NOCIL (NOCIL) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue was ₹829.91 crore, up 26% YoY; consolidated PAT was ₹51.81 crore, up from ₹29.38 crore.

• Q2 revenue was ₹426.89 crore; volumes were constrained by supply and logistics challenges despite robust demand, with recovery expected in H2.

• FY27 revenue guidance remains ₹1,400–1,600 crore, with management expecting performance toward the upper end and EBITDA margin of ~10%.

Financial highlights

• Q2 revenue from operations was ₹426.89 crore, up 33% YoY and 6% QoQ; H1 revenue was ₹829.91 crore, up 26% YoY.

• Q2 operating EBITDA was ₹36 crore, with an 8.4% margin; H1 operating EBITDA was ₹81 crore, with a 9.8% margin.

• Q2 standalone PBT was ₹28.00 crore and PAT ₹23.84 crore; consolidated PBT was ₹28.23 crore and PAT ₹24.05 crore.

• H1 standalone PAT was ₹51.16 crore, up from ₹33.84 crore; consolidated PAT was ₹51.81 crore, up from ₹29.38 crore.

• Higher average selling prices helped offset increased input costs; pricing and volume mix remained judicious amid challenging conditions.

Outlook and guidance

• FY27 revenue guidance is ₹1,400–1,600 crore; management expects to finish toward the upper end based on momentum and H1 performance.

• FY27 volume growth is expected at 8%–10%; the H2 volume index is projected at 160–165 versus Q2’s 135, using Q1 FY20 as the 100 base.

• FY27 EBITDA margin guidance is ~10%; management said revenue could exceed ₹1,600 crore at current pricing, while the Q4 outlook remains uncertain.

• FY28 volume growth of 10% was considered a fair assumption, conditional on achieving the projected H2 volume index.

• Q2 volume recovery is expected in H2 as supply-side and logistical challenges ease.