PARADEEP · Chemicals
Paradeep Phosphates Ltd. reported revenue of ₹7,364 cr for July to September 2026, +7.2% on the year and +20.2% on the quarter. That is slower than this quarter has grown in recent years (+37.1% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹23,939 cr, +16.4% on the four before.
Operating profit (EBITDA) was ₹413 cr, a margin of 5.6%, −395 bps on the year and −615 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 5.6% to 12.9%). Operating costs grew +11.8%, faster than revenue at +7.2%, so operating profit grew less than sales.
Net profit was ₹121 cr, −64.6% on the year and −69.2% on the quarter, with earnings per share of ₹1.17. Profit before other income, one-offs and tax fell 65.8%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹852 cr, −18.1% on the four before.
Of the 8 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Paradeep Phosphates Ltd. ranks 8th on revenue growth; the sector median is +45.5%. Its margin moved −395 bps on the year against a sector median of −271 bps.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹8.20 over the last four quarters, the stock at ₹147.22 trades at 18.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 5.6%, −395 bps on the year (−615 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 | ₹2,595 cr | ₹2,243 cr | ₹2,377 cr | ₹4,619 cr | ₹4,990 cr | ₹4,194 cr | ₹4,504 cr | ₹6,872 cr | ₹5,749 cr | ₹4,702 cr | ₹6,124 cr | ₹7,364 cr |
| YoY | — | — | −22% | +25% | +92% | +87% | +89% | +49% | +15% | +12% | +36% | +7% |
| EBITDA margin | 10.9% | 6.6% | 6.1% | 11.0% | 8.8% | 9.1% | 12.9% | 9.6% | 8.2% | 9.4% | 11.8% | 5.6% |
| Other income, % of PBT | 6% | 119% | 146% | 6% | 15% | 25% | 8% | 9% | −4% | 21% | 8% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 18% | 59% | 24% | 28% | 28% | 25% | 27% | 22% | 23% | 25% | 26% |
| Net profit | ₹109 cr | ₹22.0 cr | ₹5.0 cr | ₹255 cr | ₹209 cr | ₹172 cr | ₹317 cr | ₹342 cr | ₹182 cr | ₹156 cr | ₹393 cr | ₹121 cr |
| YoY | — | — | — | +187% | +92% | +682% | +6,240% | +34% | −13% | −9% | +24% | −65% |
| Core profit YoY | — | — | — | +191% | +70% | — | — | +35% | −2% | −10% | +24% | −66% |
| EPS | ₹1.34 | ₹0.26 | ₹0.07 | ₹3.13 | ₹2.57 | ₹2.11 | ₹3.88 | ₹4.19 | ₹1.75 | ₹1.50 | ₹3.78 | ₹1.17 |
| Flags | · | 1 | 1 | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
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.
Paradeep Phosphates Ltd. reported revenue of ₹7,364 cr (+7.2% on the year) and net profit of ₹121 cr (−64.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −65.8% on the year, against −64.6% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.