Sahyadri Industries Q1 FY27: standalone PAT up 146% YoY to ₹26.5 Cr as margins expand sharply

Sahyadri Industries' standalone Q1 FY27 (quarter ended 30 June 2026) revenue from operations rose 20.5% YoY to ₹258.58 Cr (₹214.58 Cr) and 32.9% QoQ (₹194.52 Cr), while standalone PAT more than doubled YoY to ₹26.52 Cr from ₹10.77 Cr (+146%) and jumped 151% QoQ from ₹10.55 Cr. Net profit margin expanded to 10.15% from 4.99% YoY and 5.37% QoQ; the operating margin (EBITDA-type, ex-other income) widened to ~15.1% of net sales from 9.43% YoY and 9.64% QoQ. The margin bridge sits on the cost line: Cost of Materials Consumed grew only 8.6% YoY (₹128.81 Cr vs ₹118.65 Cr) against 20.5% revenue growth, and employee benefit expense was roughly flat (₹12.05 Cr vs ₹11.57 Cr), while other expenditure rose 12.4% (₹57.07 Cr vs ₹50.76 Cr) — the spread between revenue growth and input-cost growth, not volume alone, is what drove the jump in profitability. By segment, Building Material (the core business) contributed revenue of ₹256.20 Cr (+20.7% YoY) and a segment result of ₹33.22 Cr, nearly 2.4x the ₹13.86 Cr a year ago; Power Generation added ₹4.84 Cr of revenue and ₹1.73 Cr of segment profit, both broadly steady YoY. We have no prior formal guidance or concall commentary on record for this company, and a web search turned up no analyst previews or consensus estimates for this quarter — Sahyadri has no visible sell-side coverage, so vs-street and vs-guidance are both unknown rather than a miss or beat. No management press release accompanying this filing was available to cross-check framing. Alongside the results, the Board declared an interim dividend of ₹2.50/share (face value ₹10) for FY27, record date 21 August 2026, payable 8 September 2026 — following the ₹1.50/share final dividend recommended for FY26 in July. The company also disclosed continuing brownfield expansion: a 1,20,000 MT Asbestos Corrugated Sheet unit in Odisha, and a 72,000 MT Non-Asbestos Cement Board plant in Maharashtra where land acquisition is still in process — no capex figures were disclosed for either. Going into Q2 FY27, the key markers are whether the current cost/price spread on raw materials holds (it is the entire margin-expansion story this quarter), progress on the two under-construction units, and the yet-to-be-notified New Labour Code rules that the company flagged could bring further one-off provisioning beyond the ₹0.645 Cr already booked in FY26.