Amal Ltd (506597)
Q2 FY27 results
Amal Ltd reported Q2 FY27 results on 16 Oct 2026: revenue ₹131 Cr (+143.0% year on year, +35.3% on the previous quarter), and net profit ₹6.2 Cr (+2.7% year on year); the operating margin was 6.5%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹131 | +143.0% | +35.3% |
| Operating profit | ₹8.5 | -5.8% | -50.1% |
| Net profit | ₹6.2 | +2.7% | -63.8% |
| EPS (₹) | 4.98 | +1.6% | -63.2% |
| Operating margin | 6.5% | — | — |
- Profit +59% above its own trend
- Operating margin contracted 1021 bps YoY
- 26% of pre-tax profit came from other income and one-off items
Quality of profit: of pre-tax profit of ₹8.2 Cr, ₹6.0 Cr (74%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -13.8% year on year.
Against its own trend: net profit of ₹6.2 Cr was +58.7% against the ₹3.9 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.
📢 Recent Corporate Announcements
Amal Ltd reported standalone revenue from operations of ₹45.65 crore (₹4,565.08 lakh) for Q2 FY27, up 145.7% YoY from ₹18.58 crore. Standalone net profit after tax rose 267.3% YoY to ₹4.01 crore against ₹1.09 crore in Q2 FY26. On a consolidated basis, revenue stood at ₹131.23 crore with a PAT of ₹6.16 crore, marking steady YoY operational improvement despite a sequential drop in consolidated profit from ₹16.73 crore in Q1. Standalone EPS for the quarter reached ₹3.24, up from ₹0.88 YoY.
- Standalone revenue surged 145.7% YoY to ₹4,565.08 lakh compared to ₹1,857.74 lakh in Q2 FY26
- Standalone Profit After Tax jumped 267.3% YoY to ₹401.00 lakh from ₹109.16 lakh
- Consolidated revenue stood at ₹13,122.62 lakh with PAT of ₹616.17 lakh for the quarter
- Standalone H1 FY27 PAT rose sharply to ₹643.61 lakh compared to ₹127.95 lakh in H1 FY26
- Company completed planned annual maintenance shutdown in Q1, aiding sequential standalone operational recovery
Amal Ltd reported standalone revenue from operations of ₹45.65 crore (₹4,565.08 lakh) for Q2 FY27, up 145.7% YoY from ₹18.58 crore. Standalone net profit after tax rose 267.3% YoY to ₹4.01 crore against ₹1.09 crore in Q2 FY26. On a consolidated basis, revenue stood at ₹131.23 crore with a PAT of ₹6.16 crore, marking steady YoY operational improvement despite a sequential drop in consolidated profit from ₹16.73 crore in Q1. Standalone EPS for the quarter reached ₹3.24, up from ₹0.88 YoY.
- Standalone revenue surged 145.7% YoY to ₹4,565.08 lakh compared to ₹1,857.74 lakh in Q2 FY26
- Standalone Profit After Tax jumped 267.3% YoY to ₹401.00 lakh from ₹109.16 lakh
- Consolidated revenue stood at ₹13,122.62 lakh with PAT of ₹616.17 lakh for the quarter
- Standalone H1 FY27 PAT rose sharply to ₹643.61 lakh compared to ₹127.95 lakh in H1 FY26
- Company completed planned annual maintenance shutdown in Q1, aiding sequential standalone operational recovery
Amal Ltd informed the exchange that it has uploaded the Chairman's speech, video proceedings, and investor presentation for its 52nd Annual General Meeting held on August 14, 2026. The materials have been made available via links on the company's website. No new operational numbers, financial changes, or corporate actions were detailed directly in the notification text.
- 52nd Annual General Meeting of Amal Ltd was conducted on August 14, 2026
- Chairman's speech, AGM video proceedings, and corporate presentation uploaded to website links
- Intimation filed with BSE on August 20, 2026 under listing compliance obligations
Amal Ltd has released its FY26 Integrated Annual Report, highlighting a consolidated revenue of ₹239.64 Cr, a significant increase from ₹135 Cr in FY25. The growth is primarily driven by the full-year operations of its subsidiary, Amal Speciality Chemicals, which added 300 TPD capacity. Consolidated EBITDA stood at ₹37.91 Cr with a healthy EPS of ₹18.11. The company has declared a standalone dividend of ₹1.5 per share for the fiscal year.
- Consolidated revenue for FY26 reached ₹239.64 Cr, up from ₹135 Cr in the previous year
- Consolidated EPS reported at ₹18.11, reflecting the ramp-up of the 300 TPD subsidiary plant
- Standalone dividend of ₹1.5 per share declared for the financial year
- Total group capacity remains at 440 TPD following the 2022-23 expansion
- Capital expenditure for the year was contained at ₹6.83 Cr
Amal Ltd has approved a significant capital expenditure of approximately ₹12 crore to expand its Sulphur Dioxide (SO2) production capacity. The expansion will increase output from the current 45 tonnes per day (tpd) to 105 tpd, representing a 133% capacity jump. This move is driven by the fact that existing facilities are almost fully utilized. The project is expected to be completed within 2 years and will be funded through a combination of internal accruals and debt.
