Andhra Petrochemicals posts ₹3.25 Cr Q1 loss as propylene shutdown hits revenue -90% YoY

Andhra Petrochemicals reported a standalone net loss of ₹3.25 Cr for Q1 FY27 on revenue of just ₹14.09 Cr, as its Visakhapatnam plant remained shut for virtually the entire quarter following HPCL's suspension of propylene supply — triggered by the Iran-US-Israel conflict — from 17 March 2026. HPCL's partial resumption offer of 117 MT/day from 11 May 2026 was rejected by management as uneconomical, and the shutdown was extended to 4 August 2026, so the company recorded zero cost of materials consumed this quarter and generated its entire ₹14.09 Cr top line by liquidating finished-goods inventory (₹8.52 Cr drawn down). Revenue fell 90.0% YoY (from ₹141.46 Cr) and 82.2% QoQ (from ₹79.32 Cr). Net profit margin collapsed to -23.1% from -5.7% a year ago and +1.6% in the preceding quarter, since fixed costs (₹6.07 Cr employee expense, ₹3.77 Cr depreciation, ₹2.38 Cr finance cost) continued largely unchanged despite the plant being idle and absorbed almost none of the minimal revenue base. A ₹1.50 Cr deferred-tax credit cushioned the bottom line against the ₹4.75 Cr pre-tax loss. The absolute loss did narrow 61% from the ₹8.42 Cr loss a year ago, but that reflects a shrunken cost-versus-revenue base rather than any operational recovery — the deteriorating margin, not the smaller rupee loss, is the real signal. There is no management guidance or prior concall commentary on record for this company, and a web search turned up no analyst previews or consensus estimates — Andhra Petrochemicals carries no visible sell-side coverage, so vs-guidance and vs-street are genuinely unknown rather than a miss. The company's own event feed shows plant operations restarting 5 August 2026, the same day these results were approved, alongside routine governance items (board meeting, trading-window closure, AGM notice) that have no bearing on the numbers. No exceptional items were booked this quarter, unlike the ₹3.08 Cr exceptional charge in Q4 FY26, so this quarter's loss is entirely operating in nature. With the plant restarting only as the quarter closed, Q2 FY27 is the first quarter that will show whether propylene supply and pricing have normalised enough to restore production-linked revenue and cost of materials consumed.