Sreeleathers Q1 FY27: PAT jumps 138% YoY on margin expansion; revenue eases QoQ
PAT +138.18% YoY · revenue +19.72% · margins expanding
₹59.63 Cr
+19.72% YoY
₹6.99 Cr
+138.18% YoY
11.56%
+5.7pp YoY
₹3.02
Sreeleathers' standalone revenue from operations came in at ₹59.63 Cr, up 19.7% YoY from ₹49.80 Cr, though down 4.9% QoQ from the seasonally strong March-quarter print of ₹62.69 Cr. Standalone PAT of ₹6.99 Cr surged 138.2% YoY versus ₹2.93 Cr a year ago, but fell 27.8% QoQ from ₹9.67 Cr. EPS was ₹3.02 against ₹1.27 YoY and ₹4.18 QoQ. This is the company's only reported basis — Sreeleathers files standalone results only, with no consolidated statement in this filing.
Q1 FY-2027 vs prior quarters
NPM (PAT/total income) expanded to 11.56% from 5.84% a year ago, though it eased from 14.66% in Q4 FY26; EBITDA-level margin (OPM) rose to 14.93% from 7.97% YoY while slipping from 15.87% QoQ. Part of the YoY margin expansion traces to a ₹2.91 Cr build-up in finished-goods/stock-in-trade inventory (a credit to expenses) versus a ₹0.84 Cr inventory drawdown (a debit) in the year-ago quarter — a roughly ₹3.7 Cr favorable swing on that single line against a ₹4.05 Cr absolute PAT increase. Employee costs grew slower than revenue (+12.5% YoY vs +19.7% revenue growth), pointing to some operating leverage, while other expenses rose faster (+53.1% YoY) and discounting costs rose 23.4% YoY. No exceptional or extraordinary items were booked in either quarter, so raw and effective YoY PAT growth are the same 138.2% — there is nothing to strip out.
The stock went into the print at ₹243.01, up 16.1% over the past month of trading.
There is no analyst/street coverage on record for this micro-cap: a web search found no Q1 FY27 estimates, and third-party trackers note only 2 covering analysts with no submitted revenue/earnings figures, so vsStreet is unknown. Management has issued no formal guidance in our records or via search, so vsGuidance is also unknown. The board-meeting outcome letter accompanying these results was largely procedural — it approved Mr. Soham Dey's appointment as Additional Director (effective August 14, 2026) and proposed Whole-time Director (effective from the ensuing AGM), reconstituted board committees, and set the 35th AGM for September 28, 2026, with a ₹1/share final dividend (declared alongside the FY26 annual results on May 29, 2026) carrying a September 21, 2026 record date. None of this bears directly on the quarter's operating numbers, and no separate management commentary on operations was issued.
W1
Whether Q2 FY27 revenue reverts toward the underlying ~20% YoY growth trend after this quarter's seasonal QoQ dip, absent any company revenue guidance on record
W2
Durability of the inventory-driven margin boost — whether OPM holds near 14-15% or reverts toward the ~8% seen in the year-ago June quarter as the ₹2.91 Cr inventory build unwinds
W3
Onboarding of incoming Whole-time Director Mr. Soham Dey from the September 28, 2026 AGM and any resulting shift in employee-cost trend (+12.5% YoY this quarter)