IIL Q1 FY27: consolidated PAT down 24% YoY to ₹43.9 Cr, revenue down 12%, margins dip

Insecticides (India) Ltd's consolidated Q1 FY27 (June 2026) print missed the growth management had guided for at the Q4 FY26 call — where it had flagged "cautious optimism" for top-line and bottom-line growth "visible from Q1." Instead, consolidated revenue from operations fell 11.5% YoY to ₹611.5 Cr (from ₹691.1 Cr) and PAT fell 24.5% YoY to ₹43.9 Cr (from ₹58.1 Cr, EPS ₹15.08 vs ₹19.97), a clear miss against that outlook. No consensus/street estimate for this specific quarter could be found in a web search, so vsStreet is unknown rather than assumed.

Margins compressed on both counts: net margin fell to roughly 7.2% from 8.4% a year ago, and operating margin to about 11.1% from 12.2%. The squeeze sits below the gross-margin line — cost of materials consumed was actually down ~3.9% YoY — and instead comes from finance costs (+26% YoY to ₹4.69 Cr) and depreciation (+33% YoY to ₹9.71 Cr) rising well ahead of revenue, alongside a >2x jump in purchased stock-in-trade (₹106.96 Cr vs ₹45.10 Cr) that points to a heavier reliance on bought-out/job-work formulations this quarter rather than in-house volume growth.

The stock went into the print at ₹623, down 6.3% over the past month of trading.

For context: PAT has now risen for 2 consecutive quarters.

The sequential comparison looks strong — revenue up ~43% and PAT up ~275% QoQ against a seasonally weak Q4 (Jan-Mar is agrochemical off-season; June-quarter demand tracks kharif sowing) — but that is a seasonality artifact typical of the sector and not a trend signal; the YoY decline is the number that matters. Consolidated results include two subsidiaries, IIL Biologicals and Kaeros Research (formerly Kaeros Research Private Ltd), which together contributed ₹57.1 Cr revenue and ₹2.9 Cr PAT this quarter per the auditors' other-matters note — an early, still-small read on whether Kaeros can deliver the "significant future growth" management pointed to at the last call. Standalone PAT of ₹41.8 Cr against consolidated ₹43.9 Cr reflects that subsidiary/JV contribution; no company press release commentary was available in the source context to cross-check management's own framing of the quarter.