Bhagiradha Chemicals Q2FY27: revenue up 21.3% to Rs. 169.9 crore, PAT flat at Rs. 5.4 crore on Bheema depreciation
Q2FY27 revenue up 21.3% to Rs. 169.9 crore and EBITDA up 50.9%, but PAT slipped 1.8% to Rs. 5.4 crore as depreciation and interest rose.
By ScoutQuest · · 1 min read
- Q2FY27 Revenue
- Rs. 169.9 crore, up 21.3% YoY
- Q2FY27 EBITDA
- Rs. 22.7 crore, up 50.9%; margin 13.4% vs 10.7%
- Q2FY27 PAT
- Rs. 5.4 crore, slipped 1.8%
- Period
- Q2FY27 and H1FY27
- Positioning
- A three-decade Indian agrochemicals maker that sells almost entirely at home (99% domestic, 1% export in H1FY27), deeply backward integrated in molecules such as Azoxystrobin, and now scaling a wholly owned 9,002 MT subsidiary plant.
🏭 Q2FY27 consolidated revenue rose 21.3% year on year to Rs. 169.9 crore and EBITDA 50.9% to Rs. 22.7 crore, taking EBITDA margin to 13.4% from 10.7% on higher volumes, better capacity utilisation and a richer product mix. Profit after tax slipped 1.8% to Rs. 5.4 crore and 59% sequentially from Rs. 13.3 crore, as depreciation (Rs. 9.0 crore vs Rs. 4.0 crore) and interest (Rs. 7.6 crore vs Rs. 4.1 crore) climbed with the Bheema Fine Chemicals plant.
🏭 For H1FY27 revenue was Rs. 364.9 crore, up 38%, EBITDA Rs. 53.2 crore, up 121%, and profit after tax Rs. 18.7 crore, up 98%, with gross margin expanding to 39.8% from 34.2%. The full year FY26 printed revenue of Rs. 535.9 crore and profit after tax of Rs. 18.2 crore.
🔬 Management states the Indian agrochemical industry faced El Niño-related weather disruptions, rainfall deficits and drought-like conditions that softened volume offtake in Q2, a key sowing season, while higher input prices and elevated supply chain and logistics costs pressured profitability. Volumes still improved, the company says, on new molecule introductions and the Bheema ramp-up, with realisations broadly stable.
🏭 Leverage has risen and returns fallen as capex runs: debt to equity is 0.5 in H1FY27 against 0.3 in FY26, annualised RoCE 6.6% against 18.6% in FY23, and working capital stretched to 195 days. The company says it will rationalise inventory and cut the share of lower-margin products in H2FY27, and expects the benefits to be more evident during FY28.
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More numbers
- Revenue from operations, Q2FY27169.9 (Rs. in Crores)
- EBITDA, Q2FY2722.7 (Rs. in Crores)
- Profit after tax, Q2FY275.4 (Rs. in Crores)
- Revenue growth YoY, Q2FY27+21.3%
- EBITDA growth YoY, Q2FY27+50.9%
- PAT growth YoY, Q2FY27-1.8%
- Revenue from operations, H1FY27364.9 (Rs. in Crores)
- Profit after tax, H1FY2718.7 (Rs. in Crores)
- Revenue from operations, FY26535.9 (Rs. In Cr.)
- Debt to equity ratio, H1FY270.5
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