Saraswati Saree Depot Q1 FY27: PAT up just 4% YoY as revenue growth stalls under 2%
PAT +3.98% YoY · revenue +1.95% · margins flat
₹147.59 Cr
+1.95% YoY
₹6.61 Cr
+3.98% YoY
4.43%
+0.1pp YoY
₹1.7
Saraswati Saree Depot's standalone revenue rose only 1.9% YoY to ₹147.59 Cr (vs ₹144.77 Cr in Q1 FY26) — a sharp deceleration for a company that closed FY26 at ₹631.16 Cr. The 10.5% QoQ jump from ₹133.53 Cr is a seasonal artifact off a soft March quarter and should not be read as re-acceleration. PAT came in at ₹6.605 Cr, up 4.0% YoY (₹6.352 Cr) and nearly double QoQ (₹3.334 Cr) for the same seasonal reason. Margins were essentially flat: NPM 4.43% vs 4.36% a year ago, OPM steady near 6% — there's no expansion or compression story, just a slightly better tax/finance-cost mix (finance cost fell to ₹0.015 Cr from ₹0.263 Cr YoY as debt was pared down) offsetting a 25.5% YoY rise in employee costs (₹3.863 Cr vs ₹3.078 Cr). EPS ticked up to ₹1.70 from ₹1.61. No exceptional items sit in either period, so raw and adjusted growth are the same.
Q1 FY-2027 vs prior quarters
There is no analyst consensus or brokerage preview available for this stock — it carries no formal Street coverage, so vsStreet is unknown rather than inferred. Management has also issued no formal quarterly guidance on record, so the print can't be graded against a stated target; it should be read purely on its own trend, which is one of stalling topline growth. The quarter also lands amid governance flux flagged in our event records: the Chairman resigned on Jun 5, 2026, and the company resubmitted its FY26 results on Jul 2, 2026 with a signed audit qualification statement — neither is explained in this filing, but the board used the same meeting to swap statutory auditors, appointing PPC & Co for a fresh five-year term effective from the AGM (Sep 18, 2026), replacing Sanjay Vhanbatte & Co. None of this shows up in the P&L numbers directly, but it's the backdrop against which a near-flat YoY quarter should be read.
The stock went into the print at ₹65.14, up 21.1% over the past month of trading.
What the summary numbers don't show
₹0.248 Cr PBT contribution from a 50%-held associate partnership firm (Ahmednagar) is based on the associate's own unaudited, un-reviewed financials per the auditor's note
W1
Whether revenue growth re-accelerates beyond this quarter's sub-2% YoY pace — next checkpoint is the Q2 FY27 print
W2
Resolution of the audit qualification flagged in the FY26 resubmission and smooth handover to the newly appointed PPC & Co auditor mandate post-AGM (Sep 18, 2026)
W3
Confirmation of the associate firm's ₹0.248 Cr income contribution once its financials are actually reviewed/audited
Only a standalone statement exists — company confirms it does not prepare consolidated results under Ind AS 110 (associate is a 50%-held partnership firm, not a subsidiary, equity-accounted via 'Income from Associates'). Source in ₹ Million, converted ÷10 to Crore. No exceptional/extraordinary items. Auditor's 'other matter' flags that the ₹0.248 Cr associate income is based on the associate's own unaudited/un-reviewed financials.