IFB Agro Q1 FY27: consolidated PAT +18% YoY to Rs20.4 Cr as Marine losses widen
PAT +18.45% YoY · revenue +25.27% · margins compressing
₹520.77 Cr
+25.27% YoY
₹20.35 Cr
+18.45% YoY
3.87%
-0.2pp YoY
₹21.72
IFB Agro Industries reported consolidated revenue of Rs520.8 Cr for Q1 FY27 (quarter ended June 30, 2026), up 25.3% year-on-year from Rs415.7 Cr and up 5.8% sequentially from Rs492.1 Cr. Consolidated PAT came in at Rs20.35 Cr, up 18.4% YoY from Rs17.18 Cr but trailing the revenue growth rate, and up sharply (+119%) from Rs9.30 Cr in Q4 FY26 −a QoQ jump the company itself flags as not meaningful given the seasonal nature of the Marine business (per note 4 in the filing). Basic EPS was Rs21.72 versus Rs18.34 a year ago. There is no analyst/consensus coverage or management guidance on record for this small-cap name −a web search for Q1 FY27 previews turned up nothing specific to IFB Agro, and no prior concall or outlook exists in our records, so both the street comparison and the guidance comparison are unknown/none by default; no management press release was available to cross-check the company's own framing of the quarter either.
Q1 FY-2027 vs prior quarters
The margin picture is mixed. Operating profitability (EBITDA margin on revenue) expanded to 6.04% from 5.25% a year ago and 4.63% in Q4 FY26, but net profit margin (PAT/total income) slipped to 3.87% from 4.06% YoY, because depreciation more than doubled to Rs9.26 Cr (from Rs4.22 Cr) and finance costs rose to Rs1.51 Cr (from Rs0.17 Cr), pulling PBT margin down to 4.91% of total income from 5.93% a year ago. A lower effective tax rate (21.2% versus 31.5% a year ago) partly offset this drag, which is why PAT still grew double digits YoY despite the heavier non-operating cost base. Segment data shows the Spirit & spirituous beverages business −the core profit engine −grew segment PBT 36% YoY to Rs36.56 Cr on broadly flat segment revenue of Rs287.6 Cr, a genuine margin improvement in the base business. The Marine segment, in contrast, grew segment revenue 82% YoY to Rs233.65 Cr but its segment loss widened to Rs7.70 Cr from Rs0.86 Cr a year ago −the rising depreciation and finance costs line up with capacity/fleet investment in this business, and the widening loss is the main drag on consolidated profitability, which is also why standalone PAT (Rs21.55 Cr) now exceeds consolidated PAT (Rs20.35 Cr, a ~5.6% divergence) as the loss-making Marine subsidiaries consolidate in. The only corporate development of note alongside the results is the appointment of six new senior management personnel on June 15, 2026, which may relate to the ongoing Marine scale-up, though the filing does not draw that link explicitly.
For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters.
W1
Marine segment loss trajectory −widened to Rs7.70 Cr this quarter from Rs0.86 Cr a year ago despite 82% revenue growth; watch whether scale-up narrows losses in coming quarters
W2
Depreciation/finance cost run-rate (Rs9.26 Cr / Rs1.51 Cr this quarter) −confirm whether this reflects one-time capex/fleet additions or a new sustained cost base
W3
Effective tax rate (21.2% this quarter vs 31.5% a year ago) −check whether this level holds or normalizes higher in coming quarters
Standalone PAT (Rs 21.55 Cr) exceeds consolidated PAT (Rs 20.35 Cr) because Marine subsidiaries/step-down subsidiary are loss-making on consolidation; one unreviewed subsidiary + step-down subsidiary contributed total income Rs 0.57 Cr and net loss Rs 1.20 Cr per auditor's review report (flagged not material to Group); no exceptional items disclosed.