Gujarat Ambuja Exports Q2 FY27 Results: Consolidated Net Profit ₹132 Crore on Total Income of ₹1,468 Crore
Earnings
Agro processing
Blacklitt Research3 min read
Babin Mew, via Wikimedia Commons (CC0). Illustrative image.
Gujarat Ambuja Exports reported consolidated total income of ₹1,467.70 crore and net profit of ₹131.79 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹1,468.30 crore and standalone net profit ₹131.99 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,467.70 crore, down 2.5% YoY and 10.1% QoQ
Net profit and EPS: ₹131.79 crore, up 246.6% YoY; basic EPS ₹2.87, not annualised
Finance costs: ₹3.21 crore, down from ₹9.14 crore a year earlier
Other income: ₹16.97 crore, 9.6% of profit before tax of ₹177.19 crore
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,468.30 crore, down 2.5% YoY and 10.1% QoQ
Net profit and EPS: ₹131.99 crore, up 246.6% YoY; basic EPS ₹2.88, not annualised
Finance costs: ₹3.19 crore, down from ₹9.16 crore a year earlier
Profit before tax: ₹177.39 crore, up 248.8% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,467.70
1,505.87
-2.5%
1,633.35
-10.1%
Revenue from operations
1,450.73
1,486.69
-2.4%
1,594.22
-9.0%
Other income
16.97
19.18
-11.5%
39.13
-56.6%
131.79
38.02
+246.6%
176.77
-25.4%
Profit before tax
177.19
50.79
+248.9%
235.28
-24.7%
Finance costs
3.21
9.14
-64.9%
2.46
+30.5%
Depreciation
33.91
35.10
-3.4%
33.32
+1.8%
Tax expense
45.40
12.77
+255.5%
58.51
-22.4%
Net profit margin
8.98%
2.52%
+6.45 pp
10.82%
-1.84 pp
EPS, basic (₹)
2.87
0.83
+245.8%
3.85
-25.5%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit rose far faster than income. Consolidated net profit of ₹131.79 crore was up 246.6% from ₹38.02 crore a year earlier, while total income fell 2.5% to ₹1,467.70 crore. Tax took 25.6% of profit before tax this quarter, against 25.1% a year earlier, so the tax rate does not account for the gain.
Other income of ₹16.97 crore, down from ₹19.18 crore, is 9.6% of profit before tax of ₹177.19 crore, which leaves most of the pre-tax profit coming from the operating lines. Finance costs fell to ₹3.21 crore from ₹9.14 crore. Revenue from operations of ₹1,450.73 crore was down 2.4% from ₹1,486.69 crore.
Segment figures show the shift in mix. Maize Processing revenue rose to ₹1,212.26 crore from ₹755.45 crore, and its segment result rose to ₹168.07 crore from ₹6.99 crore; it made up 83.6% of consolidated revenue from operations. Other Agro Processing revenue fell to ₹195.85 crore from ₹713.31 crore. The Group refined its segment expense allocation this quarter and restated the earlier periods, and the filing does not explain either movement.
The filing gives a basic EPS of ₹2.87 for the quarter, not annualised. Dividing consolidated net profit by that EPS implies about 45.9 crore shares, close to the equity share capital of ₹45.87 crore at ₹1 face value in the investor presentation. The half-year cash flow shows ₹13.76 crore paid as dividend.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,468.30
1,505.87
-2.5%
1,633.40
-10.1%
Revenue from operations
1,451.33
1,486.69
-2.4%
1,594.27
-9.0%
Other income
16.97
19.18
-11.5%
39.13
-56.6%
131.99
38.08
+246.6%
176.93
-25.4%
Profit before tax
177.39
50.85
+248.8%
235.44
-24.7%
Finance costs
3.19
9.16
-65.2%
2.45
+30.2%
Depreciation
33.82
35.04
-3.5%
33.24
+1.7%
Tax expense
45.40
12.77
+255.5%
58.51
-22.4%
Net profit margin
8.99%
2.53%
+6.46 pp
10.83%
-1.84 pp
EPS, basic (₹)
2.88
0.83
+247.0%
3.86
-25.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone results track the consolidated ones closely. Standalone net profit of ₹131.99 crore is ₹0.20 crore above consolidated net profit of ₹131.79 crore. Consolidated results include the wholly owned subsidiary Maiz Citchem Limited, and the filing does not explain the difference between the two profit figures.
Standalone profit before tax of ₹177.39 crore and tax of ₹45.40 crore leave the same net profit growth as the consolidated figures. Standalone finance costs were ₹3.19 crore, against ₹9.16 crore a year earlier, and standalone revenue from operations was ₹1,451.33 crore, against ₹1,486.69 crore.
The filing gives segment information only on a consolidated basis, so the Maize Processing and Other Agro Processing movements cannot be read separately for the standalone company.
Inference
Basic EPS is ₹2.87 consolidated and ₹2.88 standalone for the quarter, against ₹3.85 and ₹3.86 in the preceding quarter, and both are not annualised. The auditors' limited review reports that nothing came to their attention that the statements contain any material misstatement.
The results show profit moving well ahead of income, and the filing links the change in mix to the Maize Processing segment only in the investor presentation's leadership note, which is the chairman's view, not an audited explanation.
The filing does not state a dividend declared for the quarter or its record date, and it does not explain the rise in the Maize Processing segment result or the fall in Other Agro Processing revenue.
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GAELGujarat Ambuja Exports Ltd.
