NOCIL LimitedQ2 FY27 Results & Financial Update
NOCIL Limited: Q2 FY27 consolidated results and company financials – revenue ₹426.89 Cr, PAT ₹24.05 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 NOCIL 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
For the quarter ended September 30, 2026 (Q2 FY27), NOCIL reported consolidated net revenue from operations of INR 426.89 crore, reflecting a 33% increase compared to the same period in the previous year and a 6% sequential improvement over Q1 FY27.
Despite top-line revenue growth supported by higher average selling prices adjusted to cover rising input costs, physical sales volumes de-grew by 3% year-on-year and 7% quarter-on-quarter, driven by supply-side constraints and logistical challenges arising from ongoing geopolitical situations.
Management noted that underlying end-market demand remains robust and anticipates a volume recovery in the second half of the financial year, supported by active capacity adjustments and customer delivery schedules.
The company registered operating EBITDA of INR 36 crore for Q2 FY27 with an operating EBITDA margin of 8.4%, compared to INR 45 crore (11.2% margin) in Q1 FY27 and INR 22 crore (7.0% margin) in Q2 FY26, reflecting ongoing cost optimization and realization management in a challenging pricing environment.
Profit before tax (PBT) for the quarter stood at INR 28.23 crore, while net profit (PAT) reached INR 24.05 crore, translating to a basic and diluted EPS of INR 1.44, backed by other income of INR 6.54 crore and interest income of INR 9.88 crore.
For the half-year ended September 30, 2026 (H1 FY27), cumulative revenue reached INR 830 crore representing a 26% year-on-year rise, while half-year net profit rose 76% to INR 52 crore from INR 29 crore in H1 FY26, highlighting stronger cumulative performance over the preceding fiscal period.
Balance sheet metrics as of September 30, 2026, indicate total assets of INR 2,189 crore, with non-current assets at INR 1,274 crore and current assets at INR 915 crore, while total equity stood at INR 1,806 crore against non-current liabilities of INR 132 crore and current liabilities of INR 251 crore.
01 · Business model
What does NOCIL do?
NOCIL Limited, part of the Arvind Mafatlal Group, is India's largest rubber chemicals manufacturer, backed by over five decades of specialized industry experience and operating as a critical supplier to major domestic and international tire manufacturers across more than 40 countries.
The company maintains a comprehensive portfolio of over 20 rubber chemical products categorized into accelerators, anti-oxidants, anti-degradants, and other specialized applications such as pre-vulcanization inhibitors, serving a diverse customer base globally.
NOCIL operates advanced, fully automated manufacturing facilities located in Dahej (Gujarat) and Navi Mumbai (Maharashtra), supported by an in-house R&D and quality assurance infrastructure recognized by the Ministry of Science and Technology, Government of India.
The business model emphasizes self-sufficiency in key intermediates, adherence to stringent environmental and safety standards certified under international frameworks like ISO, IATF, and Responsible Care, and a strategic positioning to capture demand shifting through the China plus one sourcing paradigm.
02 · Historical context
What shaped the business before this quarter
Established in 2013, the state-of-the-art Dahej manufacturing plant has served as a core pillar of production, benefiting from strategic proximity to the petrochemical hub and regional ports.
The company's Navi Mumbai facility, located in the Trans-Thane Creek Industrial Area and operational since 1976, has provided foundational engineering precision and manufacturing capacity for its comprehensive rubber chemicals range.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹426.89 Cr |
| Total income | ₹433.43 Cr |
| Profit before tax | ₹28.23 Cr |
| Profit after tax | ₹24.05 Cr |
| EPS | ₹1.44 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Average selling prices were increased during the quarter to absorb higher input costs, supporting top-line revenue expansion despite lower physical volumes.
H1 FY27 revenue expanded by 26% year-on-year to INR 830 crore, driven by robust order execution during the initial quarters of the financial year.
What drove margins
Operating EBITDA margin settled at 8.4% for Q2 FY27 compared to 11.2% in Q1 FY27 and 7.0% in Q2 FY26, supported by enhanced procurement practices and manufacturing efficiency amidst a challenging pricing climate.
Value addition (defined as revenue less cost of raw materials consumed, traded goods, and inventory changes) stood at INR 164 crore for Q2 FY27, down 6% sequentially from INR 175 crore in Q1 FY27 but up 24% year-on-year from INR 132 crore in Q2 FY26.
05 · Demand, customers & order book
Where demand is coming from
The company maintains long-term business relationships with domestic and international tire majors, navigating customer plant-specific approval cycles that typically span 6 to 18 months per global location.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The product mix covers over 20 offerings across accelerators (e.g., Pilcure CBS), anti-oxidants and anti-degradants (e.g., Pilflex 13, Pilnox TDQ), and specialized pre-vulcanization inhibitors supporting tire and industrial rubber product manufacturing.
Geography and market mix
NOCIL serves customers across more than 40 countries, leveraging its export strategy and international positioning to reduce reliance on domestic and Chinese sources in alignment with global supply chain diversification.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Manufacturing plants in Dahej and Navi Mumbai utilize fully automated processes, modern control systems, and in-house technology to optimize throughput and maintain product quality standards.
