Sharda Cropchem Q2 FY27: consol PAT +23% YoY to ₹91.7 Cr on margin gains, revenue +13%
PAT +23.36% YoY · revenue +13.19% · margins expanding
₹1,051.68 Cr
+13.19% YoY
₹91.73 Cr
+23.36% YoY
8.37%
+0.6pp YoY
₹10.17
Sharda Cropchem's consolidated Q2 FY27 (quarter ended September 30, 2026) revenue rose 13.2% YoY to ₹1,051.68 Cr, while PAT grew faster at 23.4% YoY to ₹91.73 Cr (EPS ₹10.17 vs ₹8.24 a year ago), with revenue growth landing comfortably inside management's 10-15% FY27 guided band. Sequentially, revenue dipped 2.1% and PAT rose a modest 4.2% — consistent with the company's own disclosure that its Agrochemicals segment is seasonal and quarterly figures aren't representative of the full year. No quarter-specific street consensus for this print turned up in search; the only available read is a full-year FY27 analyst consensus of roughly ₹6,000 Cr revenue (+14%), against which this quarter's YoY pace is broadly tracking.
Q2 FY-2027 vs prior quarters
Net profit margin expanded to 8.37% of total income from 7.76% a year ago and 7.94% last quarter, but a meaningful part of that improvement is a lower effective tax rate — tax worked out to about 14.7% of PBT this quarter, below the 18-20% rate management guided for FY27, rather than being a tax headwind. On operating margins, management's FY27 guide is 18-20% EBITDA margin; a like-for-like EBITDA calculation from this filing (PBT plus finance cost and depreciation, less other income) puts the quarter at roughly 17% of revenue — an improvement from about 15.6% a year ago but still short of the guided band, so the bottom-line beat leans more on tax than on fully hitting the targeted operating margin yet.
The stock went into the print at ₹689.9, down 4.4% over the past month of trading.
FY27: 10–15% revenue growth (5–10% volume growth), gross margins 35–37%, EBITDA margins 18–20%. Full-year CAPEX ₹480–550 Cr (Q1: ₹273 Cr). Tax rate 18–20% annualized.
— This quarter: met
The growth this quarter was concentrated outside the core business: Non-agrochemicals (belts, dyes and dye intermediates, general chemicals) revenue jumped 67.7% YoY to ₹212.0 Cr, while Agrochemicals — still roughly 80% of sales — grew just 4.6% YoY to ₹839.7 Cr. Standalone PAT of ₹61.48 Cr grew faster YoY (+39.5%) than the consolidated number (+23.4%), a divergence worth flagging: it implies profit from the overseas subsidiary network was roughly flat YoY even as the India parent's own profitability improved. Capex intensity stayed high: H1 FY27 spend on intangible assets/registrations (consolidated) ran to about ₹419 Cr, already close to the full ₹480-550 Cr FY27 capex guidance just six months in.
W1
FY27 EBITDA margin guidance of 18-20% vs an estimated ~17% run-rate this quarter — watch whether margin closes the gap in H2.
W2
FY27 capex guidance of ₹480-550 Cr vs ~₹419 Cr already spent on intangibles in H1 — watch for a guidance revision or spending slowdown in H2.
W3
Non-agrochemicals segment grew 67.7% YoY this quarter to ₹212 Cr — watch whether this pace sustains or normalizes in Q3.
No exceptional items are separately disclosed in the P&L. Standalone Q1 FY27 PAT included a ~₹75.4 Cr intercompany dividend from a subsidiary (eliminated on consolidation), making standalone QoQ comparisons for Q2 noisy. EPS not annualised. Figures are from unaudited statements with an unmodified limited-review conclusion. OPM referenced in the summary is a derived estimate (PBT + finance cost + depreciation − other income)/revenue, since it could not be reverse-engineered to match any externally-sourced OPM figure exactly.
Expect margin momentum as Q2 follows Q1's operational leverage play
After a strong Q1—revenue growth of 9% with EBITDA surging 25%—Sharda Cropchem heads into Q2 FY27 (nine months from ATH but on track for full-year guidance). What to watch: whether operating leverage persists, how agrochemical mix holds up, and guidance sustainability on an oversold tape.
