Yasho Q1: consolidated PAT ₹36 Cr on 11.7% margin as exports drive 55% YoY revenue jump

Yasho Industries opened FY27 with its strongest quarter on record. Consolidated revenue rose ~55% YoY to ₹307.7 Cr (from ₹198.6 Cr) and ~25% QoQ, while net profit multiplied nearly 10x to ₹36.1 Cr from a depressed ₹3.6 Cr year-ago base — the print's headline growth is real but flattered by that weak Q1 FY26 comparator, so the margin story matters more than the raw multiple. Net margin expanded to 11.7% from 1.8% a year ago and 5.0% last quarter, and EBITDA margin lifted to roughly 24% versus ~16% YoY, showing genuine operating leverage rather than a one-off; there were no exceptional items on either side, so no adjustment to growth is required.

The swing was driven by exports and operating leverage. Group sales outside India jumped to ₹214.8 Cr from ₹135.9 Cr YoY (now ~70% of the mix), and gross margins improved as a large inventory build (₹36.2 Cr change in stock) absorbed material cost, while finance costs eased to ₹11.3 Cr from ₹13.8 Cr. Against the Street, the print is a clear beat: brokerage previews (Univest/Uniresearch) modelled Q1 revenue of ₹246–283 Cr, and the actual ₹307.7 Cr cleared the top of that range. It also validates management's May concall guidance — 35–45% FY27 volume growth and EBITDA margins at 20%+ — with this quarter already running above the margin target and revenue growth ahead of the volume guide (helped by price/mix).

The stock went into the print at ₹3,815.9, up 29.1% 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.

Alongside results, the board moved to fund the next leg of expansion: it approved raising borrowing limits from ₹750 Cr to ₹1,250 Cr (subject to shareholder approval), consistent with the ₹125 Cr FY27 capex earmarked for the Pakhajan plant and the FY28 ₹1,500 Cr revenue ambition underpinned by a long-term contract due to commercialise in FY28. Standalone and consolidated tell a very similar story here (both ~₹36 Cr PAT), so the group number is not distorted by the subsidiaries despite their thin standalone profitability. The earnings call is scheduled for August 3.