with profit attributable to owners at ₹125.17 Cr (basic EPS ₹15.29 vs ₹8.82 a year ago) — profit growing well ahead of revenue YoY, the primary read on the quarter. No exceptional items appear in either the current or comparison periods, so this is a like-for-like beat, not a one-off.

The profit growth was driven by margin expansion rather than any one-time item: operating margin (EBITDA/revenue) expanded to roughly 40.3% from 31.1% a year ago and 34.3% last quarter, while net margin rose to 28.2% from 22.7% YoY. The expansion sits mainly on the cost-of-materials and other-expense lines relative to revenue, consistent with a richer product mix and operating leverage as volumes scale, rather than pricing or forex tailwinds.

The stock went into the print at ₹3,766, up 14.7% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Standalone and consolidated diverge materially on growth: standalone PAT of ₹135.74 Cr (EPS ₹16.58) grew 86.2% YoY, well ahead of the consolidated 71.4%, because consolidated numbers absorb drag from newer subsidiaries — notably Indichem Inc.'s South Korea semiconductor-materials plant (75%-owned via Acutaas Advance Material, ~₹200 Cr invested), inaugurated August 28, 2026 but still under trial runs at quarter-end. Against management's FY27 guidance of 25% revenue growth and stable margins versus FY26, H1 FY27 consolidated revenue of ₹766.59 Cr (+49.3% YoY) and the margin expansion both run well ahead — a clear beat on guidance. It also clears our pre-result preview, which had pencilled in revenue of ₹320-350 Cr, EBITDA margin of 33-35% and PAT of ₹100-120 Cr; the actual print topped every range.