DOMS · Fast Moving Consumer Goods · filed 2 Nov 2026
DOMS Industries Ltd. reported revenue of ₹668 cr for July to September 2026, +17.6% on the year and −0.4% on the quarter. That is slower than this quarter has grown in recent years (+21.9% on average). Over the last four quarters revenue comes to ₹2,534 cr, +18.4% on the four before.
Operating profit (EBITDA) was ₹82.8 cr, a margin of 12.4%, −513 bps on the year and +8 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.3% to 17.6%, averaging 16.1%. Operating costs grew +24.9%, faster than revenue at +17.6%, so operating profit grew less than sales.
Net profit was ₹38.3 cr, −37.0% on the year and −15.4% on the quarter, with earnings per share of ₹6.12. Profit before other income, one-offs and tax grew faster, at −24.9%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹203 cr, −9.9% on the four before.
Of the 5 companies in FMCG that have reported Q2 FY27 so far, DOMS Industries Ltd. ranks 3rd on revenue growth; the sector median is +25.9%. Its margin moved −513 bps on the year against a sector median of −536 bps.
FMCG growth splits into volume and price. When margins rise while revenue grows slowly, the cause is usually easier input costs rather than stronger demand.
On earnings per share of ₹32.34 over the last four quarters, the stock at ₹2,040.80 trades at 63.1 times trailing earnings.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
An exceptional item is a large part of pre-tax profit. What was it?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹198 cr | ₹164 cr | ▲ 21.1% |
| Inventory | ₹407 cr | ₹377 cr | ▲ 7.8% |
| Cash | ₹31.2 cr | ₹53.5 cr | ▼ 41.6% |
| Bank balances | ₹16.9 cr | ₹8.3 cr | ▲ 104.0% |
| Long-term borrowings | ₹97.5 cr | ₹38.1 cr | ▲ 156.2% |
| Short-term borrowings | ₹110 cr | ₹51.6 cr | ▲ 113.4% |
| Trade payables | ₹165 cr | ₹125 cr | ▲ 32.1% |
| Net block | ₹623 cr | ₹594 cr | ▲ 4.8% |
| Capital work in progress | ₹301 cr | ₹162 cr | ▲ 85.6% |
| Equity | ₹1,368 cr | ₹1,302 cr | ▲ 5.0% |
| Total assets | ₹1,961 cr | ₹1,712 cr | ▲ 14.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹104 cr | ₹171 cr |
| Capital expenditure | −₹211 cr | −₹144 cr |
| Investing cash flow | −₹209 cr | −₹66.4 cr |
| Financing cash flow | ₹82.2 cr | −₹81.7 cr |
| Dividends paid | −₹22.2 cr | −₹19.1 cr |
Operating cash flow was 1.25× profit. Receivables at 27 days of sales (+1 days against the last year end). Inventory at 55 days of sales (−4 days).
Other matter: “The financial results of six subsidiaries reflect total assets of Rs. 30,333.67 lakhs and net assets of Rs. 16,935.08 lakhs as at September 30, 2026, and total revenues of Rs. 13,618.58 lakhs and Rs. 27,241.70 lakhs, total net profit after… Read in full
The financial results of six subsidiaries reflect total assets of Rs. 30,333.67 lakhs and net assets of Rs. 16,935.08 lakhs as at September 30, 2026, and total revenues of Rs. 13,618.58 lakhs and Rs. 27,241.70 lakhs, total net profit after tax of Rs. 404.25 lakhs and Rs. 711.51 lakhs and total comprehensive income of Rs. 403.27 lakhs and Rs. 711.09 lakhs, for the quarter ended and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (514.45) lakhs for the period from April 1, 2026 to September 30, 2026, as considered in the unaudited consolidated financial results. The unaudited consolidated financial results also include the Group's share of net loss after tax of Rs. 0.26 lakhs and Rs. 1.10 lakhs and total comprehensive loss of Rs. 0.26 lakhs and Rs. 1.10 lakhs for the quarter ended and for the period from April 1, 2026 to September 30, 2026, respectively, in respect of one associate. These financial results have been reviewed by other auditors in accordance with SRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Filing p. auditor review report p.1-2
₹0.0 cr still unused. “Entire net IPO proceeds of ₹332.72 crore (revised from ₹331.58 crore) stand fully utilised as at September 30, 2026”
Mr. Mitesh Padia tendered his resignation as Company Secretary and Compliance Officer (Key Managerial Personnel) to pursue an alternate career opportunity, to be relieved at close of business hours on December 31, 2026. (p. outcome letter p.2, Annexure A)
Tax: Consolidated tax expense of ₹12.63 crore (current tax ₹13.84 crore, deferred tax credit ₹1.21 crore) on Profit before tax of ₹50.95 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Gross margin | 39.1% | 38.2% | 43.8% |
| Consolidated EBITDA Margin | 12.4% | 12.3% | 17.5% |
| Domestic Share of Gross Product Sales | 86.6% | — | 86.1% |
| Export Share of Gross Product Sales | 13.4% | — | 13.9% |
| Estimated Sales Growth Loss from Flooding | 3.25% | — | — |
| General Trade Share in Domestic Sales | 75% | — | — |
Read using the FMCG framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in reported growth · Ad spend cut to protect margin.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Stationery Products | ₹610 cr | ▲ 17.2% | ₹62.3 cr | ▼ 24.7% |
| Hygiene Products | ₹57.6 cr | ▲ 21.5% | ₹1.1 cr | ▼ 10.5% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹372 cr | ₹404 cr | ₹445 cr | ₹458 cr | ₹501 cr | ₹509 cr | ₹562 cr | ₹568 cr | ₹592 cr | ₹604 cr | ₹671 cr | ₹668 cr |
| YoY | — | — | +17% | +20% | +35% | +26% | +26% | +24% | +18% | +19% | +19% | +18% |
| EBITDA margin | 18.5% | 18.8% | 19.3% | 18.8% | 17.6% | 17.3% | 17.6% | 17.5% | 17.4% | 16.7% | 12.3% | 12.4% |
| Other income, % of PBT | 4% | 10% | 8% | 8% | 8% | 7% | 5% | 8% | 5% | 5% | 7% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | −₹10.4 cr |
| Tax rate | 26% | 25% | 26% | 26% | 26% | 25% | 26% | 26% | 25% | 26% | 26% | 25% |
| Net profit | ₹39.0 cr | ₹47.0 cr | ₹54.0 cr | ₹54.0 cr | ₹54.0 cr | ₹51.0 cr | ₹59.0 cr | ₹60.9 cr | ₹61.0 cr | ₹58.0 cr | ₹45.3 cr | ₹38.3 cr |
| YoY | — | — | +50% | +42% | +38% | +9% | +9% | +13% | +13% | +14% | −23% | −37% |
| Core profit YoY | — | — | +40% | +35% | +34% | +12% | +12% | +14% | +16% | +17% | −24% | −25% |
| EPS | ₹6.15 | ₹7.44 | ₹8.54 | ₹8.46 | ₹8.36 | ₹7.98 | ₹9.44 | ₹9.60 | ₹9.54 | ₹9.35 | ₹7.33 | ₹6.12 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
DOMS Industries Ltd. reported revenue of ₹668 cr (+17.6% on the year) and net profit of ₹38.3 cr (−37.0% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −24.9% on the year, against −37.0% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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