Projects, capex and execution
The INR 250 crore TDQ brownfield expansion project at Dahej was delivered ahead of schedule and within budget, having moved into trial production with product samples submitted for customer approvals.
An additional INR 130 crore brownfield capex program announced in March 2026 targets peak-utilization rubber chemical products through an integrated facility—including backward integration of inputs—with completion targeted by H1 FY28, funded largely through internal accruals.
08 · Strategy & new businesses
How the company is trying to change its growth mix
NOCIL is positioned as a dependable, non-Chinese supplier capable of capturing structural shifts in global rubber chemical sourcing as tire manufacturers diversify procurement channels.
Continued investment in sustainable chemistries, process development, and scale-up through the Navi Mumbai research center supports the introduction of next-generation niche products.
09 · Reported developments
What changed operationally
H1 FY27 net profit grew 76% year-on-year to INR 52 crore, driven by robust performance in the opening quarters and effective realization management.
10 · Pressure points & risks
What is not going smoothly
Operating EBITDA margin moderated from 11.2% in Q1 FY27 to 8.4% in Q2 FY27 alongside a 6% sequential reduction in value addition.
11 · Items worth noticing
The line items that can distort a quick read
The quarter's profitability was supported by interest income of INR 9.88 crore and other operating/non-operating income of INR 6.54 crore.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flow generated from operating activities for the half year ended September 30, 2026, was a negative INR 53 crore, influenced by working capital increases (including inventory expansion to INR 248 crore and trade receivables to INR 362 crore), compared to positive INR 136 crore in H1 FY25.
Net cash flows generated from investing activities stood at INR 75 crore for H1 FY27, while financing cash flows absorbed INR 27 crore, resulting in a net cash decrease of INR 5 crore for the half year.
Capital allocation & funding
Finance costs remained minimal at under INR 1 crore for the quarter (reported as INR 0.3 crore), reflecting minimal reliance on external debt, with ongoing capital expenditures funded largely through internal accruals.
13 · Management guidance & targets
What management is targeting from here
Management stated confidence in closing FY27 revenue toward the upper end of the previously guided INR 1,400 to 1,600 crore range, accompanied by operating EBITDA margins of around 10%, supported by current operating momentum and H1 FY27 performance.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Sustainability and ESG Accreditations
NOCIL retained an EcoVadis Silver Medal rating in January 2026 (placing in the top 15% with a score of 74), secured recertification for the Responsible Care logo from the Indian Chemical Council, and received ISCC Plus certification for Pilnox TDQ.
Reported update
Corporate Governance Recognition
The company won the CNBC-India Risk Management Award and a Gold Award at the QCFI Mumbai Chapter 40th Convention on Quality Concept during the period.
15 · Previous-quarter changes
What changed since the previous quarter
Compared to Q1 FY27, revenue expanded by 6% to INR 426.89 crore while sales volumes contracted by 7%, reflecting higher average realization offsetting lower physical offtake.
16 · Key Q&A
The quarter, answered directly
What does NOCIL do?
NOCIL Limited, part of the Arvind Mafatlal Group, is India's largest rubber chemicals manufacturer, backed by over five decades of specialized industry experience and operating as a critical supplier to major domestic and international tire manufacturers across more than 40 countries.
What is the clearest takeaway from Q2 FY27?
For the quarter ended September 30, 2026 (Q2 FY27), NOCIL reported consolidated net revenue from operations of INR 426.89 crore, reflecting a 33% increase compared to the same period in the previous year and a 6% sequential improvement over Q1 FY27.
What drove revenue or demand?
Average selling prices were increased during the quarter to absorb higher input costs, supporting top-line revenue expansion despite lower physical volumes.
What mattered most for margins or profitability?
Operating EBITDA margin settled at 8.4% for Q2 FY27 compared to 11.2% in Q1 FY27 and 7.0% in Q2 FY26, supported by enhanced procurement practices and manufacturing efficiency amidst a challenging pricing climate.
What changed operationally beyond the headline numbers?
Manufacturing plants in Dahej and Navi Mumbai utilize fully automated processes, modern control systems, and in-house technology to optimize throughput and maintain product quality standards.
What is management guiding or targeting from here?
Management stated confidence in closing FY27 revenue toward the upper end of the previously guided INR 1,400 to 1,600 crore range, accompanied by operating EBITDA margins of around 10%, supported by current operating momentum and H1 FY27 performance.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Second-Half Volume Recovery: Track whether management's expectation of volume recovery materializes in H2 FY27 as logistical and supply-side constraints ease.
- 02
Integrated Speciality Project Progress: Observe execution milestones on the INR 130 crore integrated speciality rubber chemicals project targeting completion by H1 FY28.
- 03
FY27 Revenue Guidance Realization: Evaluate full-year revenue delivery against the guided INR 1,400 to 1,600 crore bracket and the targeted ~10% EBITDA margin level.
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