Apis India Ltd Q2 Revenue Rises 23% to ₹113.9 Crore YoY

Apis India Ltd reported Q2 FY27 revenue from operations of ₹113.9 crore, up 23.4% year-on-year, while consolidated net profit declined 36.6% to ₹4.5 crore as other income fell to ₹2.6 crore from ₹7.0 crore a year earlier. The company also reported a sequential recovery in revenue and operating margin.

What did Apis India Ltd report for Q2 FY27?

Apis India Ltd reported consolidated revenue from operations of ₹113.9 crore for the quarter ended September 30, 2026, compared with ₹92.3 crore in Q2 FY26 and ₹66.0 crore in Q1 FY27. Total income stood at ₹116.5 crore, versus ₹99.3 crore a year earlier and ₹66.9 crore in the preceding quarter.

The quarter marked a substantial improvement from the June 2026 quarter, when revenue from operations was ₹66.0 crore. Profit before tax rose to ₹11.6 crore in Q2 FY27 from ₹4.5 crore in Q1 FY27 and ₹9.5 crore in Q2 FY26. Total expenditure on a consolidated basis was ₹104.84 crore during the quarter.

The reported operating margin improved to 10.0% from 6.7% in Q1 FY27 and 9.6% in Q2 FY26. This margin recovery accompanied the sequential increase in revenue and profit before tax. The company’s investor release separately reported standalone Q2 EBITDA of ₹12.09 crore, with an EBITDA margin of 11%.

Why did Apis India Ltd's Q2 net profit decline year-on-year?

Apis India Ltd's Q2 FY27 consolidated net profit declined because other income was materially lower than in the corresponding quarter of the previous year. Other income was ₹2.6 crore in Q2 FY27, compared with ₹7.0 crore in Q2 FY26, even as revenue from operations increased by 23.4% year-on-year.

Net profit was ₹4.5 crore, down from ₹7.1 crore in Q2 FY26. However, it was higher than the ₹3.4 crore reported in Q1 FY27, representing a sequential increase of 32.4%. The figures show that the year-on-year profit comparison was affected by the lower contribution from other income, rather than a fall in the company’s revenue from operations.

The difference between operational growth and reported profit is important for investors assessing the quarter. Revenue and operating margin improved, while the fall in other income reduced the support available to net earnings compared with the prior-year period. The disclosed results do not provide a detailed break-up explaining the change in other income.

How did Apis India Ltd perform in the first half of FY27?

Apis India Ltd reported broadly flat standalone income from operations in H1 FY27, but higher EBITDA and profit after tax. Standalone income from operations was ₹179.86 crore for the six months ended September 2026, compared with ₹178.80 crore in H1 FY26.

Despite the limited revenue increase, H1 FY27 EBITDA rose 55% year-on-year to ₹18.31 crore from ₹11.81 crore. EBITDA margin expanded to 10% from 7%, a rise of 300 basis points. Standalone profit after tax increased 11% to ₹12.35 crore from ₹11.15 crore.

The half-year performance places the stronger September quarter in context. Q1 FY27 revenue from operations had fallen 23.7% year-on-year to ₹66.0 crore, whereas Q2 FY27 standalone income from operations rose 23% year-on-year to ₹113.90 crore. The Q2 improvement enabled first-half revenue to remain slightly above the previous year’s level.

What operational factors and corporate actions were disclosed?

Apis India Ltd identified jam in-sourcing and a stated 10x jam ambition as strategic priorities in its investor communication. Its presentation said honey contributed 64% of revenue, dates contributed 32%, and exports accounted for 31% of revenue. The company also referred to expansion in jam manufacturing and international markets.

These details indicate that honey and dates remain the principal disclosed revenue categories. The available information does not quantify revenue from jam manufacturing or provide a timetable for the stated jam ambition. Investors therefore have confirmed information on the business mix and strategic direction, but not a financial target or guidance for the initiative.

The board approved an application for direct listing on the National Stock Exchange on November 4, 2026, subject to required approvals. Separately, Apis India Ltd had scheduled a board meeting on November 14, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. No share-price movement or market reaction was provided in the supplied disclosures.

How do the Q2 numbers affect investors and the food-products business?

Apis India Ltd's Q2 figures show an improvement in quarterly scale and operating profitability, with revenue rising to ₹113.9 crore and operating margin reaching 10.0%. For investors, the central contrast is between stronger revenue and margin performance and lower year-on-year reported net profit because other income declined.

The first-half numbers also show that profitability increased faster than revenue on a standalone basis. EBITDA grew 55% while income from operations grew 1%, reflecting the reported margin expansion from 7% to 10%. However, the supplied results do not state whether the margin improvement can be sustained or provide earnings guidance for the remainder of FY27.

For business operations, the disclosed revenue mix gives relevance to demand and execution across honey, dates and exports. The jam in-sourcing plan could become an additional operating area, but the company has not disclosed investment, capacity, sales contribution or profitability figures for it. The NSE direct-listing application remains subject to approvals.

Conclusion

Apis India Ltd delivered a stronger Q2 FY27 on revenue and operating metrics, with revenue from operations up 23.4% year-on-year to ₹113.9 crore and operating margin improving to 10.0%. Yet consolidated net profit fell 36.6% to ₹4.5 crore because other income decreased from ₹7.0 crore to ₹2.6 crore.

The next areas to watch are the progress of the NSE direct-listing application, the company’s execution of jam in-sourcing, and whether operating-margin improvement continues in subsequent results. The disclosures do not provide a formal earnings outlook, making future quarterly filings important for assessing these developments.