National Peroxide Ltd Q1 FY27 Results

National Peroxide's standalone revenue rose 44.1% YoY to ₹96.07 Cr in Q1 FY27 (quarter ended June 30, 2026), with PAT up sharply to ₹6.61 Cr from a thin ₹0.89 Cr a year ago — EPS ₹11.50 versus ₹1.55. NPM expanded to 6.73% from 1.30% and OPM to 12.75% from 7.24% YoY, so the profitability improvement is broad-based rather than a one-off. Sequentially, though, revenue grew a more modest 12.1% over the restated Q4 FY26 base (₹85.68 Cr) while PAT fell 28.4% from a restated ₹9.23 Cr, and both margins compressed from Q4's 10.60% NPM / 17.37% OPM — this quarter is a step down from an unusually strong prior print, not a deterioration in the underlying YoY trend.

The QoQ margin squeeze traces to raw material cost, which rose 44.7% sequentially (₹36.61 Cr to ₹52.99 Cr) — nearly four times faster than the 12.1% revenue increase — while power/fuel, employee costs and other expenses were flat to lower QoQ. YoY, raw material cost as a share of revenue ticked up slightly (53.97% to 55.16%), but that was more than offset by operating leverage on employee costs (10.62% of revenue a year ago to 7.89% now), which is what drove the YoY margin expansion.

The stock went into the print at ₹612.05, up 5.9% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

The same board meeting that approved these Q1 FY27 numbers also approved a revised, audited FY26 annual result: full-year PAT was restated up ₹1.30 Cr to ₹9.23 Cr after the company found an incorrect ERP configuration that had understated natural-gas raw-material costs (and trade payables) by ₹6.95 Cr in the December 2025 quarter, corrected under Ind AS 8. Auditors Kalyaniwalla & Mistry LLP issued an unmodified opinion with an emphasis of matter on the revised results, and were separately re-appointed for a second five-year term. This restatement explains the earlier deferral of the Q1 FY27 board meeting (from August 3 to August 12) flagged in our event records; the company's CIO resignation on July 15 appears unrelated to the accounting issue. Management issued no formal guidance or outlook on record, no prior concall commentary exists to check this print against, and a web search turned up no analyst previews or consensus estimates for this stock, consistent with its small size and single-segment (hydrogen peroxide) profile — vsGuidance and vsStreet are both unknown. No press release accompanying the results was available to cross-check management's own framing of the quarter.