Gujarat Ambuja Q1: consolidated PAT surges 172% to ₹177 Cr on maize-processing margin rebound
PAT +171.87% YoY · revenue +23.46% · margins expanding
₹1,594.22 Cr
+23.46% YoY
₹176.77 Cr
+171.87% YoY
10.82%
+5.9pp YoY
₹3.85
Gujarat Ambuja Exports reported a sharply stronger June quarter: consolidated PAT of ₹176.77 Cr, up 171.9% from ₹65.02 Cr a year ago and 30.6% above the March quarter's ₹135.32 Cr. Revenue from operations rose 23.5% YoY (and 8.7% QoQ) to ₹1,594.22 Cr. Crucially, both the current and the year-ago quarter are clean of exceptional items, so the profit jump is fully underlying — net margin more than doubled to 11.1% from 4.9% a year ago (and up from 9.1% last quarter), the real story of the print.
Q1 FY-2027 vs prior quarters
The margin bridge sits almost entirely in the Maize Processing Division, the group's core starch/derivatives business. Segment revenue there grew to ₹1,084.75 Cr from ₹795.80 Cr, but segment profit more than quintupled to ₹190.41 Cr from ₹37.28 Cr — a recovery in maize-processing spreads after a weak base quarter. Cost of materials consumed fell to ₹837.43 Cr on ₹1,594 Cr of revenue versus ₹822.48 Cr on ₹1,291 Cr a year ago, i.e. materials intensity dropped from ~64% to ~53% of sales, confirming the spread recovery. Offsetting this modestly, Other Agro Processing softened (segment profit ₹28.57 Cr vs ₹35.12 Cr) and Spinning/Renewable Power remain small.
The stock went into the print at ₹172.11, up 4.1% 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 3 consecutive quarters; revenue is at a 6-quarter high.
The company gives no formal guidance and no brokerage consensus is published for this counter, so the print cannot be graded against a street bar — the read is off the reported numbers and segment disclosure alone; management provided no accompanying commentary in the filing. Concurrent board actions relate to the prior year rather than this quarter: a 30% (₹0.30) final FY26 dividend with an Aug 28 record date and the 35th AGM on Sep 5, 2026. The signal into Q2 is whether the maize-processing spread that drove this quarter holds, since it, not topline growth, is what tripled the bottom line.
W1
Whether the maize-processing spread holds into Q2 FY27 — the segment's ₹190.41 Cr profit (vs ₹37.28 Cr YoY) is the entire story
W2
Other Agro Processing trajectory after softening to ₹28.57 Cr segment profit from ₹35.12 Cr YoY
W3
Net margin durability above 11% versus the 4.9% year-ago base and 9.1% prior quarter
Clean machine-readable filing, both statements present. No exceptional item this quarter or in the year-ago Q1 FY26 (the New Labour Codes one-off sat in Q3 FY26 and was reversed in Q4 FY26), so raw YoY = adjusted YoY. Standalone and consolidated near-identical (PAT ₹176.93 Cr vs ₹176.77 Cr) — sole subsidiary Maiz Citchem is immaterial. EPS not annualised, face value ₹1.