MANALI PETROCHEMICAL LTD. Q1 FY27 Results

Manali Petrochemicals' consolidated Q1 FY27 revenue was ₹274.72 Cr, up 17.1% YoY (₹234.67 Cr) but down 6.1% QoQ (₹292.66 Cr). Consolidated PAT was ₹64.36 Cr, a reported 348.8% YoY jump (₹14.34 Cr) and 121.7% QoQ jump (₹29.03 Cr), taking NPM to 22.3% (from 5.9% YoY, 9.7% QoQ) and EPS to ₹3.74 (from ₹0.83). No exceptional items were booked this quarter or in the year-ago quarter, so the print is clean on that count — but the headline growth is not driven by core operations.

The changes-in-inventories line swung from a ₹15.39 Cr expense (inventory drawdown) in Q1 FY26 to a ₹47.06 Cr credit (inventory build-up) this quarter — a ₹62.45 Cr favorable swing that accounts for essentially the entire ₹64.57 Cr YoY increase in pre-tax profit (₹84.53 Cr vs ₹19.96 Cr). Stripping this swing out, adjusted PBT is roughly flat-to-up modestly (~₹37.5 Cr adjusted vs ~₹35.4 Cr adjusted a year ago), and adjusted PAT growth works out to roughly +10% YoY rather than the reported +349% — a steady quarter, not the breakout the headline suggests. Cost of materials consumed rose in line with revenue (+30.8% YoY to ₹168.25 Cr), so the underlying cost/pricing picture, ex the inventory timing effect, hasn't moved sharply.

The stock went into the print at ₹68.83, up 8.2% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Standalone (parent-only) PAT was ₹55.52 Cr, up 1,738% YoY from a thin ₹3.02 Cr base — a much bigger jump than the consolidated number, because the inventory swing sits mostly at the parent. Subsidiary contribution to group profit actually fell YoY, to ₹8.84 Cr from ₹11.32 Cr, so the UK/EU and Singapore units (₹45.52 Cr of this quarter's ₹274.72 Cr revenue) were a modest drag rather than a driver. There is no prior management guidance on record, and no analyst/street consensus coverage could be found for this small-cap name, so both vsGuidance and vsStreet are unknown. Management's own release credits 'cost management, operational efficiency and improved product realizations' for the sequential profit jump; the materials-cost ratio holding roughly steady supports some role for cost control, but the inventory-timing swing is the dominant, and less repeatable, factor behind the print. Separately, the board declared a ₹0.50/share (10%) dividend, and Plant 1 resumed operations on 6th July 2026 after maintenance — meaning part of Q1's volumes were still constrained by the outage, a factor to watch alongside the elevated finished-goods inventory build heading into Q2.