Vinati Organics (VO IN) – Q2FY27 Result Update – ATBS volume recovery expected in H2FY27 – ACCUMULATE
Published on 05 Nov 2026
Vinati Organics (VO) reported consolidated revenue of INR6.8bn in Q2FY27, up 24% YoY, while EBITDA declined 25% YoY to INR1.3bn, with margins contracting to 18.5%. due to higher logistics and power costs, which could not be fully passed on to customers, and a shift in ATBS sales from Q2 to Q3/Q4. Raw material cost increases were largely passed on. Management expects logistics costs to moderate in H2FY27. ATBS demand is showing meaningful improvement, with Q3 volumes expected to be strong following customer destocking in H1, while antioxidants, IB and IBB delivered strong performance. We maintain our 'Accumulate' rating with a target price of INR1,081, valuing the company at 21x Sep’28E EPS.
