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.

NSE: APCOTEXINDPublished 28 Oct 2026Updated 28 Oct 2026~6 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Revenue from operations₹498.92 CrReported Q2 FY27
Profit after tax₹34.84 CrReported Q2 FY27
Sequential change-55.9%Quarter-on-quarter

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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

01

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.

02

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.

03

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.

04

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.

05

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.

06

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.

07

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

Business evolution

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

MetricQ2 FY27Previous 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

Standalone Operations

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 Contribution

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.

Quarterly Topline Movement

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 Contribution

Other income contributed INR 4.52 crore to the total income of INR 503.44 crore during the quarter.

What drove margins

Material Consumption

Cost of materials consumed stood at INR 340.80 crore for Q2 FY27, forming the largest component of total quarterly expenditures.

Operating Overhead Pressures

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 Finance Costs

Depreciation and amortisation expenses were reported at INR 12.80 crore, while finance costs stood at INR 2.55 crore for the quarter.

Material Consumption and Inventory

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.

Operating and Overhead Expenses

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

Single Business Segment

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

Sequential Profit Contraction

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

Absence of Current Quarter Exceptionals

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.

Operating cash flow₹27.88 CrH1 FY27
Capital expenditure₹66.74 CrH1 FY27
Half-Year Operating Cash Flows

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.

Investing and Financing Cash Flows

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.

Half-Year Operating Cash Flow

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.

Investing and Financing Cash Flows

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

Term Loans and Borrowings

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

Sequential Revenue Adjustment

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?

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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Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%

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.

13 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 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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