Alufluoride Q1FY27: consolidated PAT -11.5% YoY, revenue -39% on FSA supply crunch

Alufluoride's consolidated Q1 FY27 (quarter ended 30 June 2026) revenue fell 39.3% YoY to ₹26.57 Cr from ₹43.76 Cr, and consolidated PAT fell 11.5% YoY to ₹2.75 Cr from ₹3.10 Cr (EPS ₹3.51 vs ₹3.97). Sequentially the decline is sharper — revenue down 48.5% QoQ and PAT down 26.9% QoQ versus Q4 FY26 (₹51.60 Cr revenue, ₹3.76 Cr standalone-comparable PAT) — though Q4 FY26 carried a one-off ₹0.96 Cr exceptional charge that limits a clean QoQ read. Standalone PAT was ₹2.88 Cr (EPS ₹3.68), marginally ahead of the consolidated number; the wholly-owned Singapore subsidiary, Alufluoride International Pte Ltd, added a ₹0.14 Cr comprehensive loss on negligible revenue (₹0.0065 Cr) this quarter, per the auditor's note. The revenue decline traces directly to a disruption in Fluo-Silicic Acid (FSA), the company's critical raw material, which management attributes to geopolitical tensions from the US-Iran conflict — this cut production volumes through the quarter, consistent with the company's own 23 May disclosure of 'temporarily reduced' operations at its Visakhapatnam plant and its 15 July disclosure that the plant had 'resumed normal operations.' Despite the steep topline fall, net margin actually expanded to 9.49% from 7.04% a year ago (7.36% in Q4 FY26) — but this is not an operating-improvement story: other income jumped to ₹2.36 Cr from ₹0.34 Cr YoY (~6.9x), while core operating profit (revenue less costs excluding finance and depreciation, by our calculation) fell roughly 37% YoY, in line with the volume loss. Strip out the other-income effect and underlying earnings power tracked the topline decline, not the reported PAT cushion. There is no consensus estimate or brokerage preview available for this print — a web search turned up no organised street coverage for this micro-cap — so vsStreet is unknown; the company has also issued no formal prior guidance on record, so there is no beat/miss call to make there either. Management's own framing, in its results note, is forward-looking rather than a scorecard on this quarter: it says it 'is hoping of improved FSA supplies from the current quarter onwards' (i.e., Q2 FY27) and that completed project expansion should lift production and revenue 'in the coming quarters' — a claim to verify at the next print, not evidence in this one. Corporate-calendar items this quarter were unrelated to the numbers: the board recommended a ₹4/share final dividend with an AGM held 16 July, and shareholders were separately asked to approve a director's continuation past age 75.