Chemkart H1 FY27 revenue nears FY26 as PAT rises 122%

Chemkart reported H1 FY27 consolidated revenue of Rs 205.873 crore, up 99.4% year on year and, according to management, nearly equal to its full FY26 revenue. Profit after tax (PAT) rose 122.2% to Rs 22.559 crore, while consolidated PAT margin increased to 11.0% from 9.8% in H1 FY26.

How did Chemkart’s consolidated revenue and profit change?

Chemkart’s consolidated revenue nearly doubled in H1 FY27 and PAT grew faster than sales. Revenue from operations reached Rs 205.873 crore from Rs 103.226 crore in H1 FY26, a 99.4% increase. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 107.5% to Rs 29.37 crore, while PAT rose from Rs 10.152 crore to Rs 22.559 crore.

Management said H1 FY27 revenue nearly matched the whole of FY26 revenue in six months, although the presentation does not state the full-year FY26 revenue figure. The half-year result was also 84.5% above H2 FY26 revenue of Rs 111.604 crore. Consolidated EBITDA was 109.5% above Rs 14.021 crore in H2 FY26, and PAT was 137.4% higher than Rs 9.506 crore.

Chemkart’s earnings per share, based on PAT, rose to Rs 18.65 in H1 FY27 from Rs 9.50 in H1 FY26. The increase accompanied a 118.1% rise in profit before tax to Rs 30.114 crore from Rs 13.808 crore a year earlier.

Did Chemkart’s margins improve in H1 FY27?

Chemkart’s consolidated EBITDA and PAT margins both improved in H1 FY27. EBITDA margin rose 60 basis points to 14.3% from 13.7% in H1 FY26, while PAT margin increased 120 basis points to 11.0% from 9.8%. One basis point equals one-hundredth of a percentage point.

The sequential margin movement was larger against H2 FY26. Consolidated EBITDA margin increased from 12.6% to 14.3%, a 170-basis-point change, and PAT margin rose from 8.5% to 11.0%, a 250-basis-point change. Earnings before interest and tax margin also increased to 15.1% from 12.3% over the same half-on-half comparison.

On a standalone basis, Chemkart recorded H1 FY27 revenue of Rs 204.471 crore, marginally below consolidated revenue of Rs 205.873 crore. Standalone EBITDA margin was 14.6%, compared with 14.3% on a consolidated basis, while standalone PAT margin stood at 11.2%, compared with the consolidated 11.0%.

Standalone profitability also rose sequentially in H1 FY27. EBITDA margin was 150 basis points above the 13.1% reported in H2 FY26, and PAT margin was 210 basis points above 9.1%. Management specifically cited these standalone margin changes in its commentary on disciplined execution.

What changed in Chemkart’s cost structure and earnings?

Chemkart’s purchase of stock in trade rose to Rs 178.063 crore in H1 FY27 from Rs 74.944 crore in H1 FY26 as consolidated revenue increased to Rs 205.873 crore. The company recorded a negative Rs 9.042 crore change in inventories in stock in trade, compared with a negative Rs 31.6 lakh a year earlier. Cost of materials consumed declined to Rs 1.113 crore from Rs 10.052 crore.

Employee expenses rose to Rs 2.366 crore from Rs 1.903 crore, while other expenses increased to Rs 4.003 crore from Rs 2.487 crore. These operating-cost movements occurred alongside a Rs 15.214 crore increase in EBITDA, from Rs 14.156 crore in H1 FY26 to Rs 29.37 crore in H1 FY27.

Below EBITDA, other income increased to Rs 1.981 crore from Rs 68.8 lakh, while depreciation declined to Rs 23.1 lakh from Rs 25.3 lakh. Finance cost rose to Rs 1.006 crore from Rs 78.2 lakh, and tax increased to Rs 7.555 crore from Rs 3.659 crore. PAT nevertheless increased by Rs 12.407 crore year on year.

What do Chemkart’s September 2026 balance sheet and cash flow show?

Chemkart’s consolidated total assets increased to Rs 218.517 crore at Sep-26 from Rs 157.075 crore at Mar-26. Current assets rose to Rs 185.444 crore from Rs 128.322 crore, with trade receivables increasing to Rs 89.498 crore from Rs 49.976 crore and inventories rising to Rs 43.768 crore from Rs 34.726 crore.

The balance sheet also shows higher borrowings and current liabilities at Sep-26. Short-term borrowings were Rs 20.296 crore, compared with Rs 4.953 crore at Mar-26, while long-term borrowings stood at Rs 1.77 crore against none reported in March. Total equity increased to Rs 152.28 crore from Rs 129.73 crore, and total current liabilities rose to Rs 64.33 crore from Rs 27.154 crore.

The cash-flow statement’s Sep-26 column reports net cash used in operating activities of Rs 18.705 crore, compared with an outflow of Rs 2.725 crore in its Mar-26 column. It records a negative Rs 45.556 crore change in working capital in the Sep-26 column, compared with negative Rs 24.181 crore in the Mar-26 column. Cash and cash equivalents were Rs 33.02 crore at Sep-26, down from Rs 38.645 crore at Mar-26.

What is Chemkart planning after H1 FY27?

Chemkart is progressing with its EZRM SEZ manufacturing facility, which management describes as a step toward India’s first nutraceutical-focused special economic zone hub. Management said the facility is intended to strengthen export and contract development and manufacturing organisation competitiveness, but the presentation does not disclose a commissioning date or financial target.

Chemkart also plans to focus on research and development, product innovation and advanced nutraceutical technologies. Its stated approach includes customised solutions, expanded global supplier partnerships and cross-selling into nutraceutical, sports nutrition, functional food and health-ingredient applications. Management also cited Make in India and production-linked incentive schemes as policy factors supporting manufacturing and exports.

Conclusion

Chemkart’s H1 FY27 results combined a 99.4% rise in consolidated revenue with a 122.2% increase in PAT, so profit growth exceeded revenue growth. EBITDA margin improved by 60 basis points year on year and PAT margin by 120 basis points, while management said H1 revenue of Rs 205.873 crore was close to the entire FY26 total.

The next disclosed matter to watch is progress at the EZRM SEZ manufacturing facility as Chemkart enters H2 FY27. Management cited a sales and project pipeline and plans for research, product innovation and advanced nutraceutical technologies, but did not provide a facility completion date or a quantified H2 FY27 target.