Kriti Nutrients consolidated PAT -37% YoY on margin squeeze despite 8.7% revenue growth
PAT -37.16% YoY · revenue +8.68% · margins compressing
₹231.42 Cr
+8.68% YoY
₹5.59 Cr
-37.16% YoY
2.4%
-1.7pp YoY
₹1.12
Kriti Nutrients' consolidated PAT fell to ₹5.59 Cr in Q2 FY27, down 37.2% YoY (₹8.90 Cr) and 37.3% QoQ (₹8.92 Cr), even as consolidated revenue from operations rose 8.7% YoY to ₹231.42 Cr (down 6.3% QoQ from a stronger first quarter). The disconnect is a cost story: cost of materials consumed rose 13.5% YoY to ₹199.08 Cr, outpacing revenue growth and rising to 86.0% of revenue from 82.4% a year ago, which pulled standalone PBT down 34.5% YoY to ₹7.93 Cr and standalone PAT to ₹6.05 Cr. Consolidated net margin compressed to 2.41% from 4.13% a year ago and 3.59% last quarter; the EBITDA-based operating margin eased to roughly 4.2% from 5.3% YoY and 4.8% QoQ.
Q2 FY-2027 vs prior quarters
On top of the standalone squeeze, the equity-accounted share of loss from associate Kriti Industries (India) Ltd widened to ₹0.46 Cr this quarter from ₹0.33 Cr a year ago and ₹0.14 Cr last quarter, widening the gap between standalone PAT (₹6.05 Cr) and consolidated PAT (₹5.59 Cr). There are no exceptional items in the current or comparable periods, so the decline is entirely operating- and associate-driven rather than a one-off. Management has issued no formal guidance or concall outlook on record, and a web search found no sell-side estimates for this quarter — Kriti Nutrients carries no analyst coverage — so there is no street or guidance benchmark to grade this print against; it is judged purely on its own YoY/QoQ trend. For H1 FY27, consolidated PAT is down 21.1% YoY (₹14.51 Cr vs ₹18.38 Cr) on revenue up 7.8% YoY, confirming the margin pressure is a half-year pattern rather than a single-quarter blip.
The stock went into the print at ₹71, down 2.2% over the past month of trading.
What the summary numbers don't show
Consolidated basic/diluted EPS ₹1.12 vs ₹1.78 (Q1 FY27) and ₹1.84 (Q2 FY26)
No exceptional items in current or comparable periods — unaudited results reviewed with an unmodified auditor opinion
W1
Cost of materials consumed ratio (86.0% of revenue this quarter vs 82.4% a year ago) — whether it eases back in Q3 FY27
W2
Associate (Kriti Industries India Ltd) losses, which widened to ₹0.46 Cr this quarter — whether the drag on consolidated PAT continues
W3
NPM/OPM trajectory — consolidated NPM fell to 2.41% from 3.59% (QoQ) and 4.13% (YoY); next quarter shows if this is transient or structural
Consolidated PAT (₹5.59 Cr) sits below standalone PAT (₹6.05 Cr) due to a ₹0.46 Cr equity-method share of loss from associate Kriti Industries (India) Ltd; no exceptional items in any period shown; results unaudited with unmodified limited-review opinion.