Briefing: GSFC Q2 FY27 Financial & Operational Performance

Key Financial Highlights Consolidated Net Profit: Declined 38.2% YoY to ₹200.2 crore compared with ₹324.1 crore in Q2 FY26. Revenue from Operations: Surged 48.8% YoY to a record ₹4,741 crore, driven by robust sales across segments. EBITDA & Margins: EBITDA dropped 58.5% YoY to ₹140 crore, contracting the EBITDA margin to 3% from 11% in the corresponding period last year. Segment Performance & Input Cost Headwinds Fertilizer Segment: Sales value grew 55% YoY (adding ₹1,386 crore) despite a 6% volume decline to 5.69 LMT. Growth was bolstered by Diammonium Phosphate (DAP) realizations via government packages, though segment EBIT fell sharply to ₹17 crore. Raw Material Pressure: Profitability was heavily impacted by multi-fold cost spikes, notably sulphur (+327%) and natural gas (+62%). Industrial Products Segment: Maintained positive momentum with sales up 30% (+₹185 crore). Segment EBIT improved to ₹66 crore (from ₹54 crore), supported by strong realizations in caprolactam, nylon, and technical grade urea, alongside a higher Capro-Benzene spread of $849 per MT. Strategic & Capital Initiatives Capacity Expansion: The C-Train modification at the Sikka unit was successfully commissioned on October 23, 2026, adding 1,200 MTPD of Ammonium Phosphate Sulphate (APS) capacity. Outlook: For Q3 FY27, management intends to prioritize strict operational efficiency, optimal product mixes, and disciplined inventory management to defend core margins as regional spreads normalize. Would you like a detailed analysis of the industrial segment product spreads or the upcoming outlook for the fertilizer subsidy cycle?