Nureca Q1: consolidated PAT jumps to ₹3.1 Cr, +277% YoY, on margin recovery
PAT +277.2% YoY · revenue +18% · margins expanding
₹40.34 Cr
+18% YoY
₹3.07 Cr
+277.2% YoY
7.28%
+5.1pp YoY
₹3.21
Nureca's Q1 FY27 (consolidated) print is a clean margin-recovery story: revenue from operations rose ~18% YoY to ₹40.34 Cr while net profit nearly quadrupled to ₹3.07 Cr from ₹0.81 Cr a year ago (+277%), lifting net margin to 7.6% from a thin 2.2%. The gain is operational rather than accounting-driven — the year-ago base carried no one-offs, so the YoY jump is fully underlying, powered by a better cost mix (gross-margin lift as purchases/inventory movement absorbed less of the topline) and operating leverage on the wellness-products portfolio. Standalone tells the same story (PAT ₹2.43 Cr vs ₹0.55 Cr, EPS 2.55), so basis choice doesn't change the read; consolidated runs ~₹0.6 Cr ahead on the Indian subsidiary's ₹0.43 Cr contribution.
Q1 FY-2027 vs prior quarters
Sequentially the swing looks dramatic — from a ₹6.09 Cr loss in Q4 FY26 to a ₹3.07 Cr profit — but most of that is the reversal of a one-off: Q4 carried an ₹8.34 Cr fair-value loss on investments that pushed it into the red, versus just ₹0.07 Cr this quarter. Stripping that out, the business was already broadly profitable last quarter, so the QoQ headline overstates the operational improvement; the YoY comparison is the honest one. Nureca gives no formal guidance and no brokerage consensus exists for this micro-cap, so there is nothing external to beat or miss — investors had flagged margin recovery as the thing to watch after Q4, and this quarter delivers on exactly that. The concurrent quarter developments were governance/promoter-side (inter-se promoter share transfers, AGM notice resubmission) with no bearing on the P&L. The pending absorption of wholly-owned subsidiary Nureca Technologies (appointed date Apr 1, 2025) remains unrecognised, awaiting NCLT sanction.
The stock went into the print at ₹292.19, up 22.3% over the past month of trading.
What the summary numbers don't show
Consolidated EPS ₹3.21 (standalone ₹2.55) — results unaudited, unmodified limited-review opinion
What to watch
W1
Whether the 7.6% net margin holds or reverts — Q4 FY26 showed how a single fair-value hit can erase the quarter's profit
W2
Revenue momentum against the FY26 consolidated base of ₹146.96 Cr; ₹40.34 Cr this quarter annualises to ~₹161 Cr
W3
Progress on NCLT sanction of the Nureca Technologies absorption, which will fold subsidiary results into standalone
Source in INR millions; converted to ₹Cr. Raw text mis-ordered the PAT/EPS columns — resolved via page image + arithmetic (consol Q1 PAT ₹3.07 Cr, EPS 3.21). YoY comparison clean (no exceptionals either side); the QoQ turnaround is partly the absence of Q4 FY26's ₹8.34 Cr fair-value loss on investments (only ₹0.07 Cr this qtr). Nureca Technologies merger pending NCLT sanction — no accounting impact recognised yet.