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Amal Ltd’s consolidated revenue from operations rose to ₹131.23 crore in the quarter ended September 30, 2026 (Q2 FY27), up 142.99% from ₹54.00 crore a year earlier and 35.93% from ₹96.54 crore in the preceding quarter. The scale-up did not translate into comparable operating-profit growth: EBITDA was about ₹8.5 crore, versus ₹8.6 crore a year earlier, and the EBITDA margin dropped to 6.45%–6.46% from 15.93%.
What Amal reported for Q2 FY27
The headline result is a dramatic increase in sales, paired with almost flat reported EBITDA and only marginally higher profit after tax (PAT). Consolidated PAT was ₹6.16 crore, compared with ₹6.06 crore in Q2 FY26, a year-on-year increase of 1.71%. Sahi’s rounded presentation puts the figures at ₹6.2 crore and ₹6.1 crore, respectively.
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| Consolidated measure | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | ₹131.23 crore | ₹54.00 crore | +142.99% YoY |
| Revenue from operations, previous quarter | ₹131.23 crore | ₹96.54 crore in Q1 FY27 | +35.93% sequentially |
| EBITDA | Approximately ₹8.5 crore | Approximately ₹8.6 crore | Broadly flat |
| EBITDA margin | 6.45%–6.46% | 15.93% | Down about 948 basis points |
| Consolidated PAT | ₹6.16 crore | ₹6.06 crore | +1.71% YoY |
The revenue and quarter dates are corroborated by EquityBulls and StockWatch. The margin and cost-mix details below come from StockWatch and Sahi’s quarter-specific coverage.
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Material costs absorbed much more of each rupee
StockWatch reports that material consumption represented 88.2% of revenue in Q2 FY27, compared with 71.6% in the year-ago quarter. On a rapidly expanding revenue base, that change leaves substantially less gross contribution available for employee costs, energy, other operating expenses, depreciation and profit.
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The arithmetic explains the apparent contradiction: sales increased by nearly 143%, but the amount retained as EBITDA did not. At 15.93%, the prior-year margin would have produced considerably more operating profit on the current quarter’s sales; at roughly 6.46%, the additional turnover was converted into only about ₹8.5 crore of EBITDA.
Revenue growth is not the same as profit conversion
Amal’s Q2 demonstrates why investors need to read margins alongside sales. PAT rose only ₹0.10 crore year over year despite the ₹77.23-crore increase in quarterly revenue. The reported figures indicate that incremental volume or sales mix came with materially higher input consumption, so the current growth rate cannot be treated as evidence of proportional earnings growth.
How the GST incentive affects the year-on-year comparison
Amal booked a ₹1.70-crore Gujarat State GST incentive in the current quarter. That is a non-operating or non-recurring-type benefit for analytical purposes, rather than a measure of the underlying spread between selling prices and production costs.
Because the incentive lifts reported profit in Q2 FY27, a simple comparison of ₹6.16 crore PAT with ₹6.06 crore a year earlier overstates the strength of recurring profit. StockWatch estimates that adjusted PAT, excluding the effect of the incentive, was about 19.4% lower year over year. The precise adjusted figure depends on the treatment and tax effects an analyst applies, but the direction is clear: the reported near-flat PAT includes a one-time boost.
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What the SO2 capacity proposal means
Amal’s July 2026 capex proposal would increase sulfur dioxide (SO2) capacity from 45 tonnes per day to 105 tonnes per day. That is a planned capacity expansion, not proof that the new assets were operating at full run rate in Q2 or that margins have already recovered.
Potential benefit
If commissioned successfully and supported by customer demand, the additional 60 tonnes per day could allow Amal to serve more volume, improve fixed-cost absorption and participate in future revenue growth. It may also reduce capacity constraints if SO2-related products are driving the current sales increase.
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Execution and payback risks
Investors still need evidence on project cost, financing, construction and commissioning dates, ramp-up utilization, feedstock availability, environmental approvals, product pricing and the incremental margin earned on each tonne. A larger plant can increase revenue while worsening returns if input costs remain high or selling prices weaken. Until commissioning and utilization are disclosed, the proposal should be treated as a forward-looking execution factor rather than a current-quarter earnings driver.
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How to read the result on four key axes
| Axis | What Q2 shows | Investor question |
|---|---|---|
| Top-line growth | Revenue rose 142.99% YoY and 35.93% sequentially to ₹131.23 crore. | Is this volume, pricing, mix, or a combination—and can it persist? |
| Operating conversion | EBITDA stayed near ₹8.5 crore while margin fell to about 6.46%. | Can material consumption return toward historical levels? |
| Recurring versus one-time items | The ₹1.70-crore Gujarat GST incentive supported reported PAT. | What is profit excluding incentives and other exceptional items? |
| Expansion execution | Proposed SO2 capacity would rise from 45 to 105 tonnes per day. | When will the project commission, ramp up and earn an acceptable return? |
What to monitor in the next quarters
- Material consumption: whether the 88.2% revenue ratio declines as procurement, product mix or pricing improves.
- EBITDA margin: whether it recovers from 6.45%–6.46% without relying on incentives.
- Underlying PAT: reported separately from GST benefits and other non-recurring items.
- SO2 project milestones: capex outlay, approvals, commissioning, utilization and realized margins.
- Cash generation: whether higher sales convert into operating cash after working-capital and expansion spending.
Amal’s Q2 FY27 is therefore a high-growth, low-conversion quarter: the business reached a much larger revenue scale, but input costs and a one-time GST benefit make the reported profit picture considerably weaker than the sales headline suggests.
Frequently Asked Questions
Did Amal’s Q2 profit grow in line with revenue?
No. Revenue increased 142.99% year over year to ₹131.23 crore, while consolidated PAT rose only 1.71% to ₹6.16 crore and EBITDA was approximately flat.
What caused the EBITDA margin decline?
StockWatch reports material consumption at 88.2% of revenue, up from 71.6% a year earlier. The higher material-cost share was the main identified pressure on operating profitability.
Is the SO2 expansion already contributing to Q2 results?
The 45-to-105-tonnes-per-day increase was reported as a July 2026 capex proposal. It is forward-looking; the available Q2 figures do not establish that the expanded capacity was commissioned or generating returns.
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