Acutaas Chemicals (ACUTAAS) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue grew 24.1% year-on-year to INR 306.2 crore, driven by advanced pharmaceutical intermediates and stable specialty chemicals performance.

• EBITDA for Q2 FY26 increased 94.8% year-on-year to INR 95.3 crore, with PAT up 91.3% to INR 71.9 crore.

• Battery chemicals and semiconductor chemicals are positioned as future growth pillars, with production in battery chemicals expected to commence in Q4 FY26 and a new JV in Korea (IndiGem/Indichem) to contribute from H2 FY27.

• CDMO business is seeing increased customer inquiries and new molecular additions, enhancing future revenue visibility.

• Management maintains a disciplined, long-term approach, focusing on sustainable business and diversified verticals.

Financial highlights

• Q2 FY26 revenue from operations: INR 306.2 crore, up 34.1% YOY; H1 FY26 revenue: INR 513.4 crore, up 21.3% YOY.

• Gross profit: INR 170.7 crore, up 59.3% YOY; gross margin expanded by 1,232 bps to 55.8%.

• EBITDA: INR 95.3 crore, nearly doubled YOY; EBITDA margin at 31.1%, up 1,130 bps.

• PAT: INR 71.9 crore, up 91.3% YOY; PAT margin at 23.5%, up 824 bps.

• Net cash and cash equivalents: INR 240.6 crore as of 30 September 2025.

Outlook and guidance

• Revenue growth guidance for FY26 maintained at around 25%.

• EBITDA margin guidance revised to 28%-30% for FY26, expected to be sustainable in coming years due to improved product mix and operational efficiency.

• CDMO projects expected to start contributing by end of FY26, subject to regulatory approvals.

• Battery chemicals production to commence in Q4 FY26; IndiGem/Indichem JV in Korea to start contributing from H2 FY27.