Apcotex Industries (APCOTEXIND) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 saw 11% volume growth, but operating revenue declined 4% year-over-year to INR 337 crore due to lower raw material and finished goods prices.

• Operating EBITDA rose 48% year-over-year to INR 41 crore, with a margin of 12.06%.

• PAT for the quarter was INR 25 crore, with a PAT margin of 7.51%.

• The company turned net cash positive as of September 30, 2025.

• Leading Indian producer of synthetic rubber and latex, recognized among Forbes Asia's Best Under A Billion 2023.

Financial highlights

• H1 FY26 volumes up 18% year-over-year, with highest-ever export and overall volumes.

• H1 operating revenue increased 4% year-over-year to INR 713 crore; EBITDA grew 34% to INR 79 crore; PAT up 73% to INR 45 crore.

• Q2 FY26 operational revenue at INR 3,367 Mn, down 4.1% YoY; EBITDA up 47.6% YoY to INR 406 Mn; net profit up 130% YoY to INR 253 Mn.

• Diluted EPS for Q2 FY26 at INR 4.88, up 131.3% YoY; H1 FY26 at INR 8.57, up 72.4% YoY.

• Debt reduced by INR 53 crore in H1.

Outlook and guidance

• Board approved INR 210 crore investment for capacity expansion at Valia facility, targeting 37,000 MT/yr synthetic latex and 14,600 MT/yr nitrile rubber and allied products.

• Combined revenue potential from new capacity estimated at INR 550–600 crore.

• Additional production to come on stream in phases by Q1 FY27.

• Full utilization of expanded capacity expected within three years of commissioning.

• Expansion aims to meet growing domestic and international demand.