Asian Granito Q1 FY27: revenue up 29% YoY, but consolidated PAT falls 28% on gas costs
PAT -28.5% YoY · revenue +28.5% · margins compressing
₹530.95 Cr
+28.5% YoY
₹8.07 Cr
-28.5% YoY
1.52%
-0.3pp YoY
₹0.27
Asian Granito reported consolidated revenue of ₹530.95 Cr for Q1 FY27 (quarter ended June 30, 2026), up 28.5% from the restated ₹413.15 Cr a year earlier, and roughly flat (-1.4%) versus ₹538.50 Cr in Q4 FY26. Consolidated PAT was ₹8.07 Cr — a clear sequential turnaround from the ₹32.67 Cr loss booked in Q4 FY26 — but down about 28% from the restated ₹11.28 Cr profit in Q1 FY26; YoY, revenue growth did not carry through to the bottom line. Standalone PAT of ₹2.24 Cr on revenue of ₹277.77 Cr (EPS ₹0.08) fell an even sharper ~57% YoY from a restated ₹5.25 Cr, a materially wider decline than the consolidated number, implying subsidiaries cushioned the group print more than the parent managed on its own.
Q1 FY-2027 vs prior quarters
Margins explain the divergence: consolidated NPM slipped to 1.52% from 2.73% a year ago, and OPM (EBITDA margin) eased to roughly 6.19% from ~7.74%, even as it improved sharply from the -3.88% posted in loss-making Q4 FY26. Power & Fuel expense rose to ₹71.31 Cr, or 13.4% of revenue, versus about 10.3% of revenue in Q4 FY26. The company's own notes (Note 10/11) attribute this quarter's margin pressure to rising gas prices and explicitly flag that Q1 FY27 'may not be comparable on YoY basis,' because Q4 FY26 was itself distorted by a two-month Quartz-plant shutdown tied to US anti-dumping duty and a West Asia-conflict gas shortage that halted Morbi ceramic plants — both of which resumed operations this quarter, driving the QoQ swing from loss to profit.
The stock went into the print at ₹52.85, up 9.1% over the past month of trading.
Management guided for continued strong performance, expecting the fourth quarter to be significantly better than Q3. They project revenue to reach Rs. 6,000 crores by 2031, driven by a diversified product mix including big format tiles, sanitaryware, and quartz, along with aggressive retail and international market exp
— This quarter: met
No quarter-specific street estimates for this print could be confirmed via search, so vsStreet is unknown; general FY27 sector commentary points to consensus expectations of 15-20% full-year PAT growth for the company, but nothing quarter-specific surfaced. Against management's Q3 FY26 concall framing (February 2026) of continued double-digit revenue growth toward a long-term ₹6,000 Cr target by 2031, this quarter's revenue growth keeps that trajectory broadly on track, though the specific 'Q4 significantly better than Q3' guidance given at the time was undercut by the plant-closure and gas-shortage shocks the company now cites. No standalone management press release was available in the context for this result. Corporately, the quarter saw the ₹422.17 Cr rights-issue proceeds fully utilized (nil unutilized balance across all stated objects), the UAE subsidiary's loan converted to equity with stake diluted to 51%, completion of a stake disposal in other subsidiaries, a ₹2.2 Cr investment in Nepovit Ceramic (now an associate), and continuing disclosure of an unresolved Income Tax search matter dating to May 2022 whose financial impact remains unascertainable pending appeal.
W1
Gas-price trajectory and Power & Fuel cost, currently ₹71.31 Cr (13.4% of consolidated revenue) vs ~10.3% in Q4 FY26 — watch whether OPM (6.19% this quarter) recovers toward the ~7.7% restated year-ago level.
W2
Pending Income-tax search-matter appeals (search conducted May 2022, per Note 9/10) — quantum and outcome remain unascertainable and could affect future periods.
W3
Progress toward management's long-term ₹6,000 Cr revenue target by 2031 and FY27 capex of ~₹40 Cr for international presence/showrooms/tech upgrades — track quarterly revenue run-rate (₹530.95 Cr this quarter) against that trajectory.
Amounts converted from Lakhs; consolidated PAT (8.07 Cr) is total net profit after share of associate (-0.0058 Cr) before NCI split — owners' share is 8.13 Cr, NCI -0.06 Cr; the filing's restated year-ago comparative (revenue 413.15 Cr, PAT 11.28 Cr) is materially higher than our stored db record (388.24 Cr / 7.24 Cr) due to retrospective NCLT scheme restatement, so YoY figures here use the filing's own restated column; company's own note says Q1 FY27 'may not be comparable on YoY basis' due to gas price rises; IT search-matter (May 2022) impact remains unascertainable pending appeal.