Styrenix Performance Materials (506222) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 standalone revenue and PAT rose YoY, while consolidated EBITDA and PAT declined; H1 earnings increased strongly on both bases.

• Phase I expansion is on schedule for FY27 commissioning; Thailand operations face competitive pressure and are pursuing cost and utilization improvements.

Financial highlights

• Standalone Q2 revenue from operations was ₹779.70 crore, up 26.7% YoY; EBITDA was ₹84.5 crore, up 3.3%, and PAT was ₹51.2 crore, up 0.8%.

• Consolidated Q2 revenue was ₹993.51 crore, up YoY; PBDIT was ₹75.60 crore versus ₹88.43 crore, and PAT was ₹23.17 crore versus ₹44.72 crore.

• Standalone H1 revenue was ₹1,547.74 crore, EBITDA ₹285.88 crore and PAT ₹188.52 crore, up 15.8%, 70.3% and 78.4% YoY, respectively.

• Consolidated H1 revenue was ₹2,004.37 crore, PBDIT ₹299.18 crore and PAT ₹161.46 crore, up 15.0%, 58.9% and 67.0% YoY, respectively.

• Standalone Q2 total income was ₹781 crore, up 26.5% YoY; Q2 sales volume was 43.4 KT.

Outlook and guidance

• India ABS brownfield Phase I expansion of 50 KT remains on schedule, with commissioning expected in H2 FY27; commissioning timing across the Phase I plants may vary within a quarter.

• Management expects a large part of new capacity to be utilized in the next FY and considers full utilization achievable; no specific volume guidance was given.

• Phase II ABS expansion remains on its original timeline, with work expected to begin after Phase I comes online; no completion date was specified.

• Thailand utilization is targeted to improve progressively over two years through market development, customer engagement, cost realignment and sharper commercial focus.

• ABS H2 volumes are expected to track Q2; HIPS should remain near full utilization annually, while GPPS recovery depends on demand and procurement conditions.