Styrenix Performance Materials LimitedQ2 FY27 Results & Financial Update
Styrenix Performance Materials Limited: Q2 FY27 consolidated results and company financials – revenue ₹993.51 Cr, PAT ₹23.17 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Styrenix Performance Materials 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
Styrenix Performance Materials Limited reported consolidated revenue from operations of INR 993.51 crore for the second quarter ended September 30, 2026, alongside total income of INR 997.30 crore.
Profit before tax (PBT) for the quarter stood at INR 40.38 crore, reflecting the net outcome after accounting for material input expenses, finance costs of INR 4.86 crore, and depreciation and amortization charges of INR 30.36 crore.
The consolidated profit for the period (PAT) reached INR 23.17 crore after factoring in a total tax expense of INR 17.21 crore, translating to a basic and diluted earnings per share (EPS) of INR 13.18 for the quarter.
The international subsidiary structure exerted considerable pressure on consolidated profitability during the quarter. Specifically, the wholly owned step-down subsidiary, Styrenix Performance Materials (Thailand) Limited, recorded revenue of INR 226.15 crore alongside a net loss after tax of INR 29.62 crore.
On a standalone basis, the parent entity posted revenue from operations of INR 777.70 crore and a standalone profit for the period of INR 51.20 crore, underscoring a stark divergence between the profitable domestic operations and the overseas subsidiary losses.
Total expenses for the consolidated entity stood at INR 921.70 crore during the quarter, dominated by cost of materials consumed at INR 788.62 crore and other expenses amounting to INR 106.56 crore.
The consolidated balance sheet as of September 30, 2026, reflects total assets of INR 2,554.00 crore, supported by total equity of INR 1,486.90 crore and non-current and current borrowings totaling INR 237.65 crore.
01 · Business model
What does Styrenix Performance Materials do?
Styrenix Performance Materials Limited operates in the engineering polymers sector, constituting a single reportable business segment under Ind AS 108. The company manufactures specialized plastic raw materials widely used across automotive, appliances, electronics, and industrial applications.
The company's primary manufacturing footprint and head office are located in Vadodara, Gujarat, supported by registered corporate operations and an international subsidiary presence spanning the UAE and Thailand.
The operational model relies on converting key chemical feedstocks into specialized polymer resins, managing input cost volatility through inventory adjustments, and serving diversified industrial client segments across domestic and overseas markets.
02 · Historical context
What shaped the business before this quarter
Previously operating under the name INEOS Styrolution India Ltd., the company transitioned its corporate identity to Styrenix Performance Materials Limited to reflect its strategic positioning in the engineering polymers landscape.
The company previously established international subsidiaries, including Styrenix Performance Materials FZE in the UAE and Styrenix Performance Materials (Thailand) Limited as a step-down subsidiary, to widen its global manufacturing and distribution reach.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹993.51 Cr |
| Total income | ₹997.30 Cr |
| Profit before tax | ₹40.38 Cr |
| Profit after tax | ₹23.17 Cr |
| EPS | ₹13.18 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 2.3% 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 4.1% 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 ₹3.79 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
Consolidated revenue from operations came in at INR 993.51 crore for Q2 FY27, backed by total income of INR 997.30 crore including other income of INR 3.79 crore.
The overseas step-down subsidiary in Thailand contributed INR 226.15 crore to the top line, while standalone operations generated INR 777.70 crore in operating revenue.
What drove margins
Cost of materials consumed formed the largest operational outgo at INR 788.62 crore on a consolidated basis, accompanied by inventory adjustments of INR 16.40 crore.
Consolidated other expenses stood at INR 106.56 crore, while depreciation and finance costs absorbed INR 30.36 crore and INR 4.86 crore respectively.
05 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
Operations span domestic facilities centered around Vadodara, Gujarat, alongside international subsidiaries located in the United Arab Emirates and Thailand.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Consolidated capital work in progress stood at INR 184.64 crore as of September 30, 2026, reflecting ongoing capital investments across manufacturing infrastructure.
07 · Reported developments
What changed operationally
The standalone entity sustained profitable operations, registering a standalone net profit of INR 51.20 crore for the quarter.
Statutory auditors Talati & Talati LLP issued an unmodified review conclusion on both the standalone and consolidated unaudited financial results for the quarter.
08 · 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, consolidated net cash generated from operating activities stood at INR 137.80 crore after tax adjustments of INR 41.38 crore.
Capital allocation & funding
Consolidated borrowings as of September 30, 2026, comprised non-current borrowings of INR 195.89 crore and current borrowings of INR 41.76 crore.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Review Scope
The statutory audit report highlights that the interim financial information of the Thailand step-down subsidiary was reviewed by other auditors, whose reports were furnished to the statutory auditors.
10 · Key Q&A
The quarter, answered directly
What does Styrenix Performance Materials do?
Styrenix Performance Materials Limited operates in the engineering polymers sector, constituting a single reportable business segment under Ind AS 108. The company manufactures specialized plastic raw materials widely used across automotive, appliances, electronics, and industrial applications.
What is the clearest takeaway from Q2 FY27?
Styrenix Performance Materials Limited reported consolidated revenue from operations of INR 993.51 crore for the second quarter ended September 30, 2026, alongside total income of INR 997.30 crore.
What drove revenue or demand?
Consolidated revenue from operations came in at INR 993.51 crore for Q2 FY27, backed by total income of INR 997.30 crore including other income of INR 3.79 crore.
What mattered most for margins or profitability?
Cost of materials consumed formed the largest operational outgo at INR 788.62 crore on a consolidated basis, accompanied by inventory adjustments of INR 16.40 crore.
What changed operationally beyond the headline numbers?
Consolidated capital work in progress stood at INR 184.64 crore as of September 30, 2026, reflecting ongoing capital investments across manufacturing infrastructure.
What should the next disclosure help confirm?
Monitor the operational and financial performance of the Thailand step-down subsidiary to track potential narrowing of losses.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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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.
12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Subsidiary Turnaround: Monitor the operational and financial performance of the Thailand step-down subsidiary to track potential narrowing of losses.
- 02
Capex Capitalisation: Track the progression of capital work in progress of INR 184.64 crore toward commercial commissioning and asset capitalization.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.