Haldyn Glass Ltd-$ Q1 FY27 Results

Haldyn Glass's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue rose 20.6% YoY and 28.1% QoQ to ₹138.69 Cr, while consolidated PAT climbed 90.1% YoY and 40.4% QoQ to ₹10.26 Cr (EPS ₹1.91 vs ₹1.00 a year ago and ₹1.36 last quarter). Both margins expanded: net margin (PAT/total income) widened to 7.35% from 4.69% YoY and 6.66% QoQ, and operating margin (EBITDA/revenue) rose to ~15.9% from 14.5% YoY and 14.7% QoQ. The growth came entirely from the core standalone glass-bottle business — pre-JV, pre-tax operating profit jumped 124.9% YoY and 70.1% QoQ to ₹12.68 Cr — while the Haldyn Heinz joint-venture's profit contribution actually fell to ₹0.78 Cr from ₹1.27 Cr a year ago and ₹1.94 Cr last quarter. That divergence is also why standalone PAT (₹9.24 Cr, +130.2% YoY) grew faster than the consolidated number: a weaker JV quarter dragged on the blended growth rate. Neither this quarter nor the year-ago quarter carried any exceptional item, so the comparison is clean — unlike FY26's full-year number, which absorbed a ₹1.83 Cr one-off hit from the new labour code.

The same board meeting approved a ~₹150 Cr investment to rebuild and modernise the existing plant and add 75 MT of capacity (~17% above the current 430 MT, which per the company's own filing is running at full utilisation), funded mainly via internal accruals with the balance from borrowings over roughly 12 months. That ties directly to the quarter's volume-led growth — the company appears capacity-constrained and is now committing capital to relieve it. The board also finalised a leadership transition, re-appointing Managing Director Tarun Shetty for three more years while founder Narendra Shetty steps down as Executive Chairman to become Founder Non-Executive Chairman — a governance continuity move with no direct P&L impact this quarter. There is no formal management guidance on record for this business, and a web search turned up no brokerage or street estimates for the quarter; as a micro-cap with no visible analyst coverage, this print has to be judged on its own trend line, which shows revenue and margins both scaling off a fully-utilised base just as a capacity expansion gets underway.

The stock went into the print at ₹124.75, up 3.1% 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.