Alkyl Amines Q1FY27: PAT +91% YoY, revenue +30%, margins expand to 25.3%

Alkyl Amines' standalone revenue for Q1 FY27 came in at ₹528.01 Cr, up 30.2% YoY from ₹405.53 Cr and up 36.5% QoQ from ₹386.91 Cr. Standalone PAT of ₹94.63 Cr rose 91.4% YoY (₹49.44 Cr) and 108.6% QoQ (₹45.37 Cr), with basic EPS of ₹18.50 for the quarter versus ₹9.67 a year ago. The company reports only standalone numbers — it has no subsidiary, associate or joint-venture entity for the quarter, per note 5 of the filing, so there is no consolidated figure to reconcile against. Reported EBITDA margin (OPM) jumped to 25.3% from 18.9% a year ago and 18.3% last quarter, but the bulk of that expansion traces to one working-capital line: 'changes in inventories of finished goods and WIP' swung to a ₹48.04 Cr build this quarter, against a ₹23.37 Cr drawdown in Q4 FY26 and a ₹1.53 Cr drawdown a year ago — swings of roughly ₹71 Cr and ₹50 Cr respectively that mechanically lower recognised cost of goods sold. Normalising that swing back to flat cuts implied OPM to roughly 16%, below the 18-19% seen in the comparison quarters. Consistent with that, cost of materials consumed actually rose to 59.9% of revenue this quarter versus 53.8% a year ago and 48.1% last quarter — the raw-material cost ratio worsened even as the headline margin expanded. Management's prior (Q4 FY26) guidance had flagged 'cautious optimism that margins have bottomed out' on the back of passing through higher input costs; the reported margin did expand, but the underlying materials-cost trend suggests that pass-through has not yet shown up cleanly, and part of this quarter's margin story would reverse if the inventory build is drawn down next quarter. No consensus estimate for this specific quarter surfaced in a web search, so the print cannot be graded against a street number. Peer Balaji Amines separately reported a 114% YoY PAT jump for the same quarter, suggesting a sector-wide raw-material tailwind rather than one specific to Alkyl Amines. On June 3, 2026 the company issued a clarification on a volume surge in its stock ahead of results, and today's board meeting also approved a succession plan: Yogesh Kothari moves to Executive Chairman, Kirat Patel and Suneet Kothari are elevated to Joint Managing Director, and Rakesh Goyal is re-designated Executive Director – Operations, all effective October 1, 2026 and subject to shareholder approval by postal ballot. No management press release accompanied the filing and no fresh FY27 guidance was given beyond what was stated last quarter (5-10% volume growth, capex capped near ₹80-90 Cr); the inventory drawdown pace and materials-cost ratio in Q2 FY27 are the cleanest checks on whether this quarter's margin expansion holds.