Apcotex Q2 FY27: PAT ₹34.8 Cr, +38% YoY; margin at 11.7% misses own 15-16% guide
PAT +37.72% YoY · revenue +48.18% · margins compressing
₹498.92 Cr
+48.18% YoY
₹34.84 Cr
+37.72% YoY
6.92%
-0.5pp YoY
₹6.72
Apcotex's standalone Q2 FY27 (quarter ended September 30, 2026) revenue came in at ₹498.92 Cr, up 48.2% YoY from ₹336.69 Cr, and PAT rose 37.7% YoY to ₹34.84 Cr from ₹25.30 Cr — though the year-ago quarter's base included a ₹5.75 Cr one-off gain on the sale of an office premise; stripping that out, underlying YoY PAT growth was closer to ~64%, a stronger read on core profitability than the headline number suggests. Sequentially, both lines fell — revenue down 5.1% and PAT down 55.9% from Q1 FY27's ₹525.63 Cr / ₹78.94 Cr — because Q1's 22.3% EBITDA margin was a pricing/inventory-driven spike that management itself called a 'non-recurring timing benefit' on the August 2026 concall, guiding to a 15-16% 'sustainable' EBITDA margin band going forward. This quarter's margin came in at 11.7% (NPM 6.9%, down from 14.9% in Q1 and 7.4% a year ago) — below even that guided floor, so while the margin normalised as flagged, it normalised further than management's own target range implied.
Q2 FY-2027 vs prior quarters
No analyst consensus or brokerage preview for this specific quarter could be located via web search, so vsStreet is marked unknown rather than guessed. On revenue, the company is tracking its FY27 guidance of ~40% growth off a ₹220 Cr capex cycle (adding ~₹600 Cr of revenue) reasonably well — H1 FY27 revenue of ₹1,024.56 Cr is up 43.8% YoY, slightly ahead of plan — with the NBR line still slated for Q1 FY28 and SB latex two months after, both unchanged from prior commentary and not yet contributing. The quarter carries no exceptional items (versus the ₹5.75 Cr gain booked a year ago), and the results — audited and board-approved on October 28, 2026 — remain standalone-only as the company has no subsidiary, associate or JV to consolidate. Apcotex separately disclosed a minor ₹72 Lakh stake purchase in Amplus Ampere (1.275%) on October 22, 2026, immaterial to the P&L. Going into Q3, the key markers are whether margins stabilise near the guided 15-16% band or keep drifting lower, and progress on the NBR/SB latex commissioning timeline.
The stock went into the print at ₹504.75, down 15.8% over the past month of trading.
What the summary numbers don't show
EPS ₹6.72 for the quarter (not annualised) vs ₹15.23 in Q1 FY27 and ₹4.88 a year ago; H1 FY27 EPS ₹21.95 vs ₹8.57 in H1 FY26.
FY27 CAPEX ₹220 Cr to add ~₹600 Cr revenue (40% growth); NBR on stream Q1 FY28 (April), SB latex 2 months after. Management confident of 15-16% sustainable EBITDA margins vs. current 22.3% (non-recurring timing benefit). No volume growth guidance quantified for FY27.
— This quarter: missed
W1
EBITDA margin trajectory — Q2 FY27 came in at 11.7%, below management's guided 15-16% 'sustainable' band; watch whether Q3 stabilises within that range.
W2
NBR capacity commissioning on schedule for Q1 FY28 (April 2027), with SB latex ~2 months after — any slippage from the ₹220 Cr capex plan.
W3
Revenue growth pace vs the FY27 guide of ~40% (₹600 Cr addition) — H1 FY27 is tracking at +43.8% YoY; confirm Q3/Q4 hold this pace.
Standalone only — note 5 confirms no subsidiary/associate/JV, so no consolidated statement exists. Year-ago quarter (Q2 FY26) included a ₹5.75 Cr exceptional gain on sale of office premises; this quarter has no exceptional items. Arithmetic checks (totalIncome = revenue+otherIncome; PAT = PBT-tax) match exactly. Figures converted from ₹ Lakhs.
Informational and educational content only. Not investment advice.