Privi Speciality Chemicals Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 760.45 Cr (+12.04% YoY) and PAT growth of +24.62% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 29, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 760.45 Cr (+12.04% YoY) |
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| PAT (Q2) | Rs. 117.03 Cr (+24.62% YoY) |
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| EBITDA margin | 27.48% (+65 bps YoY) |
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| EPS (Q2) | Rs. 29.96 (+24.73% YoY) |
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| Market cap | Rs. 12,879.39 Cr |
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| CMP | Rs. 3,296.30 |
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Quarter Snapshot
Q2 FY27 delivered 12.04% YoY revenue growth on a record base with PAT-to-owners up 24.62% and reported EBITDA margin at a series-high 27.48%, above the guided 24-26% band, though ex-other-income margin of 26.27% was within the band and −55 bps YoY. Cash conversion (CFO/PAT 1.80x), net debt reduction to ~1.07x EBITDA, a first interim dividend, and merger approval support the growth thesis, while the 20% CAGR target requires H2 acceleration via Phase-1 commissioning and raw-material pass-through at the October-December renewals.
Key Investment Insights
Key Positives
- Revenue grew 12.04% YoY to Rs.760.45 Cr and 14.14% QoQ on a record prior-year base
- EBITDA of Rs.212.49 Cr grew 16.66% YoY with reported margin at a series-high 27.48% (+65 bps YoY, +290 bps QoQ)
- PAT-to-owners grew 24.62% YoY to Rs.117.03 Cr; EPS Rs.29.96 vs Rs.24.02
- H1 CFO of Rs.360.26 Cr was 1.80x PAT; FCF of Rs.145.44 Cr after 39% higher capex
- Net debt fell to Rs.815.84 Cr (~1.07x annualised H1 EBITDA) vs Rs.865 Cr at Q1 FY27
- First interim dividend of Rs.5/share declared (16.69% payout on Q2 PAT-to-owners)
- PRIGIV JV swung to profit (+Rs.0.51 Cr NCI vs −Rs.3.70 Cr in Q2 FY26)
- Merger of Privi Fine Sciences and Privi Biotechnologies approved by shareholders on October 27, 2026, with ~Rs.400 Cr revenue and ~6,000 MT capacity on consolidation
Risk Factors
- Ex-other-income EBITDA margin of 26.27% was −55 bps YoY; reported margin flattered by Rs.12.71 Cr other income largely from unrealised forex gains
- Quarterly revenue run-rate (+12-14% YoY) is below the reaffirmed 20% CAGR target; H2 must deliver ~Rs.1,644.91 Cr, ~13.1% above H1 run-rate
- Alpha-pinene (+70-80% in five months) and GTO raw-material inflation not yet visible in P&L due to inventory buffer; the October-December contract-renewal window is the test
- Subsidiaries were a −Rs.2.26 Cr drag on profit to owners in Q2 despite adding Rs.37.62 Cr of revenue
- Q1 fire impact (~42 bps of margin) insurance claim status unaddressed in the Q2 filing