Gujarat Themis Biosyn Q1 FY27: consolidated PAT up 22% YoY to ₹11.07 Cr as OPM expands 870bps

Gujarat Themis Biosyn's Q1 FY27 consolidated results (identical to standalone this quarter) show revenue of ₹43.79 Cr, up 22.1% YoY from ₹35.87 Cr, and PAT of ₹11.07 Cr, up 22.1% YoY from ₹9.06 Cr; EPS rose to ₹1.02 from ₹0.83. Sequentially the quarter was flat — revenue down 1.0% and PAT up 1.6% versus Q4 FY26. No exceptional items featured in either period. There is no analyst/street consensus coverage identifiable for this micro-cap (paid-up capital ₹10.90 Cr) and no formal management guidance on record, so the print cannot be benchmarked against external expectations; no separate management commentary or press release was available for this filing beyond the regulatory results statement. Operating margin (EBITDA/revenue) expanded sharply to 47.5% from 38.8% a year ago (+870 bps), as revenue growth of 22.1% outran total expense growth of 19.7%. Much of the expense relief came from a bigger favourable swing in finished-goods/work-in-progress inventory build (₹-3.91 Cr this quarter versus just ₹-0.20 Cr YoY), which lowers the cost of goods recognised in the P&L, while employee costs rose faster than revenue at 51.7% YoY to ₹4.72 Cr. Net profit margin, however, was nearly flat at 25.2% versus 25.1% YoY — the operating-line gain was largely absorbed below the line by finance costs jumping to ₹1.79 Cr from just ₹0.04 Cr YoY and depreciation rising to ₹3.97 Cr from ₹2.03 Cr YoY, consistent with new capacity/assets coming onto the books and additional borrowing. This is the company's first quarter reporting consolidated numbers, following incorporation of two wholly-owned subsidiaries, Themis Biosyn Japan and Themis Biosyn Ireland, both yet to commence operations and contributing nil revenue, profit and comprehensive income this quarter. Alongside the results, the company has called an EGM for August 22 to approve related-party transactions, and shareholding records this quarter show the promoter group releasing 25.45 lakh shares (1.51% of holding) from pledge while separately creating a fresh indirect encumbrance covering 47.02% of the promoter stake; promoter Sachin D Patel separately acquired 5.23 lakh shares. With finance costs and depreciation now running near ₹1.8 Cr and ₹4.0 Cr a quarter respectively, net margin is likely to keep tracking revenue growth rather than the wider EBITDA-margin gains unless the borrowing/asset base stabilizes. The Aug 22 EGM outcome on related-party transactions and whether the Japan/Ireland subsidiaries begin contributing to consolidated financials are the near-term items to track.