Patanjali Foods Q1 FY27: consolidated PAT surges 86% YoY as margins expand, revenue +29%

Patanjali Foods reported consolidated revenue of ₹11,337.5 Cr for the quarter ended June 30, 2026, up 29.3% YoY from ₹8,766.0 Cr, and consolidated PAT of ₹335.7 Cr, up 86.2% YoY from ₹180.4 Cr, with basic EPS at ₹3.09 versus ₹1.66 a year ago. Both the current and year-ago quarters carried no exceptional items, so the YoY comparison is clean rather than one-off-flattered. Actual PAT and revenue both came in above a Uniresearch trailing-growth preview that had pegged the quarter at ₹232-295 Cr PAT and ₹9,394-10,808 Cr revenue — a beat on that yardstick, though it was an internal projection rather than formal sell-side consensus. Consolidated NPM expanded to 2.96% from 2.02% YoY, and total segment EBIT jumped 117% to ₹587.8 Cr from ₹270.3 Cr — but the source is lopsided. Edible Oils, the low-margin core segment, saw EBIT surge more than 5x YoY (₹412.2 Cr vs ₹82.1 Cr; margin 4.85% vs 1.23%) off an easy base and favourable pricing, while FMCG — the segment management has guided as the profit-mix driver — grew revenue 35.4% YoY to ₹2,937.7 Cr but saw EBIT fall 8.6% to ₹173.7 Cr, with margin compressing to 5.9% from 8.8%. Nearly all of this quarter's profit growth therefore traces to an Edible Oils recovery, not the FMCG-led margin mix-shift management has been signaling. Management's last concall (February 2026) guided 8-10% long-term revenue growth in Foods, 15% in HPC, 3-4% edible-oil volume growth, and progress toward a double-digit consolidated EBITDA margin via a rising high-margin FMCG mix. FMCG revenue growth of 35.4% YoY is well ahead of that food-growth band, but this quarter's margin compression in that same segment cuts against the 'increasing contribution from high-margin FMCG products' framing management gave in February. QoQ, revenue rose a modest 1.6% while PAT fell 35.9% versus Q4 FY26's ₹524.0 Cr — but that base quarter was inflated by the ₹168.8 Cr exceptional charge (netted against a bigger pre-exceptional profit) and, more materially, a ₹330.0 Cr one-off earlier-years tax credit; on an operating basis Q1 FY27 is not a sequential slowdown. Unallocated/corporate items swung to a ₹93.4 Cr net drag this quarter from a marginal ₹2.0 Cr addition a year ago, a modest partial offset to the segment-level profit jump. Alongside results, the Board declared a 3rd interim dividend of ₹1.50/share for FY26 and a 1st interim dividend of ₹0.80/share for FY27 (record date August 21, 2026), and re-appointed Acharya Balkrishna as Chairman subject to shareholder approval at the AGM on September 29, 2026. The quarter's other regulatory items — an ₹80.38 lakh Rajasthan tax penalty and a food-safety recall order on a wheat-flour batch — are immaterial against the scale of the results. Management hosts its Q1 FY27 earnings call on August 17, 2026, which will be the near-term marker for whether the FMCG margin dip is transient and whether the Edible Oils margin recovery holds as global prices normalize.