NIKHIL ADHESIVES LTD.-$ Q1 FY27 Results

NIKHILADQ1 FY27 ResultsAnnounced 13 Aug, 7:32 pm

Result:Good· Market: FlatMargin squeeze

Metric	Value	Q4 FY26	Q1 FY26
Revenue	188.59 Cr	13.6%	52.7%
Total Income	188.78 Cr	13.6%	52.8%
Expenditure	179.20 Cr	13.5%	50.7%
PBT	9.58 Cr	15.5%	105.0%
Net Profit	7.32 Cr	16.7%	105.3%
OPM	6.82%	0.05pp	0.04pp
NPM	3.88%	0.10pp	0.99pp
EPS	1.59	16.1%	103.8%

View full financials

Revenue growth of 52.7% YoY is strong and PAT rose (37% on the filing's own comparative, no exceptional items), but operating margin compressed as material costs outran the topline, tempering an otherwise good manufacturing print to just below standout.

Q1 FY-2027 RESULTS · NIKHILAD

Nikhil Adhesives standalone Q1FY27: revenue +51% YoY outpaces PAT +37% as margins compress

PAT +37% YoY · revenue +50.6% · margins compressing

13 Aug 2026 · 3 min read

Revenue

₹188.59 Cr

+50.6% YoY

PAT (standalone)

₹7.32 Cr

+37% YoY

Net margin

3.88%

+1pp YoY

EPS

₹1.59

Standalone revenue for the quarter ended June 30, 2026 came in at ₹188.59 Cr, up 50.6% year-on-year and 13.6% sequentially. Standalone PAT of ₹7.32 Cr grew 37.0% YoY and 16.7% QoQ, trailing the revenue growth rate — net margin narrowed to 3.89% from 4.27% a year ago (though it edged up from Q4 FY26's 3.78%). Operating margin (EBITDA/revenue) compressed more sharply, to 6.82% from 8.10% YoY, as cost of materials consumed rose to 77.7% of revenue from 71.1% a year ago and 61.9% last quarter — the clearest driver of the YoY margin squeeze despite the strong topline. EPS was ₹1.59 against ₹1.16 in the year-ago quarter (as shown in this filing) and ₹1.37 in Q4 FY26. There were no exceptional items this quarter (FY26 full year carried a ₹0.37 Cr exceptional charge), so no raw/adjusted growth split is needed here.

The scoreboard

Q1 FY-2027 vs prior quarters

Standalone P&L, ₹ Crore

	Q1 FY-2027	QoQ	YoY
Revenue	₹188.59 Cr	+13.6%	+52.7%
Expenses	₹179.2 Cr	+13.5%	+50.7%
PAT	₹7.32 Cr	+16.7%	+37%
Net margin	3.88%	+0.1pp	+1pp
EPS	₹1.59	+16.1%	+103.8%

The company has no formal earnings guidance on record and no management press release accompanied this filing, so there is no outlook to grade the print against. There is no visible sell-side coverage or consensus estimate for this micro-cap, so the print cannot be benchmarked against street expectations. One data-quality flag worth noting: the June 2025 comparative shown in this filing (revenue ₹125.25 Cr, PAT ₹5.34 Cr) is materially higher than what was originally reported for that quarter — ₹123.47 Cr revenue and ₹3.57 Cr PAT, per contemporaneous reporting — a roughly 50% upward restatement in profit that the filing does not explain beyond a generic comparability note. Governance-wise, the board also accepted secretarial auditor Somani & Associates' resignation (effective August 13, 2026), approved Deepika Mishra & Associates as replacement for FY27, and recommended independent director Gauri Surendra Trivedi's re-appointment for a second five-year term — all subject to shareholder approval at the AGM on September 22, 2026, and none a driver of this quarter's numbers.

₹

The tape into the print — daily closes, last 3 months

The stock went into the print at ₹77.5, up 4.7% over the past month of trading.

₹ Cr

Quarterly standalone PAT, ₹ Crore

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

W1
Whether the material-cost ratio (77.7% of revenue this quarter vs 61.9% in Q4 FY26) eases in Q2 FY27 — it is the direct driver of the EBITDA margin compression to 6.82% from 8.10% YoY
W2
Whether a formal restatement note appears in a subsequent filing explaining the ~50% upward revision to the June-2025 quarter's PAT (₹3.57 Cr originally reported vs ₹5.34 Cr shown as comparative here)
W3
Shareholder approval at the September 22, 2026 AGM of the secretarial auditor change (Deepika Mishra & Associates) and director re-appointment