Apis India Q1 FY27: revenue down 24% YoY, core PAT dips ~10%, headline gain tax-led
PAT +34.02% YoY · revenue -23.78% · margins expanding
₹65.96 Cr
-23.78% YoY
₹3.39 Cr
+34.02% YoY
5.07%
-2.3pp YoY
₹0.25
Apis India's consolidated revenue from operations fell 23.8% YoY to ₹65.96 Cr (₹86.55 Cr in Q1 FY26) and 24.9% QoQ from ₹87.87 Cr in Q4 FY26 — the sharpest topline contraction in its recent quarters. Headline consolidated PAT still rose 34% YoY to ₹3.39 Cr (₹2.53 Cr), but that gain is non-operating: the Group's own PAT before its share of associates' results actually fell ~10% YoY, to ₹3.61 Cr from ₹4.01 Cr, and PBT fell 21.1% YoY (₹4.50 Cr vs ₹5.70 Cr). The headline number was flattered by a narrower loss from associates (Apis Arabia Foods LLC and Kapil Anand Agro, combined loss of ₹0.22 Cr this quarter vs ₹1.48 Cr a year ago) and a lower effective tax rate (19.8% vs 29.7% YoY, aided by a ₹15.5 Lakh earlier-year tax write-back). Standalone PAT, which strips out the associate-share noise entirely, fell 9.9% YoY to ₹3.61 Cr — consistent with the adjusted consolidated trend and confirming the core business, not just a reporting quirk, is weaker YoY.
Q1 FY-2027 vs prior quarters
Despite the steep revenue decline, operating margin held broadly flat: profit-before-tax as a share of total income was 6.7% this quarter versus 6.5% a year ago. Cost of materials consumed fell 23.6% YoY, roughly tracking the revenue drop, and the company drew down inventory by ₹10.04 Cr this quarter (versus a ₹3.73 Cr drawdown a year ago) — consistent with lower volumes/sell-through rather than margin erosion from input costs or pricing.
The stock went into the print at ₹53.76, up 3.8% over the past month of trading.
What the summary numbers don't show
EPS ₹0.25 consolidated / ₹0.26 standalone (basic), vs ₹0.18 / ₹0.18 a year ago — both restated for FY26's 24-for-1 bonus issue.
Apis India is a micro-cap honey exporter with no identifiable analyst or brokerage coverage, so street consensus for this quarter is unavailable (vsStreet: unknown); management has not issued formal guidance, and none is on record from prior calls, so vsGuidance is also unknown. No management press release accompanied this filing beyond the regulatory result and board-outcome letter. Separately, this quarter's results arrived unusually late: the company flagged a delay in its Q1 FY27 results on Sep 11, 2026, and did not report until Oct 27, 2026 — well past SEBI's 45-day post-quarter deadline — alongside its board meeting outcome; the AGM on Sep 30, 2026 and FY26 annual report release fell in the same window.
W1
Whether revenue recovers from this quarter's 23.8% YoY / 24.9% QoQ decline in Q2 FY27, after back-to-back quarters of topline contraction.
W2
Associate entities' (Apis Arabia Foods LLC, Kapil Anand Agro) loss trajectory — narrowed to ₹0.22 Cr from ₹1.48 Cr YoY; any reversion removes the main driver behind this quarter's headline PAT growth.
W3
Effective tax rate — 19.8% this quarter (helped by a ₹15.5 Lakh earlier-year tax write-back) vs 29.7% YoY; normalization would pressure PAT even if PBT holds.
Filing is Q1 FY27 (qtr ended Jun 30, 2026), not Q2 FY27 as expected in our records; our DB's 'year-ago quarter' record doesn't match the filing's own Jun-2025 comparative column, so YoY here uses the filing's own comparatives. Consolidated PAT includes a ₹0.22 Cr share-of-associate loss (vs ₹1.48 Cr loss YoY) that flatters headline growth; before that line, PAT fell ~10% YoY. All EPS figures are restated for FY26's 24-for-1 bonus issue.