TN Petroproducts Q1 FY27: consolidated PAT surges 127% YoY to ₹80 Cr as margins expand
PAT +127.3% YoY · revenue +68.5% · margins expanding
₹777.92 Cr
+68.5% YoY
₹80.11 Cr
+127.3% YoY
10.18%
+2.7pp YoY
₹8.9
Tamilnadu Petroproducts reported consolidated revenue from operations of ₹777.92 Cr (₹780.15 Cr including other operating income) for Q1 FY27, up 68.5% YoY from ