SUDARSCHEMSudarshan Chemical Industries Ltd.
Sudarshan Chemical Industries Q2 FY27 Results: Consolidated Net Profit ₹30.50 Crore on Total Income of ₹2,758 Crore
- Earnings
- pigments
Reviewed byRachit TripathiBlacklitt Research
Sudarshan Chemical Industries (NSE: SUDARSCHEM) reported consolidated total income of ₹2,757.50 crore and net profit of ₹30.50 crore for the quarter ended 30 Sep 2026, it said in a filing on 06 Nov 2026. Standalone total income was ₹797.90 crore and standalone net profit ₹61.00 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,757.50 crore, up 14.1% YoY and 3.6% QoQ
- Net profit: ₹30.50 crore, up 58.0% YoY and down 70.5% QoQ
- EPS: Basic ₹3.50 after exceptional items, ₹13.90 before them, not annualised
- Exceptional items: Expense of ₹82.9 crore in the quarter, all in the Pigments segment
Standalone
The company on its own, without its subsidiaries
- Total income: ₹797.90 crore, up 31.9% YoY and 13.5% QoQ
- Net profit: ₹61.00 crore, down 17.7% YoY and up 5.5% QoQ
- EPS: Basic ₹7.70, not annualised
- Other income: ₹20.70 crore, down 7.6% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,757.50 | 2,416.20 | +14.1% | 2,661.10 | +3.6% | |
| Revenue from operations | 2,742.60 | 2,387.40 | +14.9% | 2,642.10 | +3.8% |
| Other income | 14.90 | 28.80 | -48.3% | 19.00 | -21.6% |
| 30.50 | 19.30 | +58.0% | 103.40 | -70.5% | |
| Profit before tax | 71.40 | 29.50 | +142.0% | 157.40 | -54.6% |
| Finance costs | 41.70 | 43.60 | -4.4% | 40.50 | +3.0% |
| Depreciation | 93.80 | 97.20 | -3.5% | 93.10 | +0.8% |
| Tax expense | 40.90 | 10.20 | +301.0% | 54.00 | -24.3% |
| Net profit margin | 1.11% | 0.80% | +0.31 pp | 3.89% | -2.78 pp |
| EPS, basic (₹) | 3.50 | 1.50 | +133.3% | 12.30 | -71.5% |
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.
Income grew, but profit grew faster on a low base. Total income rose 14.1% YoY to ₹2,757.50 crore, with revenue from operations up 14.9% and other income down 48.3%. Net profit rose 58.0% to ₹30.50 crore from ₹19.30 crore, a faster rate than income, while profit before tax rose 142.0% to ₹71.40 crore from ₹29.50 crore.
Against the previous quarter, the picture reverses. Total income rose 3.6% but net profit fell 70.5%, from ₹103.40 crore to ₹30.50 crore, and profit before tax fell 54.6% from ₹157.40 crore. Tax expense of ₹40.90 crore is 57.3% of profit before tax this quarter, against ₹54.00 crore on ₹157.40 crore a quarter earlier.
The filing shows exceptional items expense of ₹82.9 crore in the quarter, referenced to notes 6(b), 7 and 9, and all in the Pigments segment. The notes name two of its parts: ₹74.5 crore of termination benefits and incidental expenses recorded by a German overseas subsidiary under an employee restructuring programme, and ₹8.4 crore of expenses of the held-for-sale disposal group of VP4 Frankfurt GmbH. Other income of ₹14.90 crore is 0.5% of total income, and finance costs of ₹41.70 crore are 1.5% of total income.
The notes also record a US tariff refund of $8.69 million (₹83.3 crore) received by the group's wholly owned subsidiaries after a US Supreme Court verdict of 20 Feb 2026. The group has recognised it as a customer refund liability and is evaluating commercial arrangements with its customers for the refund.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 797.90 | 604.90 | +31.9% | 703.20 | +13.5% | |
| Revenue from operations | 777.20 | 582.50 | +33.4% | 677.40 | +14.7% |
| Other income | 20.70 | 22.40 | -7.6% | 25.80 | -19.8% |
| 61.00 | 74.10 | -17.7% | 57.80 | +5.5% | |
| Profit before tax | 77.80 | 74.90 | +3.9% | 74.10 | +5.0% |
| Finance costs | 7.40 | 7.30 | +1.4% | 6.50 | +13.8% |
| Depreciation | 38.30 | 37.50 | +2.1% | 37.40 | +2.4% |
| Tax expense | 16.80 | 0.80 | n/a | 16.30 | +3.1% |
| Net profit margin | 7.65% | 12.25% | -4.60 pp | 8.22% | -0.57 pp |
| EPS, basic (₹) | 7.70 | 9.50 | -18.9% | 7.30 | +5.5% |
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.
Standalone revenue from operations rose 33.4% YoY to ₹777.20 crore, and total income rose 31.9%. Net profit moved the other way, falling 17.7% to ₹61.00 crore from ₹74.10 crore, while profit before tax rose 3.9% to ₹77.80 crore. The standalone tax expense of ₹16.80 crore is 21.6% of profit before tax, against ₹0.80 crore a year earlier on ₹74.90 crore.
Against the previous quarter, standalone total income rose 13.5% and net profit rose 5.5%, from ₹57.80 crore. Other income of ₹20.70 crore is 2.6% of total income and 26.6% of profit before tax. Standalone finance costs of ₹7.40 crore are 0.9% of total income.
Inference
The filing reports that the group bought 15.89% of Sudarshan Colorants India Limited from its wholly owned subsidiary for ₹150.8 crore as an internal restructuring, with the group's holding in that company staying at 70.26%. The promoter Rajesh Balkrishna Rathi was allotted 9,80,000 shares on conversion of warrants issued at ₹1,019.75 each, taking the promoter group to 9.32%.
The filing says the Muttenz plant purchase from Clariant is subject to conditions precedent, and it does not state when it will complete or what it will cost beyond CHF 7.0 million plus inventory at book value. It also does not say how the ₹83.3 crore customer refund liability will be settled, or what the exceptional items will mean for future results.
Amit Deshpande was appointed Company Secretary and Compliance Officer, Nodal Officer and KMP effective 06 Nov 2026, in addition to his role as General Counsel, after Mandar Velankar resigned effective 01 Sep 2026. The trading window opens 09 Nov 2026.
Filed with BSE on . Reference: Original filing (PDF)
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