Ishan Dyes and Chemicals LimitedQ2 FY27 Results & Financial Update
Ishan Dyes and Chemicals Limited: Q2 FY27 standalone results and company financials – revenue ₹20.37 Cr, PAT ₹6.22 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Ishan Dyes and Chemicals Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Ishan Dyes and Chemicals Limited reported standalone revenue from operations of INR 20.37 crore for the quarter ended September 30, 2026, alongside total income of INR 20.89 crore.
Sequential comparisons indicate a contraction in top-line performance compared to the preceding quarter ended June 30, 2026, where revenue from operations stood at INR 41.48 crore and total income reached INR 42.84 crore.
Despite lower operating revenue relative to the previous quarter, profitability expanded significantly due to shifts in inventory adjustments and cost items, with profit before tax reaching INR 6.51 crore compared to INR 0.18 crore in Q1 FY27.
Net profit after tax for Q2 FY27 stood at INR 6.21 crore, marking a sharp increase from INR 0.16 crore reported in the preceding quarter, translating to a basic and diluted earnings per share of INR 2.28.
The statutory auditors issued a qualified conclusion on the financial results, drawing attention to the ongoing overstatement of certain finished goods inventories held against specific customer contracts.
Finance costs for the quarter were recorded at INR 2.44 crore, while depreciation and amortisation expenses stood at INR 2.06 crore, reflecting ongoing overhead commitments.
01 · Business model
What does Ishan Dyes and Chemicals do?
Ishan Dyes and Chemicals Limited operates in the specialty chemicals sector, manufacturing and supplying dye stuffs, intermediates, and related chemical products from its registered facility located at GIDC Estate, Vatva, Ahmedabad, Gujarat.
The company generates its primary revenue through sales from operations within a single reportable business segment designated as Chemicals, catering to industrial customers and fulfilling specific customer contracts.
Its operational model encompasses raw material procurement, inventory management, production processing, and financial debt servicing to support working capital and capital expenditure requirements.
02 · Historical context
What shaped the business before this quarter
The statutory auditors noted that the company's practice of valuing certain finished goods inventories held against specific customer contracts above cost originated prior to the current reporting period and persisted through FY26 and Q1 FY27.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹20.37 Cr | ₹41.48 Cr |
| Total income | ₹20.89 Cr | ₹42.84 Cr |
| Profit before tax | ₹6.51 Cr | ₹0.18 Cr |
| Profit after tax | ₹6.22 Cr | ₹0.16 Cr |
| EPS | ₹2.28 | ₹0.06 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 30.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 32.0% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.52 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Generated INR 20.37 crore from operations during Q2 FY27, representing a decline compared to INR 41.48 crore in Q1 FY27.
Contributed INR 0.52 crore to total income during the quarter, down from INR 1.36 crore in the preceding quarter.
What drove margins
Changes in inventories of finished goods, work-in-progress, and stock-in-trade amounted to a positive adjustment of INR 10.93 crore in Q2 FY27, supporting profitability.
Cost of materials consumed was recorded at INR 16.99 crore, moderating from INR 30.59 crore in the previous quarter.
Employee benefit expenses stood at INR 0.15 crore, finance costs at INR 2.44 crore, depreciation and amortisation at INR 2.06 crore, and other expenses at INR 2.35 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with Ind AS 108 on Operating Segments, the company maintains one reportable business segment, which is Chemicals.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Capital work-in-progress was reported at INR 5.20 crore as of September 30, 2026, increasing from INR 3.51 crore as of March 31, 2026.
07 · Reported developments
What changed operationally
Net profit after tax increased to INR 6.22 crore in Q2 FY27 from INR 0.16 crore in Q1 FY27, driven by favourable inventory adjustments and lower raw material consumption costs.
08 · Pressure points & risks
What is not going smoothly
Statutory auditors issued a qualified conclusion stating that valuing finished goods inventories against specific customer contracts above cost violates Ind AS 2, resulting in an inventory overstatement of INR 8.99 crore and an overstatement of profit before tax by INR 6.15 crore for the quarter and half year ended September 30, 2026.
09 · Items worth noticing
The line items that can distort a quick read
Auditors noted that had inventories been measured in accordance with Ind AS 2, total equity as at September 30, 2026, would have been lower by INR 8.99 crore and profit before tax for the quarter would have been lower by INR 6.15 crore.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, net cash generated from operating activities stood at INR 0.57 crore, supported by an operating profit before working capital changes of INR 14.07 crore and inventory increases of INR 12.24 crore.
Net cash used in investing activities was INR 1.86 crore, while net cash generated from financing activities reached INR 0.90 crore for the half year.
Capital allocation & funding
As of September 30, 2026, non-current borrowings stood at INR 33.84 crore and current borrowings stood at INR 62.28 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditor Review
The limited review report was issued by M/s A R Sulakhe & Co, Chartered Accountants, and reviewed by the Audit Committee before board approval on October 26, 2026.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations decreased from INR 41.48 crore in Q1 FY27 to INR 20.37 crore in Q2 FY27, whereas net profit rose from INR 0.16 crore to INR 6.22 crore over the same period.
13 · Key Q&A
The quarter, answered directly
What does Ishan Dyes and Chemicals do?
Ishan Dyes and Chemicals Limited operates in the specialty chemicals sector, manufacturing and supplying dye stuffs, intermediates, and related chemical products from its registered facility located at GIDC Estate, Vatva, Ahmedabad, Gujarat.
What is the clearest takeaway from Q2 FY27?
Ishan Dyes and Chemicals Limited reported standalone revenue from operations of INR 20.37 crore for the quarter ended September 30, 2026, alongside total income of INR 20.89 crore.
What drove revenue or demand?
Generated INR 20.37 crore from operations during Q2 FY27, representing a decline compared to INR 41.48 crore in Q1 FY27.
What mattered most for margins or profitability?
Changes in inventories of finished goods, work-in-progress, and stock-in-trade amounted to a positive adjustment of INR 10.93 crore in Q2 FY27, supporting profitability.
What changed operationally beyond the headline numbers?
Capital work-in-progress was reported at INR 5.20 crore as of September 30, 2026, increasing from INR 3.51 crore as of March 31, 2026.
What are the main pressure points disclosed for the quarter?
Statutory auditors issued a qualified conclusion stating that valuing finished goods inventories against specific customer contracts above cost violates Ind AS 2, resulting in an inventory overstatement of INR 8.99 crore and an overstatement of profit before tax by INR 6.15 crore for the quarter and half year ended September 30, 2026.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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Profit change vs base₹0 cr (0%)
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Inventory Valuation Resolution: Monitor whether the company addresses the statutory auditor's qualification regarding inventory valuation under Ind AS 2 in future financial reporting periods.
- 02
Capital Expenditure Progress: Track the transition of capital work-in-progress, standing at INR 5.20 crore as of September 30, 2026, into operational property, plant, and equipment.
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