B&B Triplewall Q1 FY27: consolidated PAT surges 7x YoY as margins triple to ~8% NPM
PAT +727.75% YoY · revenue +18.53% · margins expanding
₹180.47 Cr
+18.53% YoY
₹14.39 Cr
+727.75% YoY
7.97%
+6.8pp YoY
₹28.44
B&B Triplewall Containers' consolidated PAT came in at ₹14.39 Cr for Q1 FY27, up 727.7% YoY from ₹1.74 Cr and up 59.97% QoQ from ₹9.00 Cr, on consolidated revenue of ₹180.47 Cr (+18.53% YoY, +11.16% QoQ). Standalone PAT was ₹15.11 Cr (EPS ₹29.46), a touch ahead of the consolidated owners' share of ₹14.58 Cr — the gap is the subsidiary B&B Colour Cartons' ₹0.63 Cr net loss for the quarter, which is not material to the group story but explains the small standalone-consolidated divergence.
Q1 FY-2027 vs prior quarters
The outsized YoY jump is a margin story, not a volume story: net margin expanded to ~7.98% from 1.14% a year ago, and EBITDA-level (OPM) margin rose to roughly 18.8% from ~12.2%. The bridge sits mainly on raw materials — cost of materials fell to 57.6% of revenue from 63.4% a year ago — with a smaller assist from finance costs (down to 3.0% of revenue from 4.0%) and a swing in deferred tax to a ₹0.52 Cr benefit versus a ₹0.65 Cr charge last year. Employee cost and other expense ratios were roughly flat YoY, so the improvement is concentrated in input costs rather than broad-based cost control. It's worth flagging that the year-ago base was unusually thin (1.14% NPM), which mechanically inflates the YoY percentage even though the underlying margin recovery is real and continued sequentially from the March-26 quarter.
The stock went into the print at ₹243.9, up 14.9% 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 5 consecutive quarters; revenue is at a 6-quarter high.
There is no consensus estimate on record for this specific quarter — informal retail research (Univest) had projected 15-20% PAT growth for FY27 overall as a multi-quarter recovery thesis; this quarter's pace already runs well ahead of that annual trajectory, though one quarter against a low base doesn't confirm the full-year path. Management issued no separate outlook or press commentary beyond the board-meeting letter and financial statements — there is no formal guidance on record from the company, so this print cannot be graded against a company-stated target, only against the trend. Concurrently, the board recommended a final dividend for FY26 and approved the appointment of an internal auditor and senior management, both procedural rather than result-linked.
W1
Whether the cost-of-material ratio holds near 57.6% of revenue (vs 63.4% a year ago) as the key swing factor behind margin expansion, or reverts toward historical levels.
W2
Subsidiary B&B Colour Cartons posted a ₹0.63 Cr net loss this quarter — watch whether it turns profitable or continues dragging the consolidated NCI line.
W3
No formal company guidance exists; track whether the FY27 pace stays materially ahead of the 15-20% annual PAT growth an informal retail research note (Univest) had flagged for the full year.
Both statements' EPS lines are labelled 'Annualized' despite being a quarterly filing (used as-reported). Consolidated PAT ₹14.39 Cr is the total-for-period figure before NCI split — owners' share is ₹14.58 Cr against an NCI loss of ₹0.19 Cr from subsidiary B&B Colour Cartons Pvt Ltd (unreviewed by principal auditor, per review report). No exceptional/one-off items disclosed in either statement.