GM Breweries Q1 FY27: PAT +46% YoY to ₹37.7 Cr, margins expand despite QoQ dip

GM Breweries' consolidated Q1 FY27 print (standalone is identical, since the newly floated real estate subsidiary hasn't commenced operations) showed revenue from operations up 25.9% YoY to ₹802.9 Cr (₹638.0 Cr in Q1 FY26) and PAT up 45.9% YoY to ₹37.74 Cr (₹25.86 Cr), with EPS at ₹16.52 versus ₹11.32. Sequentially revenue was near-flat, down 1.1% QoQ from ₹812.1 Cr, but PAT fell 30.2% QoQ from ₹54.07 Cr in Q4 FY26 — since YoY is the primary read, this is a strong quarter and the QoQ drop is a base-quarter effect against an unusually strong Q4, not a reversal of the underlying growth. Margins expanded YoY: NPM rose to 4.67% from 4.02% (+65 bps) and OPM (EBITDA/revenue) to 5.79% from 4.84% (+95 bps), driven by cost of materials consumed growing only 14.2% YoY (₹121.1 Cr to ₹138.3 Cr) against 25.9% revenue growth — materials fell from 19.0% to 17.2% of revenue — while employee costs rose just 6.5%. Sequentially the same materials line reversed the gain: it climbed to 17.2% of revenue from 16.2% in Q4 FY26 even as revenue was flat, which explains the QoQ margin compression (NPM 6.52%→4.67%, OPM 6.45%→5.79%). No exceptional items appear in either the current or year-ago column, so all of these swings are purely operational. No street estimates for this print turned up in a search — GM Breweries is a small-cap country-liquor maker with thin analyst coverage, so vsStreet is unknown. Management has issued no formal guidance and there is no prior concall on record, so there is nothing to check the print against either; the filing itself carries no management commentary beyond the standard notes. The lone concurrent corporate action is a 90% final dividend declared for FY26 (record date May 27, 2026), unrelated to this quarter's operating performance. Operations remain confined to the single country-liquor segment, and the wholly-owned real estate subsidiary floated with ₹1 lakh capital has recorded no transactions yet.