Seshasayee Paper Q1: consolidated PAT more than doubles YoY to ₹31.9 Cr on 28% revenue jump
PAT +106.81% YoY · revenue +27.68% · margins expanding
₹492.08 Cr
+27.68% YoY
₹31.91 Cr
+106.81% YoY
6.33%
+2.5pp YoY
₹5.3
Seshasayee Paper & Boards reported a strong opening quarter to FY27. Consolidated revenue from operations rose 27.7% year-on-year to ₹492.1 Cr (from ₹385.4 Cr in Q1 FY26), and consolidated net profit more than doubled to ₹31.9 Cr from ₹15.4 Cr, with EPS at ₹5.30 versus ₹2.56 a year ago. Net margin expanded sharply to 6.3% from 3.9% a year earlier — the profit grew far faster than the topline, so this is a margins-and-operating-leverage story, not just volume. Standalone tells the same story (PAT ₹33.6 Cr, +96.9% YoY on revenue of ₹492.0 Cr); the two diverge only because the consolidated line absorbs a small ₹0.34 Cr share of loss from associate Ponni Sugars (Erode), where a year ago that drag was ₹0.82 Cr.
Q1 FY-2027 vs prior quarters
The margin lift sits on the cost side: cost of power and fuel fell to ₹50.9 Cr from ₹53.9 Cr and finance costs stayed negligible at ₹0.4 Cr, while higher revenue diluted fixed costs — even though cost of materials consumed climbed to ₹315.7 Cr. Sequentially, revenue is down 16.9% from Q4 FY26's ₹591.8 Cr, but that quarter was flattered by a large ₹145.4 Cr inventory drawdown (versus a ₹5.8 Cr build this quarter) and by an ₹8.6 Cr associate profit swing; on the cleaner comparison PAT is up 22.5% QoQ. Year-on-year is the real signal and it is unambiguously strong.
The stock went into the print at ₹230.23, up 7.3% 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 2 consecutive quarters.
The company gives no formal guidance and there is no street/brokerage consensus for a stock this size, so there is nothing to beat or miss against — the print stands on its own. Alongside the result the board approved a nominee-director change (TIIC's R.J. Ramesh replacing Kumar Jayant, IAS), a routine governance item unrelated to operations. The one genuine forward watch remains the Servalakshmi Paper asset revival (won via NCLT e-auction), where the last of three NCLAT appeals is heard and reserved for orders; management continues refurbishment toward recommencement.
W1
Servalakshmi Paper revival: final NCLAT appeal heard and reserved for orders; capacity/recommencement timeline once cleared
W2
Associate Ponni Sugars swing: -₹0.34 Cr this quarter vs +₹8.61 Cr in Q4 FY26 — a live swing factor in consolidated PAT
W3
Input costs: cost of materials consumed jumped to ₹315.7 Cr (from ₹281.1 Cr QoQ) — margin sustainability if realisations soften
Clean digital filing, both statements legible. No exceptional items. Consolidated PBT 43.44 = standalone-like ordinary profit 43.78 + associate share -0.34 (Ponni Sugars loss); consolidated PAT < standalone because of associate drag. OCI includes 11.51 Cr equity fair-value gain (below PAT, excluded).