Asian Star Q1 FY27: consol PAT falls 38% YoY, revenue down 11% as margins compress
PAT -37.7% YoY · revenue -10.92% · margins compressing
₹638.31 Cr
-10.92% YoY
₹12.06 Cr
-37.7% YoY
1.86%
-0.8pp YoY
₹7.53
The board approved unaudited Q1 FY27 (quarter ended June 30, 2026) results. On a consolidated basis (primary), revenue from operations was ₹638.31 Cr, down 10.9% YoY from ₹716.54 Cr, and consolidated PAT was ₹12.06 Cr, down 37.7% YoY from ₹19.34 Cr — a steeper profit decline than the revenue drop, i.e. margin compression, not just topline softness. Standalone (parent-only) PAT was ₹11.20 Cr, down 30.2% YoY, on revenue of ₹546.11 Cr that fell only 1.4% YoY — a much milder decline than at the consolidated level, indicating the revenue drag is concentrated in the overseas trading subsidiaries (Asian Star DMCC, Hong Kong, New York) rather than the parent's core business; the >9 percentage-point gap between standalone and consolidated revenue trends is material and readers should not read the two as contradictory, just differently exposed.
Q1 FY-2027 vs prior quarters
The margin squeeze shows up at the segment level: diamond-segment revenue fell 22.1% YoY (₹426.16 Cr from ₹546.90 Cr) while its segment PBIT margin nearly halved to 1.27% from 2.24%; jewellery segment revenue actually grew 16.7% YoY (₹234.92 Cr from ₹201.34 Cr) but its PBIT margin still narrowed to 2.36% from 3.54%. Consolidated net margin came in around 1.86% versus 2.66% a year ago. A lower finance cost (₹5.20 Cr vs ₹7.31 Cr YoY) partly cushioned the bottom line but was not enough to offset the segment-level margin erosion. Sequentially, the group swung to a ₹12.06 Cr profit from a ₹0.40 Cr loss in Q4 FY26, but Q4 revenue (₹745.97 Cr) was itself higher than the current quarter, so this QoQ swing reads as trading-volume/inventory timing rather than a genuine operational turnaround.
The stock went into the print at ₹580, down 11.5% over the past month of trading.
What the summary numbers don't show
EPS: consolidated ₹7.53 (vs ₹12.08 YoY) — standalone ₹6.99 (vs ₹10.02 YoY)
There is no prior management guidance or concall commentary on record for this company, and no management press release was available to cross-check against the print, so no verdict can be given on guidance adherence beyond noting its absence. No analyst previews or consensus estimates could be found for this stock (a web search for coverage returned nothing specific to the company), consistent with it being a small-cap with limited street coverage — vsStreet is therefore unknown rather than inferred. The only other corporate action during the quarter, the board's May 25, 2026 recommendation of a ₹1.50/share dividend for FY26, predates and is unrelated to this quarter's operating performance.
W1
Diamond segment PBIT margin — fell to 1.27% in Q1 FY27 from 2.24% in Q1 FY26; watch for stabilization or further slide in Q2 FY27
W2
Jewellery segment momentum — revenue grew 16.7% YoY but PBIT margin narrowed to 2.36% from 3.54%; watch whether growth continues and margin recovers
W3
Consolidated-standalone revenue gap — overseas trading subsidiaries drove the 10.9% YoY consolidated revenue decline versus just 1.4% at standalone; watch whether trading volumes normalize next quarter
Figures converted from ₹ Lakhs to ₹ Crore (÷100); typed statement, columns clearly dated, all arithmetic checks pass exactly. Consolidated PAT ₹12.06 Cr is pre-minority interest; owners' share (used for EPS of ₹7.53) is ₹12.05 Cr after ₹0.01 Cr minority interest — immaterial. No exceptional items in the current or any comparable period, so no adjusted-PAT calc applies. Three subsidiaries (revenue ₹143.02 Cr, PAT ₹0.54 Cr) were reviewed by other auditors per the consolidated review report; one JV/associate share is nil.