Styrenix Q1FY27: consolidated PAT more than doubles YoY to ₹138 Cr as margins expand sharply

Styrenix's consolidated revenue for the quarter ended June 30, 2026 rose 7.1% YoY to ₹1,010.86 Cr (+22.4% QoQ), while PAT more than doubled YoY to ₹138.30 Cr, up from ₹51.92 Cr a year earlier and up 88.2% sequentially from ₹73.48 Cr in Q4 FY26. Consolidated EPS came in at ₹78.64 against ₹29.52 a year ago. The standalone entity posted PAT of ₹137.32 Cr (EPS ₹78.09), tracking closely with the consolidated figure, with the Thailand step-down subsidiary contributing ₹320.90 Cr of revenue and ₹5.03 Cr of PAT to the group. No exceptional items featured in either the current quarter or the year-ago quarter, so this is a clean like-for-like comparison rather than a base-effect artifact. The growth sits almost entirely on the cost line rather than volumes or pricing — cost of materials consumed fell to 69.9% of consolidated revenue from 82.7% a year earlier, pushing PBDIT margin to 22.1% from 10.6% YoY (15.5% in Q4 FY26) and net margin to 13.7% from 5.5% YoY. Employee and other expenses grew broadly in line with revenue, so the margin expansion is squarely a raw-material spread story. That is notable against management's own May-2026 concall guidance, which flagged only that "raw material and finished product prices are expected to move in tandem" — language implying broadly stable spreads rather than the sharp widening actually delivered — so on this specific metric the quarter reads as a beat versus the company's own cautious framing. Management gives no formal numeric guidance, and we found no analyst consensus estimates for this specific quarter — Styrenix is a thinly covered small-cap and no broker preview note turned up in search, so the print cannot be benchmarked against Street expectations. The ABS capacity expansion management flagged for H2 FY27 commissioning, and the longer-term plan to double ABS/SAN output in India while using Thailand as a capacity base (guided to turn attractive at 60-70% utilization), see no update in this filing. Alongside the results, the board declared an interim dividend of ₹23 per share (230% of face value), record date August 10, 2026 — a step-up in payout announced the same day as a June 2026 ITAT win deleting ₹17.11 Cr of additions, though that tax matter does not appear to have moved this quarter's effective tax rate, which held near 26.7% (26.5% standalone), consistent with a normal-course tax charge rather than a one-off credit.