Clean Science and Technology (CLEAN IN) – Q2FY27 Result Update – Strategic partnership to accelerate HALS growth – ACCUMULATE
Published on 31 Oct 2026
Clean Science and Technology reported consolidated revenue of INR3bn in Q2FY27, up 22.4% YoY and 11.5% QoQ, driven by volume growth of ~10% and improved realizations of ~13%. The HALS segment recorded 2x YoY revenue growth, supported by strong volume ramp-up, with H1FY27 volumes already reaching 67% of FY26 volumes. HALS contributed ~22% of quarterly sales, while capacity utilisation improved to 40%, the management targets it to reach 55–60% over the coming quarters. Product mix still includes 60% of HALS 770, the product mix is gradually expected to shift to higher-grade HALS. Commercial shipments under the Geneus collaboration are expected to commence in Dec'26. The stock is trading at 16x FY29 EPS, we value the stock at 19xSep’28 EPS and maintain our Accumulate rating on the stock..
