Balkrishna Paper Mills LimitedQ2 FY27 Results & Financial Update
Balkrishna Paper Mills Limited: Q2 FY27 standalone results and company financials – revenue ₹1.51 Cr, PAT ₹1.86 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 Balkrishna Paper Mills 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, Balkrishna Paper Mills reported revenue from operations of INR 1.51 crore, marking a sequential decrease of 14.13% compared to INR 1.76 crore in the preceding quarter ended June 30, 2026.
Total income for Q2 FY27 stood at INR 1.53 crore, supported by INR 0.02 crore of other income, exhibiting a slight contraction compared to INR 1.79 crore in Q1 FY27.
The company posted a loss before tax from continuing operations of INR 1.44 crore during the quarter, relatively flat compared to the pre-tax loss of INR 1.43 crore recorded in the previous quarter.
Despite operating losses in continuing activities, the company recorded a net profit for the period of INR 1.86 crore, driven by a substantial net gain of INR 3.33 crore from discontinued operations, which primarily included profits on the sale of assets held for disposal.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 0.57, compared to INR -0.56 in the preceding quarter, reflecting the bottom-line boost from asset monetization within discontinued operations.
Statutory auditors issued a modified review report and flagged a material uncertainty regarding the company's ability to continue as a going concern, noting a negative net worth of INR 175.38 crore as of September 30, 2026, and dependence on anticipated cash flows from asset sales.
01 · Business model
What does Balkrishna Paper Mills do?
Balkrishna Paper Mills Limited operates in the paper and paper products sector, having transitioned its primary operating model from direct manufacturing to trading in paper and paperboards following the earlier discontinuation of its Ambivali manufacturing facility.
The company's commercial activities center on procuring and trading paper products, generating revenue through commercial distribution channels within domestic markets.
The ongoing business structure reflects a slim operational footprint centered on administrative and trading oversight while managing legacy liabilities and asset disposal initiatives.
02 · Historical context
What shaped the business before this quarter
Previously on November 13, 2024, the Board of Directors decided to discontinue the manufacturing of paper and paperboard at the Ambivali plant, transitioning the business model toward trading.
Effective April 1, 2026, the company formally reviewed its operations to identify trading in paper and paperboard as its single operating segment under Ind AS 108.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹1.51 Cr | ₹1.76 Cr |
| Total income | ₹1.53 Cr | ₹1.79 Cr |
| Profit before tax | ₹-1.44 Cr | ₹-1.43 Cr |
| Profit after tax | ₹1.86 Cr | ₹-1.80 Cr |
| EPS | ₹0.57 | ₹-0.56 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 123.2% 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 -95.1% 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 ₹0.02 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
Revenue is derived entirely from trading activities in paper and paperboards, generating INR 1.51 crore during the second quarter of FY27.
What drove margins
Cost of materials consumed for traded goods stood at INR 1.42 crore for the quarter, forming the primary component of total expenses.
Finance costs remained elevated at INR 1.27 crore for the quarter, continuing to exert pressure on the continuing operations P&L.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates under a single reporting segment, namely trading of paper and paper board, following the cessation of manufacturing activities.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Manufacturing operations at the Ambivali paper and paperboard plant remain discontinued, with related assets classified as held for disposal.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Management focuses on utilizing business opportunities in trading paper and paperboards while actively pursuing asset monetization to manage financial obligations.
08 · Reported developments
What changed operationally
The company recorded a net gain of INR 3.33 crore from the sale of assets held for disposal under discontinued operations during the quarter.
09 · Pressure points & risks
What is not going smoothly
Statutory auditors highlighted that the company's net worth stood at a negative INR 175.38 crore as of September 30, 2026, creating a material uncertainty regarding its ability to continue as a going concern.
10 · Items worth noticing
The line items that can distort a quick read
Net profit for the quarter includes INR 3.29 crore from discontinued operations, primarily comprising a profit of INR 3.33 crore on the sale of assets held for disposal.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
During the half-year ended September 30, 2026, cash inflows from investing activities included INR 10.90 crore from the sale of property, plant, and equipment and INR 1.35 crore from the sale of investments.
Cash flows from financing activities during H1 FY27 included the repayment of long-term borrowings amounting to INR 10.00 crore alongside finance cost outflows of INR 4.43 crore.
Capital allocation & funding
As of September 30, 2026, non-current borrowings stood at INR 132.50 crore while current borrowings were recorded at INR 27.35 crore.
12 · Management guidance & targets
What management is targeting from here
Management expressed optimism regarding improving business operations in ensuing periods and intends to explore and utilize business opportunities to support future operations and cash flow generation.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Auditor Modification
The statutory auditors, M/s D S M R & Co, issued a review report with a modified opinion due to going concern uncertainties associated with the negative net worth and discontinued manufacturing activities.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations decreased by 14.13% sequentially from INR 1.76 crore in Q1 FY27 to INR 1.51 crore in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Balkrishna Paper Mills do?
Balkrishna Paper Mills Limited operates in the paper and paper products sector, having transitioned its primary operating model from direct manufacturing to trading in paper and paperboards following the earlier discontinuation of its Ambivali manufacturing facility.
What is the clearest takeaway from Q2 FY27?
For the quarter ended September 30, 2026, Balkrishna Paper Mills reported revenue from operations of INR 1.51 crore, marking a sequential decrease of 14.13% compared to INR 1.76 crore in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Revenue is derived entirely from trading activities in paper and paperboards, generating INR 1.51 crore during the second quarter of FY27.
What mattered most for margins or profitability?
Cost of materials consumed for traded goods stood at INR 1.42 crore for the quarter, forming the primary component of total expenses.
What changed operationally beyond the headline numbers?
Manufacturing operations at the Ambivali paper and paperboard plant remain discontinued, with related assets classified as held for disposal.
What is management guiding or targeting from here?
Management expressed optimism regarding improving business operations in ensuing periods and intends to explore and utilize business opportunities to support future operations and cash flow generation.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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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.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Cash Flow Generation: Monitor the company's ability to generate expected operating and asset-disposal cash flows required to meet ongoing debt obligations and sustain trading activities.
- 02
Net Worth Recovery: Track future progress in addressing the negative net worth of INR 175.38 crore and resolving the going concern qualification raised by statutory auditors.
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