- Proposed capacity addition of 60 tpd to the existing 45 tpd base
- Total investment outlay estimated at approximately ₹12 crore
- Project completion timeline targeted within 2 years (by July 2028)
- Current capacity utilization is reported as almost fully utilized
- Funding to be sourced via a mix of internal accruals and debt
Amal Ltd has approved a capital expenditure of approximately ₹12 crore to expand its Sulphur Dioxide (SO2) production capacity. The capacity will increase from the current 45 tpd to 105 tpd, representing a 133% expansion. This move is driven by the fact that existing capacity is almost fully utilized. The project is expected to be completed within 2 years and will be funded through a combination of internal accruals and debt.
- Capacity expansion of Sulphur Dioxide (SO2) from 45 tpd to 105 tpd
- Total investment required is approximately ₹12 crore
- Proposed capacity addition of 60 tpd to be completed within 2 years
- Existing capacity of 45 tpd is currently almost fully utilized
- Funding to be managed through internal accruals and debt
Financial Performance
Revenue Growth by Segment
Bulk chemicals (Sulphuric acid, Oleum, etc.) grew 57.18% YoY from INR 86.09 Cr in FY24 to INR 135.32 Cr in FY25.
Geographic Revenue Split
Primarily domestic sales in Gujarat (Ankleshwar) due to proximity to parent Atul Ltd; specific percentage split not disclosed in available documents.
Profitability Margins
Operating margin (PBILDT) improved from 17.85% in FY24 to 32.26% in FY25. Net profit margin (PAT) surged from 1.97% to 21.64% due to lower raw material costs and higher capacity utilization.
EBITDA Margin
32.26% in FY25, a significant increase from 17.85% in FY24, driven by the stabilization of the ASCL plant and favorable sulphur prices.
Capital Expenditure
Historical capex for FY25 was INR 3.52 Cr, down 56.6% from INR 8.12 Cr in FY24. No large debt-funded capex is planned for the near term.
Credit Rating & Borrowing
CARE A+; Stable (Reaffirmed in Sept 2025). The company is debt-free as of March 31, 2025, after repaying INR 23.71 Cr of borrowings.
Operational Drivers
Raw Materials
Sulphur is the primary raw material, accounting for over 50% of the total cost structure.
Capacity Expansion
Current installed capacity is 440 TPD (increased from 140 TPD in Q2FY23). No further expansion timeline is specified.
Raw Material Costs
Raw material costs are highly volatile; sulphur prices peaked in May 2022 and stabilized in 2024-25, leading to improved margins.
Manufacturing Efficiency
Capacity utilization is expected to remain healthy in FY26 following the ramp-up of the ASCL subsidiary.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
Achieving growth through the full capacity utilization of the 440 TPD plant and leveraging the strategic relationship with Atul Ltd for committed off-take.
Products & Services
Sulphuric acid, Oleum, Sulphur dioxide, and Sulphur trioxide.
Brand Portfolio
Amal.
Strategic Alliances
Subsidiary of Atul Ltd (49.86% stake), providing managerial and operational support.
External Factors
Industry Trends
The commodity chemicals sector is seeing steady demand from pharma and fertilizers; Amal is positioned as a key supplier for its parent's integrated complex.
Competitive Landscape
Competes with other bulk chemical manufacturers in the Gujarat industrial belt.
Competitive Moat
Sustainable moat derived from strong parentage (Atul Ltd) and strategic location, which reduces logistics costs and ensures a captive-like customer base.
Macro Economic Sensitivity
Sensitive to industrial production growth in end-user sectors like pharma and textiles.
Regulatory & Governance
Industry Regulations
Compliance with Indian Accounting Standards (Ind AS) and environmental safety standards for chemical manufacturing.
Environmental Compliance
Subject to stringent pollution control norms in Gujarat.
Taxation Policy Impact
Effective tax rate not specified, but current tax liabilities stood at INR 0.20 Cr in FY25.
Legal Contingencies
No material foreseeable losses on long-term or derivative contracts reported.
Risk Analysis
Key Uncertainties
Volatility in raw material (Sulphur) prices and potential changes in pollution control regulations.
Geographic Concentration Risk
100% of manufacturing operations are concentrated in Ankleshwar, Gujarat.
Third Party Dependencies
High dependency on Sulphur suppliers for >50% of input costs.
Technology Obsolescence Risk
Low risk for basic bulk chemicals, but requires maintenance of pollution control tech.
Credit & Counterparty Risk
Strong liquidity with a current ratio of 1.89x and cash/equivalents of INR 22.64 Cr.
