Sree Rayalaseema Hypo Q1FY27: consol revenue +17% YoY, adjusted PAT growth just ~6%
PAT +10.33% YoY · revenue +17.03% · margins compressing
₹210.95 Cr
+17.03% YoY
₹24.73 Cr
+10.33% YoY
11.2%
-0.6pp YoY
₹14.54
Sree Rayalaseema Hi-Strength Hypo's consolidated revenue for Q1 FY27 came in at ₹210.95 Cr, up 17.0% YoY (₹180.26 Cr) and up 29.3% QoQ (₹163.14 Cr). Consolidated PAT was ₹24.73 Cr, up 10.3% YoY as reported — but both this quarter and the year-ago quarter carried exceptional losses from the company's gold-futures hedging book (a recurring line, not a one-off: -₹3.50 Cr now vs -₹5.52 Cr last quarter and -₹4.76 Cr a year ago), so growth net of these swings is a slimmer ~5.7% YoY, well behind the 17% revenue gain. Standalone PAT was close at ₹25.17 Cr; the small gap to consolidated reflects the 50%-held subsidiary TGV Metals & Chemicals being brought into the group numbers.
Q1 FY-2027 vs prior quarters
Margins were flat-to-softer YoY: NPM was 11.20% versus 11.76% a year ago, and OPM (PBT + depreciation + finance cost, ex other income, over revenue from operations) was 12.50% versus 12.85% YoY. Sequentially this looks like a sharp expansion (OPM was just 4.77% in Q4 FY26), but that's an artifact of a larger exceptional MTM loss depressing the March quarter's reported profit rather than an operating improvement — the QoQ read shouldn't be leaned on here, consistent with the profit line being volatile quarter to quarter because of the futures book rather than the core chemicals business. Standalone cost of materials consumed rose ~15.9% YoY, tracking revenue growth closely and leaving little room for margin expansion.
The stock went into the print at ₹505, up 2.1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
What the summary numbers don't show
EPS: consolidated basic ₹14.54 (vs ₹11.84 QoQ, ₹13.35 YoY)
There is no analyst coverage or consensus estimate for this stock — a web search confirms third-party trackers (Simply Wall St and others) note insufficient forecasts to compute expected growth for it — so vs-street cannot be assessed. Our records and the filing also carry no prior management guidance or concall commentary, so vs-guidance is unknown as well; no press release accompanied this filing. The quarter's other notable development, disclosed in the notes to accounts, is a contingent legal claim: the Business and Property Courts of England and Wales have taken up a USD 13.17M (~₹110 Cr) claim from Maersk Shipping Line over an alleged Contract of Carriage breach. The company disputes it and has secured interim reliefs in Indian courts restraining foreign proceedings, but the ultimate liability, if any, is stated as not presently determinable — nothing is booked against it.
W1
Gold-futures MTM swings: this exceptional line has posted losses of ₹3.5-5.5 Cr in each of the last three quarters — watch whether it normalizes or keeps distorting reported PBT/PAT
W2
Maersk litigation: USD 13.17M claim pending before English and Indian courts with interim reliefs in place — any adverse ruling could create a financial liability not currently booked
W3
Margin trajectory: OPM at 12.50% remains below the year-ago 12.85%; watch whether cost of materials (up ~15.9% YoY) continues to track revenue growth or starts compressing margins further
Converted from Lakhs (÷100). PBT/tax are for continuing operations (line 7/8); reported PAT (line 12, incl. ₹0.01cr net discontinuing-ops loss) is marginally below PBT-tax. Consolidated PAT is total (incl. NCI of ~-₹0.22cr); owners' share was ₹24.96cr. Recurring exceptional item: ₹3.50cr net loss from gold-futures MTM (also present in prior two quarters). Consol EPS row had a minor OCR/print ambiguity (14.54 basic vs diluted, both taken as 14.54).