Flair Writing Industries (FLAIR) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 operating revenue was ₹34,012.21 lakh, up 6.0% YoY and 6.5% QoQ; H1 revenue reached ₹659.4 crore, up 8.2% YoY.

• H1 domestic sales grew 10.8% YoY to ₹568 crore, supporting growth amid flood-related production interruptions and export headwinds.

Financial highlights

• Q2 EBITDA was ₹50.6 crore, down 16.2% YoY and 5.2% QoQ; H1 EBITDA was ₹103.9 crore, down 5.5% YoY.

• Q2 PAT was ₹31.7 crore, down 25.8% YoY but up 9.1% QoQ; H1 consolidated PAT was ₹6,080.11 lakh versus ₹7,168.12 lakh.

• Q2 gross margin was 48.7% versus 51.9% YoY; EBITDA margin was 14.9% versus 18.8%, and PAT margin was 9.3% versus 13.3%.

• Flood disruption was estimated to have reduced Q2 revenue by ₹25 crore.

Outlook and guidance

• FY27 revenue growth guidance remains 12% or higher; the medium-term target is ~15% YoY growth from FY28 onward.

• Management expects H2 seasonality, normalized manufacturing and demand in Creative and Steel Bottles & Houseware to support recovery.

• A fourth steel-bottle line is expected to begin commercial operations in Q4 FY27; partial commencement of the Valsad facility and Surat expansion will add capacity.