Jubilant Agri Q1FY27: revenue +18% YoY, PAT growth lags at 5% as margins compress

Jubilant Agri and Consumer Products posted consolidated revenue of ₹523.18 Cr for Q1 FY27 (quarter ended June 30, 2026), up 18.4% YoY from ₹441.95 Cr but only 7.8% QoQ from ₹485.20 Cr. Consolidated PAT was ₹46.11 Cr, up just 4.5% YoY from ₹44.13 Cr — trailing revenue growth by roughly 14 percentage points — though it jumped 131% QoQ off a weak ₹19.93 Cr base in Q4 FY26, a base-effect swing rather than a trend signal (that quarter also carried a ₹1.19 Cr exceptional charge, absent this quarter). Consolidated basic EPS was ₹30.43 versus ₹29.29 a year ago. Standalone PAT (excluding the two subsidiaries) grew a slightly faster 7.5% YoY to ₹45.53 Cr from ₹42.35 Cr — a modest ~3-point divergence from the consolidated print, not a materially different story. The gap between revenue and profit growth is a margin story. Consolidated net margin compressed to 8.81% from 9.94% a year ago, and the PBT margin (before exceptional items) fell to 11.77% from 13.17%. The driver sits on the cost-of-materials line: cost of materials consumed rose 40% YoY (₹318.95 Cr vs ₹227.83 Cr), pushing the materials-to-revenue ratio from roughly 52.5% to 61.5%. At the segment level, Performance Polymers & Chemicals — the growth engine — grew revenue 27.9% YoY to ₹398.40 Cr with segment PBIT up ~20% to ₹65.36 Cr, but the P&K Fertilizers segment's PBIT collapsed 61% YoY to ₹5.04 Cr from ₹13.00 Cr even as fertilizer segment revenue slipped 2.6% YoY (₹135.48 Cr vs ₹139.11 Cr) — fertilizers, not polymers, is where the margin pressure concentrated. Management gives no formal guidance on record, and no management press-release commentary beyond the regulatory filing was available. A web search found no analyst/consensus estimates for this small-cap stock this quarter, so vsStreet and vsGuidance are both unknown. Separately, the company's demerger of its Agri Division into Jubilant Agri Solutions Ltd continues to progress: following NOCs from NSE/BSE in April 2026, the Allahabad Bench of the NCLT ordered (July 8, 2026) that shareholder and unsecured-creditor meetings be held September 5, 2026 to approve the scheme — a structural change that will eventually separate the polymers/chemicals business from the fertilizer and agri-nutrients business reported here, with no P&L impact this quarter.