Kopran Q1 FY27: consolidated PAT -10% YoY as subsidiaries swing to loss; standalone +91%
PAT -10.05% YoY · revenue +13.89% · margins compressing
₹153.99 Cr
+13.89% YoY
₹6.7 Cr
-10.05% YoY
4.29%
-1.1pp YoY
₹1.39
Kopran's consolidated Q1 FY27 (quarter ended June 30, 2026) results show revenue of ₹153.99 Cr, up 13.9% YoY (down 34.2% QoQ against a much stronger ₹234.02 Cr Q4 FY26 base), but consolidated PAT fell 10.0% YoY to ₹6.70 Cr (down 64.5% QoQ from ₹18.87 Cr) — EPS ₹1.39 versus ₹1.54 a year ago. No exceptional items feature in either period, so the decline sits on a clean base. No analyst consensus or brokerage preview could be found for this specific quarter (small/mid-cap coverage is thin), so vs-street is unknown; the company also carries no formal guidance on record for this print, so vs-guidance is unknown as well — management gives no stated outlook in the filing itself.
Q1 FY-2027 vs prior quarters
The consolidated decline masks a sharp divergence from the standalone (parent, India manufacturing) business: standalone revenue grew 22.3% YoY to ₹62.76 Cr and standalone PAT surged 91.1% YoY to ₹6.72 Cr (from ₹3.52 Cr) — standalone PAT alone now accounts for essentially all of consolidated PAT, versus contributing only ~47% of it a year ago. The swing is entirely a subsidiary-level story: consolidated PAT less standalone PAT works out to a roughly ₹0.02 Cr net drag this quarter, versus a ~₹3.93 Cr positive contribution from subsidiaries (Kopran Research Laboratories, Kopran Lifesciences, Kopran (H.K.) and Kopran (UK)) in Q1 FY26. The auditors' consolidated review report separately notes that two subsidiaries reviewed by other auditors posted a combined net loss of ₹26.13 Lakhs on total income of ₹100.18 Cr for the quarter, with two further unreviewed subsidiaries posting a marginal ₹1.23 Lakh loss — consistent with the subsidiary base turning loss-making after being profitable a year earlier.
The stock went into the print at ₹206.27, up 26.1% over the past month of trading.
On margins, consolidated NPM compressed to 4.35% from 5.41% a year ago (Q4 FY26 was 8.06%), while OPM was roughly flat at ~10.26% versus 10.45% YoY but well below Q4 FY26's 14.08%. The pressure sits mainly on the cost line: consolidated cost of materials consumed jumped 50.5% YoY to ₹120.89 Cr, well ahead of the 13.9% revenue growth, pushing the raw-material ratio to 78.5% of revenue from 59.4% a year ago. Finance costs rose 29.3% YoY to ₹3.28 Cr and depreciation rose 35.5% YoY to ₹5.77 Cr, both consistent with a growing asset/debt base, adding drag below the operating line even as the standalone business scaled well. Total consolidated expenses grew 15.1% YoY, outpacing the 13.9% revenue increase.
W1
Subsidiary performance: Kopran Research Laboratories, Lifesciences, HK and UK units combined swung to a ~₹2 Lakh net drag on consolidated PAT this quarter from a ~₹3.93 Cr positive contribution in Q1 FY26 — watch whether this reverses in Q2 FY27.
W2
Cost of materials consumed rose 50.5% YoY to ₹120.89 Cr against 13.9% revenue growth, pushing the ratio to 78.5% of revenue from 59.4% a year ago — watch for normalization.
W3
Finance costs (+29.3% YoY to ₹3.28 Cr) and depreciation (+35.5% YoY to ₹5.77 Cr) continue rising — watch whether revenue growth offsets this higher fixed-cost base in coming quarters.
otherIncome includes the separate 'Foreign Exchange Gain (Net)' line (consol ₹1.98 Cr, standalone ₹2.58 Cr) so that totalIncome reconciles to revenue+otherIncome; no exceptional items in current or year-ago quarter; no minority interest per Note 1; figures in Lakhs converted to Cr by /100, cross-checked against DB comparison figures for Q4 FY26 and Q1 FY26 which matched exactly.