DIC India Q1 FY27: standalone PAT more than triples YoY to ₹14.3 Cr as margins expand
PAT +227% YoY · revenue +25.4% · margins expanding
₹283.95 Cr
+25.4% YoY
₹14.27 Cr
+227% YoY
5%
+3.1pp YoY
₹15.54
DIC India's standalone PAT for the quarter ended June 30, 2026 came in at ₹14.27 Cr, up 227% YoY from ₹4.36 Cr and 237% QoQ from ₹4.24 Cr, on revenue of ₹283.95 Cr (+25.4% YoY, +18.1% QoQ). Net margin expanded to 5.0% from 1.9% a year ago. No street estimates or analyst previews for this small-cap (~₹470 Cr market cap) turned up in a web search, so vsStreet is unknown; the company has no formal guidance on record either in our database or online, so vsGuidance is also unknown — this quarter cannot be graded against an external bar, only against its own trend.
Q1 FY-2027 vs prior quarters
The margin expansion is only partly an operating story. Cost of materials consumed rose 45% YoY to ₹206.07 Cr, well ahead of revenue growth, but the reported expense line was cushioned by a ₹23.47 Cr net negative swing in "changes in inventories of finished goods, stock-in-trade and work-in-progress" versus a ₹8.99 Cr net expense a year ago — a ₹32.5 Cr swing from inventory build that flattered total expenses (+20.1% YoY, slower than revenue). This is visible on the balance sheet: inventories rose to ₹199.15 Cr from ₹125.61 Cr at December 2025, and trade receivables to ₹338.54 Cr from ₹263.44 Cr, driving H1 FY27 operating cash flow to negative ₹39.17 Cr versus positive ₹42.78 Cr in H1 FY26. The print is real profit growth, but a meaningful share of the quarter's margin gain rests on working-capital timing rather than pricing or cost efficiency, and no management press release accompanied the filing to explain the drivers directly. Separately, the company appointed Hayato Kashiwagi as MD and Praveen Asthana as Whole Time Director effective July 15, 2026, alongside a new Deputy CEO from July 4 — a leadership transition that lands just after this quarter closed.
The stock went into the print at ₹513, down 1.1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
What the summary numbers don't show
EPS ₹15.54 for the quarter vs ₹4.75 a year ago and ₹4.62 in Q4 FY26
No exceptional items in the quarter — FY2025's ₹2.36 Cr exceptional labour-code charge was a full-year, not quarterly, item
W1
Inventory build of ₹73.5 Cr since Dec-2025 (to ₹199.15 Cr) — watch for destocking in Q2 FY27 that could reverse this quarter's expense cushion
W2
H1 FY27 operating cash flow of -₹39.17 Cr (vs +₹42.78 Cr in H1 FY26) — watch for cash conversion to recover as ₹338.54 Cr of receivables are collected
W3
First full quarter under new MD Hayato Kashiwagi (effective July 15, 2026) is Q2 FY27 — watch for any strategic or margin commentary from the reconstituted management
Standalone only, no consolidated statement (single-entity filer). PAT cross-checked two ways (PBT-tax=14.268 Cr; total comprehensive income 14.191 Cr + OCI loss 0.077 Cr = 14.268 Cr) — both confirm ₹14.27 Cr despite OCR noise in the raw table. FY2025's ₹2.36 Cr exceptional labour-code charge is a full-year-only line, absent from every quarterly column including this one and the year-ago quarter, so no exceptional-item adjustment applies to the YoY/QoQ comparison.