Sheetal Cool Products Q1 FY27: standalone PAT up 31% YoY, margins expand but slip QoQ
PAT +30.78% YoY · revenue +17.49% · margins expanding
₹132.64 Cr
+17.49% YoY
₹6.99 Cr
+30.78% YoY
5.27%
+0.5pp YoY
₹6.66
Sheetal Cool Products' Q1 FY27 standalone print continues the year-on-year growth trend that an analyst preview (UniVest, May 2026) flagged as the key checkpoint for its FY27 outlook, though the sequential picture is softer. There is no formal management guidance and no published consensus PAT/revenue estimate for this quarter — the UniVest note set a ₹120 base-case price target but gave no specific earnings number, so the print cannot be scored against a formal street figure.
Q1 FY-2027 vs prior quarters
The YoY margin expansion (OPM 9.25%→10.54%, NPM 4.73%→5.27%) came despite a higher combined raw-material-plus-inventory cost ratio (69.9% of revenue a year ago vs 72.4% now), offset by a sharp drop in other expenses as a share of revenue (15.2%→11.5%) — an operating-efficiency gain rather than a raw-material tailwind. Sequentially, both margins gave back ground from the seasonally strong March quarter (OPM 11.46%, NPM 6.11%), most likely reflecting ramp-up costs from the new manufacturing unit the company inaugurated on 1 June 2026, layered on a typical post-summer-peak slowdown for an ice-cream/dairy business. The ₹4 Cr international export order secured on 25 June 2026 supports the topline story but is too small to materially move this quarter's ₹132.64 Cr revenue base. Company-specific noise this quarter included a 3.01% stake acquisition by Yash Bhuva (5 June) and a clarification denying any material event behind recent share-volume activity (5 August) — neither bears on the operating numbers. No separate management commentary or press release accompanied the board-outcome filing.
The stock went into the print at ₹484.65, up 5.4% over the past month of trading.
What the summary numbers don't show
Revenue from operations ₹132.64 Cr, +17.5% YoY (₹112.90 Cr) but roughly flat QoQ, down 0.5% from ₹133.31 Cr
Standalone PAT ₹6.99 Cr, +30.8% YoY (₹5.34 Cr) but down 14.4% QoQ from ₹8.17 Cr
EPS ₹6.66 for the quarter vs ₹5.09 a year ago and ₹7.78 in the preceding quarter
W1
OPM recovery: watch if margin returns toward the 11.46% seen in Q4 FY26 as the new manufacturing unit's utilization ramps up
W2
Execution on the ₹4 Cr export order booked 25 June 2026 and whether repeat/incremental export orders materialize in Q2 FY27
W3
Namkeen segment size: management notes it doesn't yet meet Ind AS-108 quantitative thresholds for separate segment disclosure — watch for formal segment reporting once it does
Only a standalone statement is filed (no subsidiaries in evidence); figures converted from Rs Lakhs. Note 6 in the filing flags an ERP migration from Tally causing 'material differences in financial information' vs the prior system — a data-quality caveat, not a numeric exceptional item. No exceptional/one-off line items in either period, so no adjustment needed.