Nahar Poly Films Q1 FY27: consolidated PAT falls 36% YoY as OPM nearly halves to 9.5%

Nahar Poly Films' consolidated PAT for Q1 FY27 (quarter ended 30 June 2026) fell 35.95% YoY and 43.0% QoQ to ₹11.68 Cr, even though revenue from operations of ₹159.92 Cr was down a more modest 18.72% YoY / 4.63% QoQ — profit declined faster than revenue on both counts, the signature of margin compression rather than a demand-only story. Standalone (core, pre-associate) PAT fell far more steeply, down 58.2% YoY to ₹6.23 Cr from ₹14.90 Cr, showing the consolidated print looked comparatively better only because of a strong associate contribution.

OPM nearly halved to 9.48% from 14.12% a year ago and 18.61% last quarter, while NPM slid to 7.10% from 9.13% YoY and 11.96% QoQ. Total expenses of ₹154.48 Cr fell only 13.9% YoY against an 18.7% drop in revenue; the combined employee, depreciation and finance-cost base (₹17.62 Cr) declined just 2.0% YoY (employee expense ₹7.91 Cr, depreciation ₹8.11 Cr, finance costs down to ₹1.61 Cr from ₹2.24 Cr), so these largely fixed costs consumed a much larger share of a smaller revenue base — the core driver of the compression. Consolidated PAT held up better than standalone only because the share of profit from associate Nahar Capital and Financial Services Ltd rose 63.5% YoY to ₹5.46 Cr from ₹3.34 Cr, adding proportionally more to the bottom line as the core BOPP-films business weakened.

The stock went into the print at ₹276.8, up 9.1% over the past month of trading.

Basic EPS: consolidated ₹4.75 (vs ₹7.42 YoY, ₹8.34 QoQ) — standalone ₹2.53 (vs ₹6.06 YoY).

There is no formal management guidance on record and management issued no separate press commentary with this filing. The closest available outside marker is CARE Ratings' April 2026 credit note, which pegged FY27 revenue scale above ₹850 Cr and PBILDT margin above 18% for the company — against that, Q1's ₹159.9 Cr revenue and 9.48% OPM are running behind both markers. No analyst consensus or street estimates for this print were found (a web search for a Q1 FY27 preview turned up no brokerage coverage), consistent with the company's small size, so vsStreet is marked unknown rather than assumed. Results are un-audited, having gone through limited review by YAPL & Co. Corporate developments this quarter were administrative — reappointment of four independent directors for a second five-year term, AGM set for 25 September 2026, and 4 September 2026 fixed as record date for the FY26 final dividend of ₹1.50/share — none bear on the operating numbers.