PCBL Chemical Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 2,474.45 Cr (+14.37% YoY) and PAT growth of +20.16% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 02, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,474.45 Cr (+14.37% YoY) |
| PAT (Q2) | Rs. 74.14 Cr (+20.16% YoY) |
| EBITDA margin | 12.54% (-32 bps YoY) |
| EPS (Q2) | Rs. 1.88 (+15.30% YoY) |
Q2 FY27 revenue grew 14.37% YoY to Rs.2,474.45 Cr and H1 EBITDA is on track for the double-digit FY27 guidance, but the quarter's reported PAT of Rs.74.14 Cr was flattered by a Rs.33.06 Cr one-time US tariff refund — normalized PAT fell 15.49% YoY. Feedstock inflation drove a Rs.957.30 Cr inventory build, halving H1 CFO, while the Aquapharm Chemical segment ran well behind its +20-25% top-line guidance with PBIT margin at 1.21%.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/volume step-down | "sequential volume step-down from Q1's 153,513 t" | Revenue −1.29% QoQ ex-refund (Rs.2,441.39); volumes not in filing — revenue); volume Not observable | Partially |
| Margin compression (crude + guided reversal) | "the realized reversal vs the guided Rs.40–50 Cr is the single biggest EBITDA swing item" | EBITDA margin 12.54% vs 16.17% Q1; EBITDA −Rs.89.72 Cr QoQ | Played out |
| Power tailwind (IEX +46% YoY) | "The power segment is the offsetting tailwind" | Power revenue −15.71% QoQ; PBIT −25.50% QoQ | Contradicted |
| Tariff refund receipt | "refund receipt a watch item" | Rs.33.06 Cr recognized under Other Operating Revenue (group) — receipt confirmed, below the Rs.40–45 Cr guided range | Played out |
| Aquapharm gap to close | "Aquapharm remains the guidance gap to close" | Chemical PBIT Rs.5.24 Cr at 1.21% margin (Q1: Rs.10.72 Cr, 2.72%) | Played out |
| Reversal quantum Rs.40–50 Cr | "quantify the actual Q2 reversal" | Filing does not quantify; QoQ bridge consistent — open for the call | Not observable |
| Coal tar capex approval | "secured 'this quarter' as guided" | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | What happened | Verdict |
|---|---|---|
| Group EBITDA double-digit growth FY27 (Q4 FY26 call, Apr 30, 2026) | H1 FY27 Rs.710.14 Cr, +17.76% YoY | On Track |
| FY27 capex ~Rs.300 Cr ±Rs.50 Cr (Q1 FY27 call) | H1 spend Rs.203.11 Cr | On Track |
| Aquapharm top-line +20–25% FY27 (Q4 FY26 call) | H1 Chemical revenue +6.38% YoY — run-rate | Missed |
| Tariff refund Rs.40–45 Cr within 2–4 weeks of Jul 29 (Q1 FY27 call) | Rs.33.06 Cr recognized (group) | Receipt confirmed; below guided range |
| Coal tar distillation capex approval "this quarter" (Q1 FY27 call) | Filing silent | Too Early |
| "Temporary effect on volumes in Q2… constructive on H2" (Q1 FY27 call) | Revenue −1.29% QoQ ex-refund; volume data not in filing; H2 view not yet testable — revenue); H2 Too Early | Confirmed for Q2 |
| Q1 margin flattered by ~Rs.70 Cr inventory gains; Rs.40–50 Cr reversal guided (Q1 FY27 call) | EBITDA fell Rs.89.72 Cr QoQ to Rs.310.21 Cr; margin 12.54% vs 16.17% — normalization occurred as flagged — direction; quantum undisclosed in filing | Confirmed |
| Power pricing improvement from Q1 FY27 (Q4 FY26 call) | Power revenue −15.71% QoQ, PBIT −25.50% QoQ; margin down ~830 bps QoQ | Contradicted this quarter |
| "This year promises to be better" (Chairman, 65th AGM, Sep 22, 2026) | H1 EBITDA +17.76% YoY, H1 PAT +47.03% YoY | Confirmed on H1 numbers |
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.