Black Rose Q1 FY27: consolidated PAT up 148% YoY as OPM expands to 16.2%
PAT +148.05% YoY · revenue +48.83% · margins expanding
₹89.08 Cr
+48.83% YoY
₹10.39 Cr
+148.05% YoY
11.53%
+4.6pp YoY
₹2.04
Black Rose Industries posted consolidated revenue of ₹89.08 Cr for Q1 FY27, up 48.8% year-on-year from ₹59.85 Cr, while consolidated PAT (continuing + discontinued operations) rose 148% YoY to ₹10.39 Cr from ₹4.19 Cr, with EPS at ₹2.04 versus ₹0.82 a year ago. Sequentially, revenue fell 14.4% from ₹104.04 Cr in Q4 FY26 — a step down management had effectively flagged, having guided that near-term distribution demand would stay subdued even as manufacturing held up — but PAT still grew 10.4% QoQ from ₹9.41 Cr on better margins, so the sequential revenue dip did not translate into a profit decline.
Q1 FY-2027 vs prior quarters
Margins expanded on both counts: OPM improved to 16.15% from 9.67% YoY and 12.52% QoQ, and NPM rose to 11.53% from 6.88% YoY and 8.98% QoQ. Combined cost of materials and traded goods fell to 64.9% of revenue from 75.1% a year earlier, pointing to better cost pass-through or product mix, even as other expenses rose to ₹12.93 Cr (14.5% of revenue) from ₹6.67 Cr (11.2%) a year ago and ₹8.26 Cr (7.9%) last quarter — a cost line worth tracking. There were no exceptional items in either period; the only non-recurring element is the wholly-owned Japan subsidiary (B.R. Chemicals Co.), which the Board approved winding up this quarter and which has been treated as discontinued operations in both the current and year-ago consolidated numbers, keeping the YoY comparison like-for-like. Standalone PAT of ₹10.41 Cr is within 0.2% of consolidated, confirming the subsidiary's immateriality.
The stock went into the print at ₹110.25, down 4% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters.
Management highlighted strong Q4 performance driven by both distribution and manufacturing segments, with revenue up 38% and EBITDA up 90%. The company expects continued revenue growth in the upcoming year, driven by new product additions and expanding end-user customer bases in both distribution and manufacturing. Whi
— This quarter: beat
Against management's own May 2026 outlook — cautiously optimistic near-term given subdued distribution demand but confident on manufacturing, higher pricing and the merchant export order pipeline, with no formal numeric guidance on record — this quarter's 48.8% YoY revenue growth and 148% YoY PAT growth reads as a clear beat on the qualitative bar management set, driven by the manufacturing/export strength they flagged rather than a distribution recovery. No analyst or brokerage estimates for this stock were found ahead of the results, so vsStreet is unknown. Alongside the results, the Board declared an interim dividend of ₹2/share (200% of paid-up capital, record date 6 August 2026) and set the AGM for 9 September 2026.
W1
Whether the 14.4% QoQ revenue decline is seasonal or reflects the subdued near-term distribution demand management flagged in May 2026
W2
Other expenses ratio (14.5% of revenue this quarter vs 7.9% last quarter) — confirm if it normalises or persists
W3
Decision on the Specialty Amines project, which management said could come 'this year'
Source in ₹ Lakhs, converted to Crore. Consolidated PBT/PAT are continuing+discontinued combined (matches DB's historical basis); discontinued Japan subsidiary (B.R. Chemicals Co., being wound up) contributed nil revenue and a ₹1.72 Lakh loss this quarter — standalone and consolidated PAT diverge by <0.2%, immaterial.