Plastiblends Q1FY27: PAT +67% YoY to ₹14.95 Cr on RM-driven inventory gains, margins expand
PAT +67.54% YoY · revenue +11.01% · margins expanding
₹221.61 Cr
+11.01% YoY
₹14.95 Cr
+67.54% YoY
6.67%
+2.3pp YoY
₹5.75
Plastiblends India, the country's largest masterbatch maker, reported a strong-looking Q1 FY27 on a standalone basis: revenue from operations grew 11.0% YoY to ₹221.61 Cr and net profit jumped 67.5% YoY to ₹14.95 Cr (EPS ₹5.75 vs ₹3.43). The profit surge far outpaced the topline because margins widened sharply — PAT margin expanded 228 bps YoY to 6.75% and EBITDA margin 297 bps to 10.98% — so the print is a margin story, not a volume story.
Q1 FY-2027 vs prior quarters
Management is explicit that the margin gain is largely a one-off: Q1 saw inventory gains from continuous escalation of raw-material prices, and it states this "will normalize in ensuing quarters as prices have started to reduce." The filing does not quantify the inventory benefit, so a precise adjusted YoY PAT cannot be computed, but the caveat means the underlying run-rate profitability is lower than the +67% headline implies — the verdict should be read as strong-but-inventory-aided rather than a durable structural step-up. Cost of materials (₹162.40 Cr) still absorbed ~73% of revenue, and management separately flags rising power, wage, logistics and rupee-driven overhead pressure.
The stock went into the print at ₹195.79, up 16.4% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
PBT ₹20.23 Cr (+70% YoY) — total expenses ₹203.75 Cr, with materials ~73% of revenue; finance cost ₹0.40 Cr
Overheads (power, wages, logistics, weak rupee) rising — single-segment masterbatch business, exports called out as strong on customer wins
Sequentially the quarter was steadier: revenue +5.2% QoQ off a ₹210.62 Cr base and PAT +7.9% QoQ from ₹13.86 Cr, with margins only marginally better (PAT margin +16 bps QoQ), consistent with a business that is early in its seasonal year rather than inflecting. The company gives no formal forward guidance and there are no analyst consensus estimates on record for a stock of this size (~₹470 Cr mcap), so the result cannot be benchmarked against the street or a prior outlook. Concurrent corporate events are ownership-side, not operational — promoter-group entity Kolsite Corp sold ~1.77% and further shares in late June — with no bearing on the P&L. The board declared no interim dividend with these Q1 results (the ₹3/60% payout came with FY26 in April).
What to watch
W1
Margin normalisation: management guides the inventory gain (10.98% EBITDA margin) reverses as RM prices fall — watch whether Q2 margin drops back toward the ~8% year-ago level
W2
Revenue durability: 11% YoY topline growth needs to hold once the pricing/inventory tailwind fades to keep PAT above the ₹9 Cr year-ago base
W3
Export momentum: management cites strong customer wins driving exports — confirm this converts to volume growth in H2 FY27
Figures in Lakhs, converted to Cr (÷100). Clean unaudited standalone statement, limited-review clean opinion. No exceptional items line. Tax = current 535.08L + deferred (7.40)L = 527.68L. Total income and PAT tie out exactly. Single segment (Masterbatches), so no consolidated statement. Mgmt flags an unquantified inventory gain from RM price escalation as the margin driver, expected to normalise.