Board approved unaudited Q2 and H1 results; auditor's limited review conclusion unmodified
Board meeting on October 30, 2026 (02:00 P.M. to 04:40 P.M. IST) approved the unaudited consolidated and standalone financial results for the quarter and half-year ended September 30, 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 35,875.05 | 31,205.91 | +15% | 36,967.08 | −3% |
| Total income | 36,092.36 | 31,505.39 | +14.6% | 37,986.21 | −5% |
| Profit before tax | 1,665.63 | 3,376.57 | −50.7% | 5,603.21 | −70.3% |
| Profit after tax | 1,339.37 | 2,524.96 | −47% | 4,170.32 | −67.9% |
| Total comprehensive income | 1,331.16 | 2,521.66 | −47.2% | 4,162.10 | −68% |
| Basic EPS | 2.80 | 5.27 | −46.9% | 8.76 | −68% |
- Total income YoY change
- +14.6% (year ago 31,505.39)
- Profit after tax (latest)
- 1,339.37 lakhs, down 47% YoY and 67.9% QoQ
- Period
- Sep 30, 2026
Auditor's review
Conclusion: Unmodified
- Other matter: subsidiary's interim financial information (total revenues Rs. 1,839.66 Lakhs for the quarter) reviewed by another auditor; conclusion not modified in respect of this matter.
Notes to the results
- Exceptional item: incremental past service cost impact of INR 613.31 lakhs under New Labour Codes recognised for year ended March 31, 2026; no exceptional items in the quarter.
What the board approved
The board met on October 30, 2026, from 02:00 P.M. IST to 04:40 P.M. IST and approved the unaudited consolidated and standalone financial results for the quarter and half-year ended September 30, 2026, along with the limited review report of the statutory auditors and a press release on the results.
Auditor's review conclusion
Price Waterhouse Chartered Accountants LLP, the statutory auditors, reviewed the statements under the Standard on Review Engagements 2410. Their conclusion is unmodified: nothing came to their attention that causes them to believe the statements are not prepared in all material respects in accordance with the applicable accounting standards, or that they contain any material misstatement. The results are unaudited and have been subject to a limited review, not an audit.
How the September quarter looked (standalone, as per the press release)
- Revenue from operations was Rs 340.5 crores, against Rs. 298.5 crores a year earlier, an increase of 14.1%.
- EBITDA (excluding other income) was Rs. 30.3 crores, against Rs. 45.8 crores earlier, a decrease of 33.8%.
- Net profit for the quarter was Rs. 13.8 crores, against Rs. 25.5 crores earlier, a decrease of 45.9%.
Consolidated basis
- Revenue from operations was Rs. 358.8 crores, against Rs. 312.1 crores, an increase of 15.0%.
- Net profit for the quarter was Rs. 13.4 crores, against Rs. 25.3 crores, a decrease of 47.0%.
The consolidated numbers include the company's subsidiary, Apple Chemie India Private Limited, held 51%.
Why profit fell while revenue grew
In its press release the company said revenue growth was healthy, but an unfavourable product mix and raw material cost headwinds arising from high-cost inventory carried over from the last quarter hurt gross margins. On a year-on-year basis the gross margin contracted to 38.5%, which it said subsequently impacted the EBITDA margin and the profit after tax margin.
Half-year picture
For the six months ended September 30, 2026, standalone revenue from operations was Rs 690.5 crores against Rs. 593.4 crores, an increase of 16.4%, and standalone EBITDA (excluding other income) was Rs. 92.3 crores against Rs. 89.4 crores, an increase of 3.2%.
Balance sheet and cash flow
The statements also include the statement of assets and liabilities as at September 30, 2026 and the statement of cash flows for the half-year ended on that date, in both consolidated and standalone form.
One accounting note to be aware of
Effective November 21, 2025, the Government of India introduced the New Labour Codes, which require recognition of past service cost under Ind AS 19. The group assessed and disclosed the incremental impact of INR 613.31 lakhs in the consolidated results and INR 585.33 lakhs in the standalone results for the year ended March 31, 2026, and presented it as an exceptional item because it is regulatory-driven and non-recurring in nature.
Also from Indigo Paints
Indigo Paints Q2 FY27: revenue up 14.1% to Rs. 340.5 Cr but PAT falls 45.9% on product mix and material costs
30 Oct 2026
Indigo Paints schedules Q2 FY2026-27 earnings conference call for November 2, 2026 at 11:00 hrs IST
22 Oct 2026
Board meeting scheduled for 30 October 2026 to approve September quarter and half-year results
16 Oct 2026
More numbers
- Standalone revenue from operations, Q2 FY27Rs 340.5 crores
- Standalone revenue from operations growth, Q2 year on year14.1%
- Standalone EBITDA (excluding other income), Q2Rs. 30.3 crores
- Standalone net profit for the quarter, Q2Rs. 13.8 crores
- Standalone net profit decrease, Q2 year on year45.9%
- Consolidated revenue from operations, Q2 FY27Rs. 358.8 crores
- Consolidated net profit for the quarter, Q2Rs. 13.4 crores
- Standalone gross margin, Q238.5%
- Total income, latest quarter36,092.36 (INR lakhs)
- Total income, year-ago quarter31,505.39 (INR lakhs)
- Total income, previous quarter37,986.21 (INR lakhs)
- Total comprehensive income, latest quarter1,331.16 (INR lakhs)
- Total comprehensive income, year-ago quarter2,521.66 (INR lakhs)
- Total comprehensive income, previous quarter4,162.10 (INR lakhs)
- Profit after tax, latest quarter1,339.37 (INR lakhs)
- Profit after tax, year-ago quarter2,524.96 (INR lakhs)
- Profit after tax, previous quarter4,170.32 (INR lakhs)
- Revenue from operations, latest quarter35,875.05 (INR lakhs)
- Revenue from operations, year-ago quarter31,205.91 (INR lakhs)
- Revenue from operations, previous quarter36,967.08 (INR lakhs)
- Profit before tax, latest quarter1,665.63 (INR lakhs)
- Profit before tax, year-ago quarter3,376.57 (INR lakhs)
- Profit before tax, previous quarter5,603.21 (INR lakhs)
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.