Mukka Proteins: consolidated PAT jumps 10x YoY to ₹18.6 Cr; dips 13% QoQ on tax, JV drag
PAT +1072.9% YoY · revenue +186.72% · margins expanding
₹489.65 Cr
+186.72% YoY
₹18.63 Cr
+1072.9% YoY
3.79%
+2.9pp YoY
₹0.63
Mukka Proteins' consolidated revenue for Q1 FY27 (quarter ended June 30, 2026) came in at ₹489.7 Cr, up 186.7% YoY from ₹170.8 Cr a year ago and up 28.7% QoQ from ₹380.6 Cr in Q4 FY26. Consolidated PAT was ₹18.6 Cr, more than 10x the ₹1.6 Cr reported in the year-ago quarter, when raw-material (fish) cost pressure had squeezed the net margin to just 0.92%. There is no prior management guidance or concall commentary on record to grade this print against, and no reliable Street consensus specific to this quarter could be confirmed — the estimates that surfaced online were internally inconsistent with the year-ago actuals and are not used here.
Q1 FY-2027 vs prior quarters
The improvement is primarily a margin-normalization story: EBITDA margin expanded to 9.80% from 8.52% a year ago (and from 8.90% in Q4 FY26), tracking a lower cost-of-materials share of revenue versus the year-ago quarter's cost spike. Net margin expanded YoY (0.92% to 3.79%) but compressed sequentially from 5.40% in Q4 FY26, even though revenue grew 28.7% QoQ and EBIT-level profit (before exceptional items, JV share and tax) was flat at ₹28.3 Cr. The QoQ profit slip (₹21.4 Cr to ₹18.6 Cr, -12.8%) traces to below-the-line items: the share of associates/JV results swung to a ₹0.95 Cr loss from a ₹0.13 Cr profit in Q4 FY26, finance costs rose to ₹16.5 Cr from ₹15.2 Cr, and the effective tax rate climbed to 31.9% from 26.1%. Standalone PAT (₹19.4 Cr, +1610% YoY) grew faster than consolidated (+1073% YoY), confirming subsidiaries and JVs were a net drag this quarter. Exports remain the dominant driver, at ₹414.1 Cr of the ₹489.7 Cr consolidated revenue from operations (about 85%).
The stock went into the print at ₹24.18, up 3.1% over the past month of trading.
Alongside the results, the board withdrew a proposed ₹75 Cr NCD private placement, approved a ₹0.65 Cr investment for a 25.98% stake in waste-management firm Swaccha Eco Solutions, and reappointed the MD/CEO, WTD-CFO, WTD-COO and three independent directors for fresh five-year terms from January 2027, subject to shareholder approval at the September 10, 2026 AGM. Separately, the company won a CESTAT appeal on August 6, 2026 setting aside a ₹15.24 Cr customs duty demand — a contingent-liability relief not reflected in this quarter's P&L. No management press release accompanying the results was available to cross-check the company's own framing of the quarter.
W1
Whether QoQ net-margin compression (5.40% to 3.79%) reverses in Q2 FY27 as the ₹0.95 Cr JV loss and elevated 31.9% effective tax rate normalize
W2
Progress on the Vietnam acquisition, delayed to December 2026 — watch for a completion update
W3
Completion of the Swaccha Eco Solutions stake acquisition (25.98%, ₹0.65 Cr) by the indicated Dec 31, 2026 timeline and its contribution to the new waste-management line
Source in ₹ Million, converted to Crore (÷10). No exceptional items either period. Consolidated PAT includes ₹0.95 Cr JV share-of-loss and NCI; standalone PAT (₹19.41 Cr) exceeds consolidated (₹18.63 Cr) because unreviewed subsidiaries (combined net loss ₹0.78 Cr) and JVs (₹0.95 Cr loss) were a net drag this quarter, per the auditor's limited-review report. EPS not annualised.