Apcotex Industries LimitedQ2 FY27 Results & Financial Update
Apcotex Industries Limited: Q2 FY27 standalone results and company financials – revenue ₹498.92 Cr, PAT ₹34.84 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 Apcotex Industries 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
Apcotex Industries Limited reported standalone revenue from operations of INR 498.92 crore for the quarter ended September 30, 2026, marking a sequential decrease of 5.08% compared to INR 525.63 crore recorded in the preceding quarter ended June 30, 2026.
Total income for Q2 FY27 stood at INR 503.44 crore, supported by other income of INR 45.16 crore, reflecting a sequential moderation from INR 528.44 crore in Q1 FY27.
Profit before tax (PBT) contracted sharply on a sequential basis to INR 47.50 crore from INR 104.65 crore in the June 2026 quarter, driven by higher operating and material consumption costs during the period.
Net profit after tax (PAT) for the quarter came in at INR 34.84 crore, representing a sequential decline of 55.87% compared to INR 78.94 crore reported in Q1 FY27. Basic and diluted earnings per share (EPS) for the quarter stood at INR 6.72, down from INR 15.23 in the previous quarter.
Total expenses for the quarter aggregated to INR 455.94 crore, compared to INR 423.79 crore in Q1 FY27. The cost of materials consumed was reported at INR 340.80 crore, while changes in inventories of finished goods, stock-in-trade, and work-in-progress showed a positive adjustment of INR 23.65 crore.
Other expenses expanded sequentially to INR 52.57 crore during Q2 FY27 from INR 45.38 crore in the preceding quarter, exerting additional pressure on operating profitability margins.
Total income for the second quarter of fiscal 2027 stood at INR 503.44 crore, inclusive of other income amounting to INR 4.52 crore, compared to INR 528.44 crore in the June 2026 quarter.
01 · Business model
What does Apcotex Industries do?
Apcotex Industries Limited operates as a specialised chemical manufacturer focused exclusively on Synthetic Emulsion Polymers. The company produces a diverse range of water-based emulsions and synthetic latices used across various industrial applications.
The primary operational revenue engine is derived from synthetic emulsion products manufactured at the company's key production facilities, including its plant located in the MIDC Industrial Area at Taloja, Maharashtra.
Apcotex operates as a standalone entity with no subsidiaries, associate companies, or joint ventures as of September 30, 2026, simplifying its corporate structure and financial reporting scope.
02 · Historical context
What shaped the business before this quarter
Previously, during the financial year ended March 31, 2026, the company recorded annual revenue from operations of INR 1,441.50 crore and a net profit after tax of INR 101.41 crore.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹498.92 Cr | ₹525.63 Cr |
| Total income | ₹503.44 Cr | ₹528.44 Cr |
| Profit before tax | ₹47.50 Cr | ₹104.65 Cr |
| Profit after tax | ₹34.84 Cr | ₹78.94 Cr |
| EPS | ₹6.72 | ₹15.23 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations reached INR 498.92 crore in Q2 FY27, reflecting a 5.08% sequential reduction from the INR 525.63 crore achieved in Q1 FY27.
Other income increased sequentially by 60.97% to INR 4.52 crore for the quarter ended September 30, 2026, compared to INR 2.81 crore in the June 2026 quarter.
Revenue from operations stood at INR 498.92 crore for Q2 FY27, registering a 5.08% decline compared to INR 525.63 crore in Q1 FY27.
Other income contributed INR 4.52 crore to the total income of INR 503.44 crore during the quarter.
What drove margins
Cost of materials consumed stood at INR 340.80 crore for Q2 FY27, forming the largest component of total quarterly expenditures.
Other expenses increased to INR 52.57 crore during the quarter compared to INR 45.38 crore in Q1 FY27, compressing net profit margins.
Depreciation and amortisation expenses were reported at INR 12.80 crore, while finance costs stood at INR 2.55 crore for the quarter.
Cost of materials consumed stood at INR 340.80 crore, with a positive inventory change adjustment of INR 23.65 crore for finished goods, stock-in-trade, and work-in-progress.
Employee benefit expenses were recorded at INR 23.57 crore, and other expenses stood at INR 52.57 crore during the quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates within a single business segment focused on Synthetic Emulsion Polymers. Consequently, segment reporting under Ind-AS 108 is not applicable as confirmed in the financial results notes.
06 · Pressure points & risks
What is not going smoothly
Net profit after tax declined by 55.87% sequentially to INR 34.84 crore in Q2 FY27 from INR 78.94 crore in Q1 FY27, driven by higher input and operational expenditures.
07 · Items worth noticing
The line items that can distort a quick read
There were no exceptional items reported for the quarter ended September 30, 2026. The cumulative exceptional items for the prior full year FY26 included employee benefit adjustments and office premise sale gains.
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, net cash flow generated from operating activities stood at INR 27.88 crore, after accounting for direct tax payments of INR 26.52 crore and operating profit before working capital changes of INR 181.04 crore.
Net cash used in investing activities for the half year ended September 30, 2026, was INR 68.11 crore, primarily driven by property, plant, and equipment purchases. Net cash from financing activities was positive at INR 11.62 crore.
Net cash flow from operating activities for the half year ended September 30, 2026, was INR 27.88 crore, following operating profit before working capital changes of INR 181.04 crore and working capital adjustments.
Net cash used in investing activities stood at INR 68.11 crore for the half year, primarily driven by property, plant, and equipment purchases of INR 66.74 crore. Net cash from financing activities was INR 11.62 crore.
Capital allocation & funding
As at September 30, 2026, non-current financial liabilities included term loans of INR 40.37 crore, while current borrowings stood at INR 97.62 crore.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Audit Scope
The financial results for the quarter and half year ended September 30, 2026, were audited by statutory auditors M/s. Manubhai & Shah LLP and reviewed by the Audit Committee before board approval on October 28, 2026.
10 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations decreased from INR 525.63 crore in Q1 FY27 to INR 498.92 crore in Q2 FY27.
11 · Key Q&A
The quarter, answered directly
What does Apcotex Industries do?
Apcotex Industries Limited operates as a specialised chemical manufacturer focused exclusively on Synthetic Emulsion Polymers. The company produces a diverse range of water-based emulsions and synthetic latices used across various industrial applications.
What is the clearest takeaway from Q2 FY27?
Apcotex Industries Limited reported standalone revenue from operations of INR 498.92 crore for the quarter ended September 30, 2026, marking a sequential decrease of 5.08% compared to INR 525.63 crore recorded in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Revenue from operations reached INR 498.92 crore in Q2 FY27, reflecting a 5.08% sequential reduction from the INR 525.63 crore achieved in Q1 FY27.
What mattered most for margins or profitability?
Cost of materials consumed stood at INR 340.80 crore for Q2 FY27, forming the largest component of total quarterly expenditures.
What changed operationally beyond the headline numbers?
The financial results for the quarter and half year ended September 30, 2026, were audited by statutory auditors M/s. Manubhai & Shah LLP and reviewed by the Audit Committee before board approval on October 28, 2026.
What are the main pressure points disclosed for the quarter?
Net profit after tax declined by 55.87% sequentially to INR 34.84 crore in Q2 FY27 from INR 78.94 crore in Q1 FY27, driven by higher input and operational expenditures.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Upcoming Financial Disclosures: Monitor subsequent quarterly financial filings for volume realisations and cost trends in the synthetic emulsion polymer segment.
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