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Revenue
₹567.9 Cr
verified against source
Revenue YoY
24.1%
reported change
EBITDA
₹99.5 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DOMS Industries reported Q2 FY26 consolidated revenue of ₹567.9 crore (+24.1% YoY), EBITDA of ₹99.5 crore (+15.8% YoY), and PAT of ₹60.9 crore (+13.4% YoY). Growth was driven by strong domestic volume growth (+28% gross product sales) and steady exports (+18.5%), despite a temporary GST 2.0 transition impact that reduced sales by an estimated 3-4%. EBITDA margin of 17.5% remained within the guided 16.5-17.5% range. Management maintained FY26 revenue growth guidance of 18-20%, citing capacity constraints in core stationary categories. The 44-acre expansion project faces slight delays due to monsoons, with first building possession expected in Q4 FY26 and commercial production from Q1 FY27. Key risk: US tariffs may impact export orders, though management is diverting capacity to other markets.
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Guidance to track
- Management reiterated full-year revenue growth guidance of 18-20%, noting that H1 growth was boosted by full consolidation of Unigland Healthcare.
- Management expects EBITDA margins to remain in the 16.5-17.5% range, supported by operational efficiencies.
- Consolidated capex of ~₹150 crore in H1 FY26; full-year capex expected in the ₹210-225 crore range.
- First building possession expected in Q4 FY26, with commercial production starting in Q1 FY27, initially for pencil capacity.
Risks flagged
- US tariffs introduced in September may reduce export orders; management has diverted capacity to other markets but impact is uncertain.
- GST rate reduction to 0% on ~45% of products caused temporary inventory clearance and order postponement, impacting Q2 sales by 3-4%.
- Scholastic stationary and art material growth was only ~4% YoY due to lack of capacity additions; new capacity only from Q1 FY27.
- Employee costs rose 85 bps as a percentage of sales due to advance hiring for expansion and GST disruption; operating leverage may be delayed.
Key quotes
- Despite the impact of GST 2.0 transition we continued our growth momentum in Q2 FY26 with an increase in sales of over 24%.
- If this transition impact would not be there our sales could have been about 3 to 4% higher than what we've reported for the quarter.
- We believe these reforms coupled with the income tax reductions introduced in budget 2025 will have a long-term positive impact.
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