Paushak Q1: revenue leaps ~50% YoY to ₹83.6 Cr, PAT +25% to ₹15.1 Cr as margins slip

Paushak's Q1 FY27 (standalone; the company reports no consolidated statement) marks a clear step-change in scale: revenue from operations jumped ~49.5% YoY to ₹83.55 Cr from ₹55.88 Cr, and rose ~51.5% sequentially from a flat ₹55.14 Cr in Q4. This ends several quarters of stagnant topline — the year-ago and prior quarters were both stuck near ₹55 Cr — so the June-quarter print is a genuine acceleration rather than seasonality for this single-segment specialty (phosgene-derivative) chemicals maker. Net profit rose ~25.5% YoY to ₹15.10 Cr and ~20.7% QoQ.

The catch is that profit grew at roughly half the pace of revenue, so margins compressed. Net margin fell to ~18.1% from 20.8% a year ago (and 19.7% in Q4), and operating margin eased to ~30.7% from ~31.9%. The squeeze traces to a sharply higher raw-material intensity — cost of materials consumed nearly tripled YoY to ₹28.99 Cr from ₹10.86 Cr — plus a doubling of depreciation to ₹8.42 Cr (from ₹4.06 Cr) and a jump in finance costs to ₹1.36 Cr (from ₹0.04 Cr). The depreciation and interest step-ups point to newly commissioned capacity now flowing through the P&L, which also explains the volume-led revenue surge. Other income was modest at ₹3.15 Cr versus an unusually high ₹8.21 Cr in Q4, so the profit growth is operational, not propped by treasury gains.

The stock went into the print at ₹601.05, up 17.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

No analyst consensus or brokerage preview exists for a stock of this size, and management provides no formal guidance, so there is no street bar to grade against. This was an unaudited result carrying a clean limited-review opinion (CNK & Associates), with no exceptional items on either side — so the ~25% YoY PAT growth is the underlying number, requiring no adjustment. Alongside the result, the board's July calendar included the FY26 dividend (₹2.50, record date 23 July), the 53rd AGM, and the bonus-and-split mechanics that restated per-share figures (paid-up capital is 4x YoY at ₹12.33 Cr; EPS of ₹6.13 compares with a restated ₹4.88 a year ago). The key question the print sets up is whether the new capacity can hold volume growth while pulling margins back toward the historical ~20% net / ~32% operating band.