Knack Packaging's first post-listing print: consolidated PAT +48% YoY, margins expand

In its first result since listing on NSE and BSE on July 8, 2026, Knack Packaging reported consolidated revenue of ₹262.5 Cr for Q1 FY27, up 41.1% YoY (₹186.0 Cr in Q1 FY26) and 22.5% QoQ (₹214.3 Cr in Q4 FY26). Consolidated PAT came in at ₹30.5 Cr, up 47.9% YoY and 24.9% QoQ, with EPS of ₹3.05 versus ₹2.06 a year ago. Standalone PAT grew faster, +58.9% YoY to ₹31.5 Cr (EPS ₹3.15), because the consolidated number carries a ₹3.4 Cr share-of-loss from the company's Mexican joint venture, Sayem Knack S.A. de C.V., which was barely active in the year-ago quarter — a genuine but non-recurring-in-comparison drag rather than a like-for-like divergence in the core business. Margins expanded on both bases: consolidated operating profit (before JV share, exceptional items and tax) came in at 17.3% of revenue versus 15.0% YoY and 15.4% QoQ. Cost of materials consumed rose faster than revenue (+58.8% YoY on a standalone basis), but this was cushioned by a sharp build-up in finished-goods and work-in-progress inventory (₹31.6 Cr consolidated, versus ₹6.7 Cr a year ago), which mechanically reduces the cost-of-goods-sold line for the quarter — a driver worth watching for reversal once that inventory is sold through. There is no exceptional item in the current or comparison quarters (the ₹1.08 Cr Labour Codes charge sits only in FY26 full-year figures), so no raw-vs-adjusted growth split is needed here. We have no prior guidance or concall commentary on record for this company, and being freshly listed there is no analyst/street consensus estimate available for this quarter — a web search for Q1 FY27 previews returned only news of the scheduled August 10, 2026 earnings call, not estimates, so vsStreet and vsGuidance are both unknown rather than assumed. No separate management press release was available in the context to cross-check against the numbers. The quarter's other corporate action — a July 15, 2026 lease of additional factory, plant and machinery to expand capacity — lines up with the strong revenue print and is the more relevant forward marker than the routine CS/Compliance Officer appointment disclosed alongside these results.