Gokul Agro Q1 FY27: consolidated PAT surges 72% YoY to ₹123 Cr as margins expand, revenue up 7%
PAT +71.72% YoY · revenue +7.26% · margins expanding · beat vs street
₹5,281.95 Cr
+7.26% YoY
₹122.97 Cr
+71.72% YoY
2.32%
+0.9pp YoY
₹4.16
Gokul Agro Resources' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹5,281.95 Cr, up 7.3% YoY from ₹4,924.35 Cr, while consolidated PAT jumped 71.7% YoY to ₹122.97 Cr from ₹71.61 Cr — profit growth running well ahead of revenue growth. Sequentially revenue fell 14.8% from Q4 FY26's ₹6,200.19 Cr, but Q4 is seasonally the strongest quarter for edible-oil and agro-commodity trading businesses, so the QoQ dip reads as seasonality rather than demand weakness; PAT still edged up 3.4% QoQ from ₹118.92 Cr. Consolidated EPS was ₹4.16 against ₹2.43 a year ago. Standalone (India) operations delivered ₹102.58 Cr of the ₹122.97 Cr consolidated PAT on revenue of ₹5,074.11 Cr, meaning the Singapore/Indonesia subsidiary chain (Maurigo, Riya International, PT Riya Pasifik Nabati) contributed roughly the balance.
Q1 FY-2027 vs prior quarters
The growth was margin-led: consolidated net profit margin expanded to about 2.32% from 1.45% a year ago and 1.91% last quarter, while operating margin (PBT plus finance cost over revenue) improved to roughly 3.83% from 2.72% YoY and 3.14% QoQ — the third straight quarter of margin gains. No exceptional items appear anywhere in the statement (current or comparative periods, standalone or consolidated), so this is a clean operating improvement rather than a one-off, and reported growth equals adjusted growth at +71.7% YoY.
The stock went into the print at ₹223.2, up 7.4% 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 2 consecutive quarters.
There is no formal management guidance or prior concall commentary on record to grade this print against, and no pre-result preview exists in our records. The only external reference found is an analyst note (Univest) modelling 15-20% consolidated PAT growth for FY27 as a whole, underpinned by an edible-oil refining and agri-products recovery thesis; this quarter's 71.7% YoY PAT growth is running well ahead of that annual pace, though one quarter does not confirm the full-year trajectory. On the corporate side, GARL disclosed a ₹53 Cr customs show-cause notice on June 12, 2026 alleging drawback irregularities — a contingent legal matter not yet reflected in this quarter's P&L — and reconstituted its board in early June with three independent directors' tenures ending and new appointments (including Manharbhai Jadav, who was also added to a subsidiary board on June 29). Neither item has a direct P&L linkage this quarter but both bear watching.
W1
Outcome/provisioning of the ₹53 Cr customs drawback show-cause notice — any adverse resolution would hit a future quarter as an exceptional item
W2
Whether the QoQ revenue moderation (₹6,200 Cr to ₹5,282 Cr) is purely Q4-seasonal or signals softer edible-oil volumes into Q2 FY27
W3
Margin trajectory — OPM has now expanded three quarters running (2.72%→3.14%→3.83%); track whether this holds against the 15-20% FY27 PAT growth path analysts have modelled
Both statements are typed, legible, columns clearly headed. No exceptional items in any period (standalone or consolidated). Consolidated PAT taken as the 'Net Profit from Ordinary Activities after tax' line (₹122.97 Cr = PBT − tax, checks exactly); the filing's separate row 'Net Profit after taxes, minority interest and share of profit of associates' (₹123.74 Cr) does not reconcile with PBT − tax + associates' share (−₹0.33 Cr = ₹122.64 Cr) and instead matches Total Comprehensive Income + associates' share — looks like a template error that pulled in OCI. Reported consolidated EPS of ₹4.16 matches the ₹122.64 Cr associates-adjusted PAT, not the ₹123.74 Cr line, supporting our read.