Apcotex Q1 PAT quadruples to ₹78.9 Cr as margins vault to 15%; revenue +40% YoY

Apcotex Industries reported a standout June quarter, with standalone revenue from operations rising ~40% YoY to ₹525.6 Cr (Q1 FY26: ₹375.8 Cr) and up ~32% sequentially from ₹397.6 Cr. Net profit after tax more than quadrupled to ₹78.9 Cr from ₹19.2 Cr a year ago (+312%) and jumped 127% from ₹34.7 Cr in Q4 FY26, lifting basic EPS to ₹15.23 (not annualised) from ₹3.70. There were no exceptional items on either side, so the reported and underlying growth are the same — this was operationally driven, not one-off.

The story is margins, not just topline. Net profit margin expanded to ~15.0% from 5.1% a year ago and 8.6% last quarter, and operating margin (EBITDA basis) widened to roughly 22% versus 10.3% YoY. Cost of materials at ₹376.5 Cr rose far slower than revenue, and a large finished-goods inventory build (change in inventories of +₹37.3 Cr, shown as a negative expense) held cost of goods down and flattered in-period gross margin. Employee costs also fell sequentially to ₹23.9 Cr from ₹36.7 Cr in a bonus-heavy Q4, while finance costs eased to ₹2.1 Cr. The result sits well above the FY26 full-year averages management had guided to on its May concall — where it projected low double-digit FY27 volume growth on near-full-capacity utilisation and full-year margins better than FY26 — so the print runs comfortably ahead of that bar, one quarter in.

The stock went into the print at ₹672.75, up 32.5% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

As a single-segment synthetic-emulsion-polymers maker (~₹3,000–4,000 Cr mcap), Apcotex has no formal Street consensus to beat, and no brokerage preview was on record for the quarter. The board approved these audited results at its July 29 meeting, with a management earnings call scheduled for July 30. The key caveats going into H2: management has flagged raw-material price volatility and geopolitical risk as near-term swing factors, and no major new capacity (NBR and synthetic latex expansions) is due until Q1 FY28 — so growth from here leans on spreads and existing-asset utilisation rather than fresh volume.