Shish Industries: consolidated PAT turns to ₹1.54 Cr loss as costs outpace revenue
PAT -155.23% YoY · revenue +7.16% · margins compressing · miss vs street
₹35.49 Cr
+7.16% YoY
₹-1.54 Cr
-155.23% YoY
-4.24%
-11.4pp YoY
₹-0.04
Shish Industries' consolidated revenue rose 7.2% YoY to ₹35.49 Cr (from ₹33.12 Cr) but fell 7.0% QoQ (from ₹38.15 Cr), and the group swung to a consolidated net loss of ₹1.54 Cr for Q1 FY27, against a ₹1.76 Cr profit in Q4 FY26 and a ₹2.78 Cr profit in the year-ago quarter as reported in this filing's own comparative column. Standalone told the same story: PAT fell to a ₹0.81 Cr loss from a ₹2.93 Cr profit a year earlier, on modest 4.9% standalone revenue growth to ₹33.94 Cr.
Q1 FY-2027 vs prior quarters
Cost of materials consumed rose 39.3% YoY to ₹27.94 Cr against just 7.2% revenue growth — the single largest drag on the quarter. Depreciation nearly doubled YoY (₹2.14 Cr vs ₹1.24 Cr, +72%) and rose a further 33% sequentially, reflecting new capacity coming onto the books, while finance costs held roughly flat. Together these pushed operating margin to roughly -6.3% for the quarter, deeper into negative territory from an already-weak -0.27% in Q4 FY26, and net profit margin fell to -4.3% from +4.3% (QoQ) and +7.19% (YoY, per our records).
The stock went into the print at ₹10.37, down 13.7% over the past month of trading.
MarketsMojo's Q4 FY26 review had explicitly flagged Q1 FY27 as the quarter to watch, warning that continued negative or low-single-digit operating margins would "confirm structural issues," and modelling a bear-case fair value of ₹8-10 on normalised 9-10% margins if that played out. This quarter's margin moved further negative rather than stabilising, so the print reads as a miss against that framework. Management has issued no formal guidance on record and no press release accompanied this filing, so there is no company commentary to reconcile against the numbers. Separately, the company's same-day monitoring report on its February 2026 preferential-issue proceeds (₹72.34 Cr raised) shows no deviation in fund utilisation this quarter, with ₹1.91 Cr deployed to capex and ₹23.31 Cr to working capital — relevant given the rising depreciation is tied to that capacity build-out.
W1
Whether raw-material cost inflation (+39.3% YoY on cost of materials) eases in Q2 FY27 — the single biggest swing factor this quarter.
W2
Operating margin trajectory — now roughly -6.3% for a second straight negative quarter (Q4 FY26: -0.27%); this is the metric MarketsMojo flagged as the structural-issue confirmation signal.
W3
Whether new capacity (depreciation +72% YoY to ₹2.14 Cr) starts converting into revenue growth beyond the current 7.2% YoY pace.
Figures in ₹ Lakh in source, converted to Cr; consolidated PAT (-₹1.54 Cr) is the filing's own 'Profit for the period' line (before-minority-interest sub-loss of -₹2.14 Cr plus a +₹0.61 Cr minority-interest add-back, per the statement's own XIIIA+XIIIC formula) — our records' year-ago netProfit (₹2.55 Cr) appears to use the before-minority basis vs this filing's after-minority ₹2.78 Cr comparative, so YoY/QoQ below use the filing's internally consistent XIV column throughout; no exceptional items in any period.