Sahyadri Industries Q1 FY27: standalone PAT up 146% YoY to ₹26.5 Cr as margins expand sharply
PAT +146.24% YoY · revenue +20.51% · margins expanding
₹258.58 Cr
+20.51% YoY
₹26.52 Cr
+146.24% YoY
10.15%
+5.2pp YoY
₹24.22
Sahyadri Industries' standalone Q1 FY27 (quarter ended 30 June 2026) revenue from operations rose 20.5% YoY to ₹258.58 Cr (₹214.58 Cr) and 32.9% QoQ (₹194.52 Cr), while standalone PAT more than doubled YoY to ₹26.52 Cr from ₹10.77 Cr (+146%) and jumped 151% QoQ from ₹10.55 Cr. Net profit margin expanded to 10.15% from 4.99% YoY and 5.37% QoQ; the operating margin (EBITDA-type, ex-other income) widened to ~15.1% of net sales from 9.43% YoY and 9.64% QoQ.
Q1 FY-2027 vs prior quarters
The margin bridge sits on the cost line: Cost of Materials Consumed grew only 8.6% YoY (₹128.81 Cr vs ₹118.65 Cr) against 20.5% revenue growth, and employee benefit expense was roughly flat (₹12.05 Cr vs ₹11.57 Cr), while other expenditure rose 12.4% (₹57.07 Cr vs ₹50.76 Cr) — the spread between revenue growth and input-cost growth, not volume alone, is what drove the jump in profitability. By segment, Building Material (the core business) contributed revenue of ₹256.20 Cr (+20.7% YoY) and a segment result of ₹33.22 Cr, nearly 2.4x the ₹13.86 Cr a year ago; Power Generation added ₹4.84 Cr of revenue and ₹1.73 Cr of segment profit, both broadly steady YoY.
The stock went into the print at ₹362, up 28.5% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
Basic/diluted EPS ₹24.22 for the quarter (not annualised) vs ₹9.84 YoY and ₹9.64 QoQ.
We have no prior formal guidance or concall commentary on record for this company, and a web search turned up no analyst previews or consensus estimates for this quarter — Sahyadri has no visible sell-side coverage, so vs-street and vs-guidance are both unknown rather than a miss or beat. No management press release accompanying this filing was available to cross-check framing. Alongside the results, the Board declared an interim dividend of ₹2.50/share (face value ₹10) for FY27, record date 21 August 2026, payable 8 September 2026 — following the ₹1.50/share final dividend recommended for FY26 in July. The company also disclosed continuing brownfield expansion: a 1,20,000 MT Asbestos Corrugated Sheet unit in Odisha, and a 72,000 MT Non-Asbestos Cement Board plant in Maharashtra where land acquisition is still in process — no capex figures were disclosed for either.
W1
Whether the cost/price spread holds — Cost of Materials Consumed grew only 8.6% YoY vs 20.5% revenue growth this quarter, and that gap is the entire margin-expansion story.
W2
Capex progress on the Odisha (1.2 lakh MT ACS) and Maharashtra (72,000 MT non-asbestos board) units, both still at the land-acquisition stage as of this filing.
W3
Impact of New Labour Code rules once notified — company has flagged pending evaluation beyond the ₹0.645 Cr provision already booked in FY26.
Standalone only — company has no subsidiary/associate/JV as at 30-Jun-2026 (note 5). No exceptional item this quarter vs a ₹0.64 Cr one-off Labour Code employee-benefit provision booked in FY26, so YoY is a clean comparison. Auditor issued an unmodified limited-review report. EPS not annualised.