The setup
Sharda Cropchem enters Q2 FY27 on the back of a strong Q1: revenue ₹1,074 Cr (up 9% YoY), EBITDA ₹178 Cr (up 25%), with EBITDA margins expanding 220 basis points to 16.6%. The company reaffirmed 10–15% full-year revenue growth guidance and gross margins anchored around 35%. For Q2, on a run-rate basis, expect revenue in the ~₹1,100–1,120 Cr band, with EBITDA margins holding in the 16–17% range if operational leverage persists.
~₹1,100–1,120 Cr
Q1 was ₹1,074 Cr; modest sequential growth on-plan for 9% YoY growth run-rate
~16–17%
Q1 hit 16.6%; operating leverage and gross-margin strength to sustain this band
10–15% revenue growth
Reaffirmed on June 30 call; company remains on track through H1 results
₹767 Cr
Debt-free balance sheet as of Q1; no financing headwinds expected
A strong print would show Q2 revenue at or above ₹1,120 Cr (in line with 10%+ growth), EBITDA margins holding above 16%, and confirmation that the agrochemical business (₹915 Cr in Q1, up 8% YoY) is sustaining growth. A weak print would flag revenue below ₹1,050 Cr (signaling deceleration), margin compression below 15.5%, or downward guidance revision on the back of H1 execution or margin pressures.
On track for the year?
Yes, on the evidence so far. Through Q1, Sharda Cropchem is tracking 10–15% full-year revenue guidance. H1 revenue (Q1 + Q2 on-plan) would be ~₹2,200 Cr, placing the company ahead of a linear path through the ₹10–11.5 Cr range for full-year FY27. EBITDA growth (up 25% in Q1) has surprised to the upside, driven by gross-margin strength and operating leverage; if margins stabilize at 16–17%, the company should deliver mid-to-high teens EBITDA growth for the full year.
What the Street says
Since last quarter
Sep 28, 2026
Oct 1 to 48h post-result for Q2 FY27. Routine for result season.
Trading window closure
Oct 22, 2026
Oct 30, 2026 to approve unaudited standalone & consolidated results.
Board meeting notice
Jul 14, 2026
23rd AGM held Aug 14, 2026; routine governance.
AGM notice
Jul 14, 2026
BRSR filing
Insider activity: No pledges or significant promoter trading flagged in recent filings. Promoter ownership steady at 74.82% (as of Q1 FY27). FII ownership has ticked down from 5.48% (Q1 FY26) to 3.11% (Q1 FY27), tracking broader FII outflow from India equities; DII stable at ~9%. No material corporate actions pending.
What to watch on October 30
1 · Revenue & growth run-rate
Is Q2 revenue in the ₹1,050–1,150 Cr band, sustaining the ~9% YoY growth trajectory? A print below ₹1,050 Cr would flag deceleration.
2 · EBITDA margin hold
Can the company sustain 16%+ EBITDA margins in Q2, or does margin compress due to input costs or product mix? 15.5%–17% is the expected range.
3 · Agrochemical segment trend
The core business (Q1: ₹915 Cr, up 8% YoY) is the bellwether. Watch for growth acceleration or deceleration in this line.
4 · Full-year guidance reset
Will the company reaffirm 10–15% FY27 revenue growth, or narrow/revise based on H1 results? Any trim would signal caution heading into H2.
5 · Management commentary on demand
Listen for tone on global agrochemical demand, pricing power, and any margin-pressure signals from input costs or FX headwinds.
Sharda Cropchem enters Q2 as a momentum story on operating leverage. Q1's 25% EBITDA growth on 9% revenue signals operational discipline and pricing/mix advantage. The company is on track for 10–15% FY27 revenue guidance, and the Street sees ample upside (median target ₹1,305 vs. current ₹631). A clean Q2—revenue ₹1,050–1,150 Cr, margins 16%+—should confirm the trajectory. Downside risks center on agrochemical demand softness, margin pressure from input inflation, or early FY27 guidance trim. Watch for tone from management on global demand and any revisions to H2 expectations.
This is a pre-result preview grounded in Q1 performance, guidance, and analyst commentary. No forecast of the unreleased Q2 result is presented as fact. The Street view is consensus-bullish, but stock technicals (down 51% from ATH, RSI 18.7) suggest caution on sentiment near-term.