AYM Syntex Q2 Results: Net Profit Surges to ₹15 Crore as Revenue Grows 29% YoY

Key numbers

Market Cap	₹1,432.7 CrSmall Cap
P/E TTM	76.3xSector 48.9x
RSI	38.7Neutral Zone
Promoter Holding	65.67%No Pledge

Key highlights

• Net profit reached ₹15.0 crore in Q2-27, representing a 72.4% growth on a sequential basis
• Revenue from operations grew 29.2% year-on-year to ₹451 crore from ₹349 crore in Q2-26
• Operating margin expanded to 4.2% in Q2-27, up from a negative 0.2% in the year-ago period
• Recorded an exceptional loss of ₹8.33 crore due to flood and storm damage at manufacturing units
• Successfully processed US import tariff refunds totaling ₹13.95 crore during the current period

Topline Growth Drives Operational Recovery

AYM Syntex delivered a robust performance in Q2-27, with revenue from operations reaching ₹451 crore, a substantial increase from ₹349 crore reported in the same quarter last year. This topline momentum translated into a net profit of ₹15.0 crore, marking a complete turnaround from the ₹0.4 crore loss recorded in Q2-26. On a quarter-on-quarter basis, net profit grew by 72.4% from ₹8.7 crore in Q1-27.

The company's operating margin saw a significant recovery, rising to 4.2% as volume growth and better absorption of costs offset external pressures during the period.

Navigating Environmental and Regulatory Factors

• Incurred an ₹8.33 crore exceptional hit in Q2-27 due to heavy rainfall and storm winds at Rakholi and Palghar manufacturing sites in July 2026
• Recovered ₹13.95 crore in import tariffs previously paid to the US government, following a ruling by the US Supreme Court
• The company has opted for the revised income tax rate of 25.17% effective from the current financial year
• Netting off of tariff refunds against expenses and recording related interest of ₹0.65 crore as other income
• Successful allotment of 53,792 equity shares under employee stock option schemes in July 2026

Update on Mandawewala Enterprises Merger

The proposed Scheme of Amalgamation of Mandawewala Enterprises Limited with AYM Syntex is nearing its conclusion. Following the NCLT Mumbai order in April 2026, the company held meetings with shareholders and unsecured creditors in May 2026, obtaining the necessary approvals. The final hearing for the merger concluded on September 24, 2026, and the matter is currently awaiting the final pronouncement of the order.

This consolidation is expected to streamline the group structure once the final regulatory approvals are received and filed.

Asset Base and Financial Position

• Total assets stood at ₹1,190 crore as of September 30, 2026, up from ₹1,072 crore in March 2026
• Inventory levels increased to ₹268.8 crore compared to ₹237.3 crore at the end of the previous fiscal year
• Trade receivables rose to ₹186.7 crore, reflecting higher sales volumes in the current quarter
• Non-current borrowings increased slightly to ₹64.2 crore from ₹55.9 crore as of March 2026

What to watch next

• Final NCLT order pronouncement regarding the merger with Mandawewala Enterprises Ltd
• Restoration and stabilization of manufacturing facilities at Rakholi and Palghar after July storm damage
• Announcement of Q3-27 financial results in February 2027

AYM Syntex · financial snapshot

Share price	₹243.7
Market capitalisation	₹1,432.66 Cr
Revenue (annual)	₹1,365.12 Cr
Net profit (annual)	₹6.55 Cr
Revenue (latest quarter)	₹351.03 Cr-4.03% vs previous quarter
Net profit (latest quarter)	₹8.66 Cr-3.99% vs previous quarter
P/E (TTM)	76.33×Sector 48.98×
Promoter holding	65.67%-0.06% QoQ
FII holding	3.71%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.