Raghuvir Synthetics swings to ₹4.22 Cr loss as revenue halves YoY
PAT -197.79% YoY · revenue -56.37% · margins compressing
₹36.07 Cr
-56.37% YoY
₹-4.22 Cr
-197.79% YoY
-11.67%
-16.9pp YoY
₹-1.09
Raghuvir Synthetics (standalone; no consolidated statement filed) posted a net loss of ₹4.22 Cr in Q1 FY27 against a net profit of ₹4.32 Cr in Q1 FY26, as revenue nearly halved YoY to ₹36.07 Cr from ₹82.67 Cr (-56.4%). NPM fell from +5.18% a year ago to -11.71%, and OPM from +7.75% to -4.39% — a clean swing from profitable to loss-making on both the operating and net lines, with no exceptional item on either side to explain it away. Sequentially the picture is mixed: revenue rebounded 49.2% QoQ from Q4 FY26's ₹24.18 Cr, but the loss still widened to ₹4.22 Cr from ₹3.58 Cr as cost of materials consumed (₹36.72 Cr) alone exceeded total revenue, only partly offset by a ₹7.86 Cr build-up in finished-goods inventory that kept the reported hit from being larger.
Q1 FY-2027 vs prior quarters
There is no analyst coverage or consensus estimate available for this micro-cap (a web search for Q1 FY27 previews returned nothing), so the print cannot be benchmarked against street expectations, and management has issued no formal guidance or outlook on record — this quarter cannot be assessed against a prior bar either way. No press release accompanied the filing. The one notable disclosure is a ₹3.76 Cr GST demand under Section 74(5) for FY20-21 and FY21-22, arising from a DGGI search at the Rakhial facility in Q1 FY26; the company has deposited ₹1.88 Cr under protest and is seeking clarification, with the demand not yet expensed.
The stock went into the print at ₹97, down 2.2% over the past month of trading.
What the summary numbers don't show
NPM -11.71% vs -14.74% (QoQ) and +5.18% (YoY) — OPM -4.39% vs -5.24% (QoQ) and +7.75% (YoY) — margins remain deeply negative despite a small sequential improvement
EPS basic -₹1.09 vs -₹0.95 (QoQ) and +₹1.12 (YoY)
The board meeting also saw two independent director resignations and two new appointments effective 13.08.2026, a governance reshuffle unrelated to the numbers.
W1
Whether the QoQ revenue recovery (₹24.18 Cr → ₹36.07 Cr) continues toward the Q1 FY26 base of ₹82.67 Cr in Q2 FY27
W2
Resolution of the ₹3.76 Cr GST demand (FY20-21/FY21-22) — company is seeking clarification; any confirmed demand or provision would hit future P&L
W3
The ₹7.86 Cr finished-goods inventory build-up this quarter — whether it converts to sales next quarter or persists as a working-capital drag
Standalone only (no consolidated statement filed); figures in ₹ Lakh converted to ₹ Cr. No exceptional items either period. Tax expense is deferred tax only (current tax nil). ₹3.76 Cr GST demand (FY20-21/FY21-22 ITC dispute, DGGI search) disclosed as a note/contingent item, not booked as an expense.