Indo Amines Q1FY27: Consol. PAT +7% YoY to ₹30.8 Cr, tax bite offsets 30% revenue growth

Indo Amines' consolidated revenue for Q1 FY27 (quarter ended June 30, 2026) rose 30.3% YoY to ₹374.64 Cr from ₹287.59 Cr, and 17.96% sequentially from ₹317.61 Cr. Consolidated PAT, however, grew a modest 6.6% YoY to ₹30.76 Cr (from ₹28.84 Cr), even though it jumped 49.97% QoQ from ₹20.51 Cr — the QoQ jump isn't the headline here since profit growth trails revenue growth on the YoY read that matters. Standalone PAT of ₹30.63 Cr tracks closely with the consolidated number, so the two statements tell a broadly consistent story this quarter.

The gap between strong topline growth and muted bottom-line growth is a tax story, not an operating one. Operating margin (OPM) actually expanded to ~14.09% from 10.89% a year ago and 10.78% last quarter, and PBT grew a healthier 17.2% YoY to ₹41.68 Cr. But tax expense rose 62.7% YoY to ₹10.92 Cr (from ₹6.71 Cr), pushing the effective tax rate to ~26.2% from ~18.9% a year ago — that alone absorbed most of the PBT gain by the time it reached the PAT line, so net margin (NPM) slipped to 8.18% from 9.52% YoY, even as it improved from 6.34% last quarter. No exceptional items were recorded in either period, so this is a clean like-for-like comparison.

The stock went into the print at ₹137.95, up 2.5% 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.

Consolidated basic EPS ₹4.19 vs ₹3.94 a year ago (+6.3%) — standalone basic EPS ₹4.17.

Management gives no formal guidance or outlook on record, and no prior concall commentary is in our records, so there is no beat/met/miss call against management's own targets; a web search found no visible analyst consensus estimates for this print either, so the street comparison is unknown. No management press release was available to cross-check against the numbers. On the regulatory front, the Gujarat Pollution Control Board's closure directions on the company's Vadodara (Tundav) plant — issued July 21, 2026 — were revoked on August 11, 2026, subject to compliance conditions; the company states there was no financial impact in the quarter, with any effect to be assessed in the subsequent quarter if it arises. Separately, the board granted 560,000 ESOPs during the quarter, with ₹21.24 lakh recognized as compensation expense — immaterial to the P&L.