Sukhjit Starch Q1FY27: consol PAT +142% YoY to ₹12.15 Cr as margins expand
PAT +142.51% YoY · revenue +7.19% · margins expanding
₹395.65 Cr
+7.19% YoY
₹12.15 Cr
+142.51% YoY
3.06%
+1.7pp YoY
₹3.89
The Sukhjit Starch & Chemicals consolidated result for Q1 FY27 (quarter ended 30 June 2026) shows revenue from operations of ₹395.65 Cr, up 7.2% YoY from ₹369.13 Cr, while consolidated PAT more than doubled to ₹12.15 Cr from ₹5.01 Cr a year earlier (+142.5% YoY). There were no exceptional items in either period, so this is a clean, unadjusted comparison. Sequentially, revenue eased 1.5% and PAT fell 16.7% versus the strong Q4 FY26 print (₹401.69 Cr revenue, ₹14.59 Cr PAT) — a seasonal moderation typical of an agri-input-linked business like maize starch processing, not a break in the YoY improvement trend.
Q1 FY-2027 vs prior quarters
The margin story is the primary driver: operating margin (PBT + finance cost + depreciation − other income, over revenue) expanded to 7.62% from 5.16% a year ago (+246 bps YoY), and net profit margin rose to 3.06% from 1.35% (+171 bps YoY), consistent with management's prior guidance that softening maize prices would improve operating performance in H2 FY26. QoQ, NPM slipped to 3.06% from 3.55% even as OPM improved further (6.43%→7.62%), pointing to some below-the-line cost variability rather than a genuine deterioration. Segment-wise, the core Maize Processing division's PBIT rose to ₹23.01 Cr from ₹12.79 Cr YoY, while the smaller Infrastructure division swung to a marginal loss of ₹0.68 Cr from a ₹0.37 Cr profit a year ago.
The stock went into the print at ₹165.99, down 6.7% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
What the summary numbers don't show
Consolidated EPS ₹3.89 vs ₹1.60 YoY
Management anticipates sequential improvement in operating performance and margins in H2 FY26, driven by softening maize prices and demand recovery post-GST rationalization. The company is optimistic about the revival of export competitiveness due to favorable domestic maize pricing, expecting export activity to pick u
— This quarter: met
Against management's prior concall outlook — cautiously optimistic on H2 FY26 margin improvement from softening maize costs and GST-driven demand recovery, plus optimism on reviving export competitiveness — this quarter's continued margin expansion is broadly consistent with that trajectory carrying into Q1 FY27, a directional 'met' since no quantitative target was ever given. No press release was available for this filing, so management's own framing of this specific quarter is not yet on record, and a web search for analyst/street estimates on this small-cap turned up no coverage, so vsStreet is unknown. This quarter's other corporate developments (director reappointments, AGM fixed for 26 August 2026, dividend record date 20 August 2026) are governance items unconnected to the operating print. Standalone PAT of ₹12.56 Cr (+164.4% YoY) broadly tracks the consolidated number, the small gap explained by subsidiary-level results.
W1
Whether maize-price softening (management's stated H2 FY26 driver) keeps supporting margins into Q2 FY27, given QoQ NPM dipped 49 bps
W2
Export competitiveness pickup management flagged as an opportunity — watch for volume/revenue commentary in the concall
W3
Infrastructure division turned marginally loss-making (-₹0.68 Cr PBIT) this quarter vs profit last year — watch if this reverses
Consolidated table's current-quarter column header shows a scan artifact (30.06.2025 instead of 30.06.2026); verified correct column by cross-matching preceding (₹401.69 Cr rev/₹14.59 Cr PAT) and corresponding (₹369.13 Cr rev/₹5.01 Cr PAT) columns against our records. No exceptional items in any period. Three unreviewed subsidiaries contributed ₹1.18 Cr revenue and ₹0.41 Cr net loss to consolidated, flagged immaterial by auditors.