Supreme Petrochem Q1: consolidated PAT nearly triples YoY to ₹238 Cr on margin snap-back

Supreme Petrochem opened FY27 with a consolidated Q1 print that overran its own cautious setup: revenue rose 22.3% YoY to ₹1,714.5 Cr and net profit jumped to ₹237.6 Cr from ₹82.1 Cr a year ago — up ~189% — with EPS of ₹12.62 versus ₹4.35. The move is a margin story, not just a volume one: net margin widened to ~13.9% from 5.8% in Q1 FY26 and 10.4% last quarter, and operating margin expanded to roughly 19% from 8.3% a year earlier. The base was depressed (Q1 FY26 net profit had itself fallen ~34% YoY), so the optics flatter, but the sequential step-up (+6.8% revenue, +40.8% PAT QoQ) confirms the recovery is real and not purely a low-base effect. There are no exceptional items either this quarter or in the year-ago quarter, so the YoY growth is clean; only the QoQ base (Q4 FY26) carried a small ₹2.9 Cr labour-code charge.

The swing sits on the spread line — cost of materials consumed and stock-in-trade movements drove the gross-margin expansion, consistent with styrene/polystyrene spreads recovering off the raw-material volatility management flagged on the Q4 call. On that call management was explicitly cautious, said it could not predict Q1 given extreme feedstock volatility and non-OEM demand softness, and offered only a conditional 8–10% FY27 volume guidance; this print materially beats that near-term framing on profitability, though the filing gives no Q1 volume figure to confirm the demand-recovery leg. Alongside the results the Board approved a new 80,000 TPA polystyrene line at Amdoshi (₹325 Cr, internal accruals, on-stream by March 2029), which will lift polystyrene capacity to 3,80,000 TPA and extends the capex cycle management outlined earlier. The company remains debt-free.

The stock went into the print at ₹760.9, up 2.8% over the past month of trading.

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

No published brokerage consensus for the quarter was found (the stock carries a 'Hold' screen rating), so the print can't be scored against a hard number; against management's own cautious guidance it is a clear beat on margins. Standalone and consolidated tell the same story — standalone PAT ₹236.3 Cr against consolidated ₹237.6 Cr — as the Xmold subsidiary is immaterial.