NR Agarwal Q1 FY27: standalone PAT more than doubles YoY to ₹35 Cr, margins expand
PAT +111.34% YoY · revenue +43.09% · margins expanding
₹646.96 Cr
+43.09% YoY
₹34.98 Cr
+111.34% YoY
5.36%
+1.9pp YoY
₹20.55
N R Agarwal Industries reported standalone Q1 FY27 (quarter ended June 30, 2026, unaudited) revenue from operations of ₹646.96 Cr, up 43.1% YoY from ₹452.14 Cr and up 6.9% QoQ from ₹605.39 Cr. Net profit came in at ₹34.98 Cr, more than double the ₹16.55 Cr reported a year ago (+111.3% YoY) and up 146.3% QoQ from ₹14.20 Cr. Basic EPS was ₹20.55 versus ₹9.72 YoY and ₹8.34 QoQ. The company reports only standalone numbers — paper and paperboard manufacturing is its single reportable segment and there is no consolidated statement in this filing.
Q1 FY-2027 vs prior quarters
The growth was margin-led. Operating margin (EBITDA over revenue from operations, derived from the disclosed cost lines) expanded to 11.48% from 3.65% a year ago and 9.36% last quarter. Cost of materials consumed rose to ₹426.15 Cr from ₹298.45 Cr YoY (~43%), roughly tracking revenue, but finance costs and depreciation grew more slowly, letting operating profit scale faster than the topline. Net margin, measured on total income, rose to 5.36% from 3.46% YoY and 2.34% QoQ. There were no exceptional items on either side of the YoY comparison, so the reported +111.3% PAT growth is also the clean, unadjusted figure — no one-off is inflating it.
The stock went into the print at ₹489.5, up 19.7% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
What the summary numbers don't show
No exceptional items this quarter, unlike the FY26 full year which carried a ₹106.47L Labour Code impact and ₹444.29L loss on assets discarded
The company gives no formal guidance and there is no prior concall read in our records, so this quarter cannot be benchmarked against management's own targets. A web check for Street estimates turned up only generic pre-result commentary (order-book execution and capex-revival themes, from a Univest preview) with no numeric consensus PAT or revenue figure published for this small-cap, so vsStreet is unknown rather than assumed. Alongside the results, the company is heading into its 33rd AGM on September 2, 2026, and had earlier (May 12, 2026) approved a ₹2/share FY26 final dividend and disclosed a capacity upgrade at Unit VI to 1,500 TPD with a revised project cost — both point to continued capital commitment to the core paper business, even as a concurrent MOA amendment opened the door to property development.
W1
Whether OPM sustains above 11% next quarter, given it's well outside the company's recent 3.6%-9.4% quarterly range and paper input costs (waste paper/pulp) aren't disclosed
W2
Commissioning progress and volume impact of the Unit VI capacity upgrade to 1,500 TPD
W3
Any formal guidance or outlook commentary from management, since none is on record for this company
Standalone only — single reportable segment (paper/paperboard manufacture), no consolidated statement in this filing. Unaudited, limited review by GMJ & Co with unmodified opinion. Converted from Lakhs to Crore. No exceptional items in this or the comparison quarters — the ₹106.47L Labour Code impact and ₹444.29L loss on assets discarded shown in the statement are FY26 full-year-only items, not in any quarterly column, so YoY PAT growth needs no adjustment. OPM computed as (PBT before exceptional items + finance cost + depreciation − other income) / revenue from operations, matching the methodology implied by the comparison-context figures (cross-checked against QoQ/YoY comparative columns, which matched our records exactly).