Northern Spirits Q1 FY27: standalone PAT up 26% YoY on margin gains as revenue grows 12%
PAT +25.67% YoY · revenue +12.11% · margins expanding
₹598.79 Cr
+12.11% YoY
₹9.27 Cr
+25.67% YoY
1.55%
+0.2pp YoY
₹5.78
Northern Spirits' standalone Q1 FY27 print is a clean YoY improvement: revenue from operations rose 12.1% to ₹598.79 Cr (₹534.12 Cr in Q1 FY26) while net profit grew faster, up 25.7% to ₹9.27 Cr (₹7.38 Cr) — profit growth outpaced topline growth and margins expanded. EPS rose to ₹5.78 from ₹4.60 a year ago. Sequentially the picture is more mixed: revenue dipped 2.8% from ₹615.92 Cr in Q4 FY26, in line with the quarter-to-quarter swings typical of a spirits/wine trading business, but PAT still climbed 8.6% QoQ (from ₹4.98 Cr) as margins improved further off the prior quarter's soft base. The YoY profit beat is the primary read; the QoQ gain is smaller in absolute terms (₹0.30 Cr) and follows an unusually weak Q4.
Q1 FY-2027 vs prior quarters
Margin expansion is broad-based rather than driven by a single line: net profit margin rose to 1.55% from 1.38% a year ago and from 0.81% last quarter, while operating margin (EBITDA excluding other income, on revenue) improved to 2.73% from 2.53% YoY and 1.65% QoQ. Neither the current nor comparative periods carry any exceptional items, so the growth is on a clean, comparable base and needs no adjustment. No analyst coverage or published Street estimates could be found for this quarter, so vsStreet is unknown; management has also issued no formal guidance or outlook on record, so there is nothing beyond the company's own trend to grade the print against. The quarter's only notable corporate development is a compliance-officer transition — Shweta Almal was appointed Company Secretary & Compliance Officer on August 3, 2026, following the prior CS's resignation on June 3, 2026 — which is administrative and unconnected to the operating numbers. No management press release accompanied the filing; results were approved at an August 13, 2026 board meeting alongside an unmodified limited review report from statutory auditors J K S S & Associates.
The stock went into the print at ₹132.3, up 2.6% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
W1
Whether the QoQ revenue dip (-2.8%, ₹615.92 Cr to ₹598.79 Cr) reverses next quarter or reflects a seasonal pattern in the spirits/wine trading business
W2
Whether OPM sustains its climb from 1.65% (Q4 FY26) to 2.73% (Q1 FY27) or reverts toward the ~2.5% YoY-comparable level
W3
Continuity under the new Company Secretary & Compliance Officer (appointed Aug 3, 2026) after a compliance-role gap since the June 3, 2026 resignation
Only a standalone statement is filed (no consolidated section). Exceptional items row is nil in all four columns, so no one-off adjustment is needed. Figures converted from ₹ Lakh to ₹ Crore; all comparative-period numbers in the filing match our stored context exactly.