Plastiblends Q1FY27: PAT +67% YoY to ₹14.95 Cr on RM-driven inventory gains, margins expand

Plastiblends India, the country's largest masterbatch maker, reported a strong-looking Q1 FY27 on a standalone basis: revenue from operations grew 11.0% YoY to ₹221.61 Cr and net profit jumped 67.5% YoY to ₹14.95 Cr (EPS ₹5.75 vs ₹3.43). The profit surge far outpaced the topline because margins widened sharply — PAT margin expanded 228 bps YoY to 6.75% and EBITDA margin 297 bps to 10.98% — so the print is a margin story, not a volume story.

Management is explicit that the margin gain is largely a one-off: Q1 saw inventory gains from continuous escalation of raw-material prices, and it states this "will normalize in ensuing quarters as prices have started to reduce." The filing does not quantify the inventory benefit, so a precise adjusted YoY PAT cannot be computed, but the caveat means the underlying run-rate profitability is lower than the +67% headline implies — the verdict should be read as strong-but-inventory-aided rather than a durable structural step-up. Cost of materials (₹162.40 Cr) still absorbed ~73% of revenue, and management separately flags rising power, wage, logistics and rupee-driven overhead pressure.

The stock went into the print at ₹195.79, up 16.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

PBT ₹20.23 Cr (+70% YoY) — total expenses ₹203.75 Cr, with materials ~73% of revenue; finance cost ₹0.40 Cr

Overheads (power, wages, logistics, weak rupee) rising — single-segment masterbatch business, exports called out as strong on customer wins

Sequentially the quarter was steadier: revenue +5.2% QoQ off a ₹210.62 Cr base and PAT +7.9% QoQ from ₹13.86 Cr, with margins only marginally better (PAT margin +16 bps QoQ), consistent with a business that is early in its seasonal year rather than inflecting. The company gives no formal forward guidance and there are no analyst consensus estimates on record for a stock of this size (~₹470 Cr mcap), so the result cannot be benchmarked against the street or a prior outlook. Concurrent corporate events are ownership-side, not operational — promoter-group entity Kolsite Corp sold ~1.77% and further shares in late June — with no bearing on the P&L. The board declared no interim dividend with these Q1 results (the ₹3/60% payout came with FY26 in April).