Amal Q1: consolidated revenue doubles to ₹96.5 Cr; PAT ₹16.7 Cr lifted by ₹5.6 Cr tax incentive

Amal Ltd reported a strong topline quarter on a consolidated basis: revenue more than doubled to ₹96.54 Cr (+104% YoY from ₹47.31 Cr) even with the annual planned plant shutdown falling in the quarter, and consolidated PAT rose 78% YoY to ₹16.73 Cr (EPS ₹13.53 vs ₹7.61). The subsidiary, Amal Speciality Chemicals, does the heavy lifting — standalone revenue was ₹26.75 Cr and standalone PAT just ₹2.43 Cr, so the bulk of group profit sits below the parent.

The headline profit growth is flattered by a one-off. ₹5.61 Cr of the ₹6.13 Cr consolidated other income is a one-time Gujarat State GST incentive recognised in the subsidiary (Note 4). Strip it out and underlying PAT growth is roughly +18% to +30% YoY (depending on tax treatment of the incentive), not +78%. Margins tell the same story: reported consolidated NPM fell to 17.3% from 19.7% a year ago, and ex-incentive net margin is closer to ~11-12% — so despite revenue doubling, profitability per rupee of sales compressed YoY as the growth came on lower-margin volume. The sequential comparison (PAT up nearly 8x over Q4's ₹1.90 Cr) is not meaningful: Q1 carried a planned maintenance shutdown that Q4 did not, so the QoQ jump is a shutdown/base artifact rather than momentum.

The stock went into the print at ₹714.95, up 31.2% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

Alongside results, the Board approved a capex to expand Sulphur Dioxide (SO2) capacity from 45 tpd to 105 tpd (+60 tpd, ~₹12 Cr, funded by internal accrual/debt, to be completed within two years) — a capacity signal that management says reflects near-full utilisation of the existing 45 tpd line. The company also carries a ₹1.50/share FY26 final dividend with a July 31, 2026 record date. Amal is a micro-cap bulk-chemicals maker with no analyst consensus on record, and management provides no formal forward guidance, so there is no street or guidance benchmark to judge this print against — it stands on the numbers: real operational doubling of revenue, genuine but far more modest underlying profit growth once the tax incentive is removed.