Chembond Q1: consolidated PAT +52% YoY to ₹9.55 Cr on 32% revenue growth, margins widen

Chembond's Q1 FY27 consolidated print is a clean year-on-year beat with no one-offs on either side: revenue rose 32.3% to ₹86.48 Cr and net profit 52.3% to ₹9.55 Cr (EPS ₹3.54 vs ₹2.33), lifting net margin to 11.04% from 9.21% a year ago. The sequential dip — revenue −14.7% and PAT −17.9% against Q4's record ₹101.38 Cr / ₹11.63 Cr — is seasonality that management had flagged on the last call: Q4 is the group's strongest quarter and Q1 its softest, so YoY is the fair read and QoQ softness is expected, not a slowdown.

The growth is subsidiary-led. Standalone (parent) revenue was essentially flat at ₹18.44 Cr (−0.3% YoY), so the entire consolidated topline gain came from the water-technologies and distribution subsidiaries — consistent with management's optimistic last-call guidance on water-technologies wins and holding/exceeding its run rate. Standalone profit did jump to ₹2.70 Cr from ₹1.12 Cr, but that was partly a deferred-tax swing (₹0.09 Cr credit this year vs an ₹0.82 Cr charge last year) rather than pure operating gain. Consolidated operating margin expanded modestly YoY (≈13.1% vs 12.9%) yet sits well below Q4's 15.7%, so margin recovery in construction chemicals and distribution — where management said it is working to recoup sales and improve profitability — remains the swing factor.

The stock went into the print at ₹258.95, up 38.6% over the past month of trading.

For context: PAT has now risen for 3 consecutive quarters.

No exceptional items — unaudited/limited-reviewed. Group adopted new Sec 200 tax regime (Income Tax Act 2025).

No brokerage consensus exists for this ~₹600 Cr micro-cap, so there is no formal street bar to beat or miss; measured against management's own prior framing the quarter is on-track — strong YoY growth, water-tech traction, and a seasonally soft Q1 as forecast. On corporate actions, the ₹1.25/share (25%) FY26 final dividend goes to the 3rd AGM on July 31, 2026, and the group has adopted the new Section 200 tax structure under the Income Tax Act, 2025 (one subsidiary excepted). No management press release was extracted with this filing.