Aastha Spintex Q4 FY26: revenue up 36% YoY, PAT down 16% on margin squeeze

Q4 FY26 standalone revenue grew 36.1% YoY to Rs129.36 Cr but profit after tax fell 16.2% YoY to Rs6.76 Cr, as net margin compressed to 5.2% from 8.5% a year earlier; sequentially both revenue (-8.6%) and PAT (-37.4%) declined from the seasonally stronger Q3 FY26. On a full-year basis, FY26 (audited) revenue rose 26.1% to Rs442.64 Cr while PAT was effectively flat at Rs23.74 Cr (+1.0%), with basic EPS falling to Rs5.84 from Rs8.50 on an enlarged weighted share count. No exceptional items are recorded in either period, so this growth is unadjusted. The squeeze sits on the cost-of-goods line: net material-related costs (cost of materials consumed plus stock-in-trade purchases, adjusted for inventory build) rose to roughly 84% of Q4 revenue from about 76% a year ago, consistent with input-cost pressure in a single-segment (100% cotton yarn and cotton bales) manufacturer. The effective tax rate also climbed to ~33.8% from ~29.1% YoY, so even the pre-tax line (PBT down 10.2% YoY to Rs10.22 Cr) understates the full profit hit once tax is factored in. Neither management guidance nor a prior concall read is on record for this filing, and no analyst/street estimate could be located for this stock - a natural gap for a newly listed name (IPO completed 6 July 2026). The company's own 27 July 2026 press release headlines FY26 revenue of Rs352 Cr and EPS of Rs4.84, neither of which reconciles with the audited statement (Rs442.64 Cr revenue, Rs5.84 basic EPS); the statement, not the release, is treated as the number of record here. Auditors S N Shah & Associates issued an unmodified opinion. Separately, the company secured a Rs76.78 Cr order book for July-October 2026 (announced 13 July 2026), and the board met on 20 July 2026 to consider a bonus issue and dividend. Into Q1 FY27, the key markers are whether the July-October order book converts into a revenue/margin recovery from the Q4 FY26 trough, resolution of the bonus/dividend proposal from the 20 July board meeting, and the EPS/capital-base impact of the post-IPO paid-up capital increase to Rs4,414.22 Lakh. No forward guidance has been given by management on record.