SPIC's Full-Year Surge Masks a Slowing Final Quarter
Southern Petrochemical's annual revenue jumped 59%, but the fourth quarter saw a sharp sequential decline in both sales and profit.
SPIC's full-year revenue surged 58.8% to ₹3,086 crore, yet the final quarter saw a 22.6% yearly sales drop. Profit for the quarter still rose 51.5% on a higher margin.
Southern Petrochemical Industries Corporation (SPIC) closed its financial year with a strong annual performance but a mixed final quarter. While yearly revenue surged, the March quarter saw a significant sequential slowdown, raising questions about near-term momentum.
The company's full-year revenue for FY25 jumped 58.8% to ₹3,086 crore, with profit rising 37.6% to ₹155.6 crore. This robust growth, however, was front-loaded. The fourth quarter (Q4 FY26) tells a different story: revenue fell 22.6% compared to the same period last year and dropped 24.5% from the previous quarter. Despite the top-line pressure, profit for the quarter rose a healthy 51.5% year-on-year, driven by a net profit margin that expanded to 5.0% from 2.6% a year ago. Sequentially, however, profit fell 45.5%.
A look at the last five quarters shows a clear pattern of peaking and then receding performance.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin
| Metric | CurrentQ4 FY26 | PreviousQ3 FY26 | Same quarter LYQ4 FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 584.15YoY -23% | 773.89 | 754.37 |
| Profit (₹ Cr) | 29.49YoY +51% | 54.07 | 19.47 |
| Net Profit Margin | 5.0%YoY +92% | 7.0% | 2.6% |
Key Points
- Long-term Growth: Over five years, SPIC has delivered strong revenue growth at an 18.1% CAGR, though profit has seen a slight 1.6% annual decline.
- Financial Health: The company maintains a solid balance sheet with a debt-to-equity ratio of 0.6 and a robust return on equity of 13.7%.
- Market Sentiment: The stock has faced headwinds, down 24.7% over the past year, and trades at a significant discount to its industry with a P/E of 10.6.
The divergence between strong annual figures and a weakening quarterly trend suggests the company's transition year was complex, with the final quarter's margin resilience being a key positive to watch as it navigates the coming fiscal year.
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· SPIC
(BSE)
ISIN: INE147A01011
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