DOMS Industries Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 667.75 Cr (+17.58% YoY) and PAT growth of -36.22% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 02, 2026 |
|---|---|
| Revenue (Q2) | Rs. 667.75 Cr (+17.58% YoY) |
| PAT (Q2) | Rs. 37.17 Cr (-36.22% YoY) |
| EBITDA margin | 12.39% (-513 bps YoY) |
| EPS (Q2) | Rs. 6.12 (-36.25% YoY) |
Revenue momentum held with H1 growth of 18.41% inside the guided 18-20% band, but EBITDA margin stayed at 12.39% — a second consecutive ~12% quarter, ~510 bps below prior year and far below the guided 16-17% recovery, as crude-linked raw material inflation met only 4-5% pricing. PAT to owners fell 36.22% YoY (normalized -24.19%), the flooding exceptional of Rs.10.39 Cr is partly recoverable via insurance, and the balance sheet shifted to ~Rs.159 Cr net debt funding a Rs.250-275 Cr capex year. The margin recovery thesis now hinges on raw material stabilization that has not yet materialized, with the greenfield slip pushing the depreciation step-up into H2.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "in-line with, or ahead of, the guided 18–20% path" | +17.58% YoY Q2; +18.41% H1 — H1 in band; Q2 a shade under | Partially |
| EBITDA margin | "guided recovery timeline looks pushed out"; watch a second 12% quarter | 12.39% vs 12.31% Q1, 17.52% Q2FY26 | Played out |
| Higher-cost inventory flow-through | "Rs.377 Cr of inventory… flows into Q2 COGS" | Consumption margin −471.7 bps YoY, +92 bps QoQ | Partially |
| Uniclan SAP hit in Q2 | "impact expected in the current quarter (Q2 FY27)" | Hygiene PBIT margin 1.93% vs 2.61% | Played out |
| Greenfield commissioning by end-Q2 | Confirmation expected | "Final stages of completion" at Sep 30 | Contradicted on timing |
| Exports 13–15% | Uncertain | Not disclosed in filing | Not observable |
| Flooding one-time item | — | Rs.10.39 Cr net exceptional, confirmed from filing and locked | Confirmed from filing |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 consolidated revenue growth 18–20% | Reiterated on the Q1 FY27 earnings call (Aug 2026) | H1 +18.41% (Q2 +17.58%) | On Track |
| EBITDA margin back to ~16–17% "once raw material prices stabilize" | Q1 FY27 earnings call | 12.39% in Q2; second consecutive ~12% quarter — for the quarter; open-ended | Missed |
| Greenfield first building (300,000 sq ft) commercial production by end-Q2 FY27 | Prior earnings calls; MD's AGM address (Sept 3, 2026) | "Final stages of completion" at Sep 30, 2026 | Missed on timing |
| FY27 capex Rs.250–275 Cr | Q1 FY27 call | H1 Rs.210.59 Cr | On Track |
| Q1 margin "represents a potential bottom" | Q1 FY27 earnings call | Q2 margin 12.39% vs 12.31% — bottomed, no further slide — at a depressed level | Confirmed |
| Margin moderation is "a temporary blip rather than a structural deterioration" | Q1 FY27 earnings call | Second consecutive quarter ~510 bps below prior-year margin; recovery not yet visible | Too Early |
| Scholastic growth pickup from Q2 FY27 | Q1 FY27 earnings call | Stationery revenue +17.20% YoY but −2.51% QoQ | Partially |
| RM prices "should probably cool off soon" | Q1 FY27 earnings call | Pre-call note documents Brent +14% in September, above $100 — external evidence, per pre-call note | Contradicted |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.