NR Agarwal Q1 FY27: standalone PAT more than doubles YoY to ₹35 Cr, margins expand

N R Agarwal Industries reported standalone Q1 FY27 (quarter ended June 30, 2026, unaudited) revenue from operations of ₹646.96 Cr, up 43.1% YoY from ₹452.14 Cr and up 6.9% QoQ from ₹605.39 Cr. Net profit came in at ₹34.98 Cr, more than double the ₹16.55 Cr reported a year ago (+111.3% YoY) and up 146.3% QoQ from ₹14.20 Cr. Basic EPS was ₹20.55 versus ₹9.72 YoY and ₹8.34 QoQ. The company reports only standalone numbers — paper and paperboard manufacturing is its single reportable segment and there is no consolidated statement in this filing. The growth was margin-led. Operating margin (EBITDA over revenue from operations, derived from the disclosed cost lines) expanded to 11.48% from 3.65% a year ago and 9.36% last quarter. Cost of materials consumed rose to ₹426.15 Cr from ₹298.45 Cr YoY (~43%), roughly tracking revenue, but finance costs and depreciation grew more slowly, letting operating profit scale faster than the topline. Net margin, measured on total income, rose to 5.36% from 3.46% YoY and 2.34% QoQ. There were no exceptional items on either side of the YoY comparison, so the reported +111.3% PAT growth is also the clean, unadjusted figure — no one-off is inflating it. The company gives no formal guidance and there is no prior concall read in our records, so this quarter cannot be benchmarked against management's own targets. A web check for Street estimates turned up only generic pre-result commentary (order-book execution and capex-revival themes, from a Univest preview) with no numeric consensus PAT or revenue figure published for this small-cap, so vsStreet is unknown rather than assumed. Alongside the results, the company is heading into its 33rd AGM on September 2, 2026, and had earlier (May 12, 2026) approved a ₹2/share FY26 final dividend and disclosed a capacity upgrade at Unit VI to 1,500 TPD with a revised project cost — both point to continued capital commitment to the core paper business, even as a concurrent MOA amendment opened the door to property development. Going into Q2 FY27, the key question is whether the margin expansion holds — 11.48% OPM sits well above the company's recent quarterly range of 3.6%-9.4%, and paper-sector margins are typically sensitive to waste-paper and pulp input costs, which aren't broken out in this filing. The Unit VI capacity ramp-up is the other swing factor for volume and revenue trajectory over the next few quarters.