Sigachi Q1 FY27 consolidated PAT swings to ₹8.1 Cr YoY; adjusted profit down ~59%

Sigachi Industries' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue was ₹121.27 Cr, down 5.4% YoY (from ₹128.25 Cr) and roughly flat QoQ (-0.5% versus ₹121.90 Cr in Q4 FY26). Consolidated profit for the period was ₹8.14 Cr (₹6.76 Cr attributable to shareholders, EPS ₹0.18) against a reported loss of ₹100.97 Cr a year ago — on the surface a turnaround. Standalone PAT was ₹6.51 Cr on revenue of ₹98.28 Cr, EPS ₹0.17. That YoY swing is a base effect, not an operating recovery: the year-ago quarter carried a ₹121.01 Cr one-off exceptional charge (both standalone and consolidated) that pushed it into a large reported loss, while this quarter has no exceptional item. Stripping the one-off from the year-ago base, consolidated PAT was ~₹20.04 Cr a year ago — so like-for-like, this quarter's ₹8.14 Cr profit is down roughly 59% YoY even as the reported number went from loss to profit. The compression shows up on operating margin: EBITDA (PBT before exceptional items plus finance costs and depreciation) was ₹17.52 Cr, a margin of 14.4% of revenue, versus ~21.9% a year ago on the same adjusted basis, and about flat against Q4 FY26's 14.6%. Sequentially, reported PAT rose 6.5% QoQ (₹8.14 Cr vs ₹7.65 Cr), but Q4 FY26 also carried a small ₹1.14 Cr exceptional loss, so the underlying QoQ trend is closer to flat. This lines up with what management flagged on the Q3 FY26 concall (Feb 2026): a slow, gradual recovery, FY27 as 'a year of partial momentum without specific revenue targets,' and a return to 20%+ EBITDA margins pushed out to FY28 — this quarter's flat topline and sub-15% margin are consistent with that cautious framing rather than a beat or a miss. No press release or MD&A commentary accompanied this filing beyond the bare BSE outcome letter, so there is no fresh management quote to weigh against the numbers, and a web search turned up no analyst consensus estimates specific to this quarter, so vsStreet is unknown. The quarter's other board actions — approval of the un-audited results, and forfeiture of 3.51 Cr convertible warrants (₹22.88 Cr forfeited) allotted to promoters and investors in August 2023 whose conversion option lapsed unexercised — are capital-structure/governance items unconnected to operating performance. The company's stated near-term catalyst remains commissioning of the 12,000 MTPA MCC and 1,800-ton CCS facility at Dahej, targeted for Q3 FY27, which management calls critical to future growth. Until that capacity comes online, this quarter suggests margin recovery is tracking the cautious FY28 guidance rather than accelerating, and topline growth has yet to show up in the reported numbers.