Styrenix Performance Materials (506222) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 standalone sales volume was 45.2 KT, down 12.7% sequentially but up 8.1% year-over-year; revenue was ₹615 crore, down 14.7% sequentially and 5.8% year-over-year.

• Consolidated Q2 sales volume was 57.5 KT, down 14.4% sequentially; consolidated revenue was ₹799 crore, down 15.3% sequentially but up year-over-year.

• Profit for Q2 FY26 was ₹44.72 crore, down from ₹51.92 crore in Q1 and ₹70.09 crore in Q2 FY25.

• Thailand subsidiary contributed 32 KT in H1, with volumes expected to remain flat for the year; acquisition and merger completed in January and June 2025, respectively.

• Expanded APAC presence with a new sales office in Vietnam and a wholly owned subsidiary in Dubai.

Financial highlights

• Standalone PBDIT for Q2 FY26 was ₹81.8 crore (13.3%), down from ₹86.1 crore in Q1 and ₹105.2 crore in Q2 FY25.

• Standalone profit after tax for Q2 FY26 was ₹50.8 crore, down 7.4% sequentially and 27.5% year-over-year.

• Consolidated H1 FY26 revenue was ₹1,748.69 crore, up from ₹1,360.77 crore in H1 FY25; PBDIT was ₹188 crore (10.8%).

• Standalone sales volume for H1 FY26 was 97 KT, up 7.6% year-over-year; consolidated H1 sales volume was 124.7 KT.

• EPS (consolidated) for Q2 FY26 was ₹25.4, down 13.9% sequentially and 36.2% year-over-year.

Outlook and guidance

• ABS capacity expansion (₹350 crore capex) to be completed by mid-to-end FY27; robust demand expected in India, especially in auto and appliances.

• Q3 FY26 outlook expects >7% YoY growth in polymer demand and auto 4W, >9% in auto 2W, and >15% in large-capacity refrigerators.

• Polystyrene volumes expected to improve in H2 due to seasonality and sectoral demand recovery.

• Thailand volumes to remain flat in FY26, with growth expected from FY27 onward.

• Results for the current period are not directly comparable to previous periods due to business combinations.