Amines & Plasticizers margin slips as costs outpace revenue in Q2FY27
Operating margin fell 1.18 percentage points QoQ, while net profit declined 12.04% despite a 33.33% drop in interest expense.
Filed 04 Nov 2026, 18:42 IST · after market close · Amines & Plasticizers Ltd (AMNPLST)
Key takeaways
- Consolidated operating margin fell 1.18 percentage points QoQ to 8.75% as expenses rose 0.85% while revenue slipped 0.46%.
- Consolidated net profit declined 12.04% QoQ to Rs 8.33 cr despite interest expense falling 33.33%, as operating profit dropped 12.25%.
- At 8.75%, operating margin was 4.52 percentage points below the 13.27% median for 111 reported Commodities peers.
Price around the results
Higher costs squeezed the consolidated margin
Revenue was broadly flat sequentially, slipping 0.46%, but expenses rose 0.85%. With costs growing faster than revenue, operating margin narrowed by 1.18 percentage points to 8.75%. The move marks a deterioration from Q1FY27, when operating margin was 9.93%.
Lower interest cost did not offset the operating decline
Interest expense fell 33.33% QoQ, but the 12.25% drop in operating profit drove profit before tax down 11.93% and net profit down 12.04%. The tax rate was almost unchanged, rising just 0.07 percentage points to 25.77%, so tax did not materially flatter the profit comparison. Other income contributed only 1.78% of pre-tax profit, indicating that reported earnings were largely operational.
Margin trails the reported Commodities peer median
Amines & Plasticizers' 8.75% consolidated operating margin was 4.52 percentage points below the 13.27% median among 111 Commodities peers that had reported. The company ranked 34th from the bottom on this measure. The available quarter sequence shows margin moving down from Q1FY27 to Q2FY27, but does not establish a longer multi-quarter trend.
Results came after market close
The consolidated results were filed after market close on 4 Nov 2026. The stock therefore has no post-results market reaction to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹150 cr | ₹151 cr | -0.46% |
| Other income | ₹0 cr | ₹0 cr | +0.00% |
| Expenses | ₹137 cr | ₹136 cr | +0.85% |
| Operating profit | ₹13 cr | ₹15 cr | -12.25% |
| Operating margin (%) | 8.75% | 9.93% | — |
| Interest | ₹1 cr | ₹1 cr | -33.33% |
| Depreciation | ₹1 cr | ₹1 cr | +0.69% |
| Profit before tax | ₹11 cr | ₹13 cr | -11.93% |
| Tax | ₹3 cr | ₹3 cr | -11.62% |
| Net profit | ₹8 cr | ₹9 cr | -12.04% |
| EPS (₹) | ₹1.51 | ₹1.72 | -12.21% |
Operating margin of 8.75% compares with a Commodities sector median of 13.27% across 111 peers that have reported Q2FY27.
What to watch
- Whether consolidated operating margin recovers from 8.75% in the next reported quarter.
- Whether expenses stop growing faster than revenue after rising 0.85% against a 0.46% revenue decline.
- Whether net profit stabilises after its 12.04% QoQ decline despite interest expense falling 33.33%.