ACUTAAS reported Q2 FY27 numbers with revenue of Rs. 436.92 Cr (+42.70% YoY) and PAT growth of +73.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 27, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 436.92 Cr (+42.70% YoY) |
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| PAT (Q2) | Rs. 125.17 Cr (+73.30% YoY) |
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| EBITDA margin | 40.27% (+910 bps YoY) |
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| EPS (Q2) | Rs. 15.29 (+73.40% YoY) |
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| Market cap | Rs. 28,605.78 Cr |
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| CMP | Rs. 3,494.00 |
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Quarter Snapshot
Q2 FY27 was the strongest quarter in Acutaas's reported history: revenue +42.7% YoY to Rs.436.92 crore, EBITDA margin of 40.27% (~910 bps YoY expansion) versus management's FY27 guide of margins in line with FY26's 35.87%, and PAT-to-owners +73.3% YoY. H1 revenue growth of +49.31% means the 25% FY27 growth guide needs only ~9.89% H2 growth, while cash conversion (CFO/PAT 1.09x), Rs.92 crore FCF, and a net cash position of Rs.300.95 crore support the capex-funded ramp. Watch items are the Rs.13.72 crore PBT-level subsidiary drag from the pre-revenue Korea JV and an employee-cost run-rate above the ~Rs.150 crore FY27 guidance.
Key Investment Insights
Key Positives
- Q2 revenue grew 42.7% YoY and 32.5% QoQ to Rs.436.92 crore; H1 revenue +49.31% YoY to Rs.766.59 crore
- Q2 EBITDA grew 84.6% YoY to Rs.175.97 crore with margin of 40.27% (H1: 37.70%), above the FY26 anchor of 35.87% that management set as the FY27 guide
- Q2 PAT-to-owners grew 73.3% YoY to Rs.125.17 crore; basic EPS Rs.15.29 vs Rs.8.82 YoY (+73.4%)
- Gross margin expanded ~640 bps YoY to 62.14%; COGS ratio fell to 37.86% from 44.24%
- H1 CFO of Rs.215.92 crore was 1.09x PAT; FCF of Rs.92.00 crore after Rs.123.92 crore capex
- Net cash rose ~Rs.102 crore in six months to Rs.300.95 crore; current borrowings cut from Rs.26.49 crore to Rs.5.87 crore
- Receivables declined while revenue grew 43% in H1; inventory build of Rs.48.96 crore ahead of capacity ramp
- After H1's +49.31%, FY27's 25% growth guide needs only ~9.89% H2 YoY growth and a 34.32% H2 EBITDA margin
- Korea JV Gongju semiconductor-materials plant inaugurated August 28, 2026 and under trial runs as at September 30, 2026, on track for H2 FY27 commercial production
Risk Factors
- Subsidiaries/associates were a net drag of Rs.13.72 crore at PBT level (consolidated PAT-to-owners Rs.10.57 crore below standalone), reflecting investment-phase Korea JV spending without revenue
- Employee costs grew 43.3% YoY including a new Rs.5.70 crore non-cash compensation component (H1) versus Rs.0.06 crore in H1 FY26, whose quarterly split and instrument are not disclosed
- Other income fell 48.2% YoY to Rs.5.10 crore (year-ago was FX-gain driven)
- H1 employee cost run-rate of Rs.81.63 crore annualizes to ~Rs.163.26 crore, above the ~Rs.150 crore FY27 guidance
- H1 capex of Rs.123.92 crore is above the guided envelope of Rs.50 crore spillover plus Rs.40-45 crore maintenance