Punjab Chemicals: consolidated PAT +7% YoY to ₹22 Cr as growth trails FY27 guide
PAT +6.98% YoY · revenue +8.68% · margins expanding
₹347.24 Cr
+8.68% YoY
₹22.07 Cr
+6.98% YoY
6.34%
0pp YoY
₹18
Punjab Chemicals reported consolidated revenue of ₹347.24 Cr for Q1 FY27, up 8.7% YoY from ₹319.51 Cr in Q1 FY26 and up 66.5% QoQ from ₹208.56 Cr in Q4 FY26 — the large QoQ jump reflects a seasonally weak March-quarter base (which included a sharp inventory drawdown) rather than genuine sequential acceleration, and should not be read as momentum. Consolidated PAT was ₹22.07 Cr, up 7.0% YoY from ₹20.63 Cr, with EPS of ₹18.00 versus ₹16.83 a year ago. Standalone PAT of ₹22.15 Cr was nearly identical to the consolidated number, so the two bases tell the same story this quarter.
Q1 FY-2027 vs prior quarters
Margins improved at the operating line — OPM expanded to roughly 11.75% from about 10.75% a year ago — but net margin was flat at 6.36% versus 6.38%, as the effective tax rate rose to about 26.6% from 25.3%, absorbing the operating gains before they reached the bottom line. With no exceptional items in either period, reported and adjusted growth are identical: 8.7% revenue and 7.0% PAT YoY, with nothing to normalize for.
The stock went into the print at ₹1,192, up 7% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management reaffirms its revenue growth guidance of 15-20% for FY27, driven by strong performance from new products and stable demand for existing molecules. They are targeting a gradual improvement in EBITDA margins from the current ~12% level towards 15% over the next two to three years, supported by a richer product
— This quarter: missed
The print lags management's own guidance: at the Q4 FY26 concall, management reaffirmed a target of 15-20% revenue growth for FY27 and a gradual EBITDA margin improvement from ~12% toward 15% over two to three years. Q1's 8.7% YoY revenue growth is well short of that band, though the ~11.75% operating margin is broadly consistent with the ~12% starting point management cited. No analyst consensus or brokerage preview specific to this quarter could be located — coverage of the stock appears thin — so street expectations are not assessed here. No standalone management press release or commentary accompanied this filing beyond the board-outcome letter, so there is no separate management framing to cross-check against the numbers.
W1
FY27 revenue growth needs to run well above Q1's 8.7% YoY pace in the remaining quarters to hit management's reaffirmed 15-20% full-year guidance.
W2
Effective tax rate rose to ~26.6% from ~25.3% YoY this quarter — watch whether it normalizes or keeps offsetting OPM expansion at the NPM line.
W3
Commercialization of the three MoU products flagged for FY27 and progress on securing a Greenfield CAPEX site — both cited as FY27 priorities but not yet visible in this quarter's numbers.
No exceptional items in the current or year-ago quarter (the ₹208 Lakh New Labour Codes charge sits only in the FY26 full-year column, not any quarterly column), so no adjustment is needed for YoY comparisons; standalone and consolidated PAT diverge by under 1% this quarter.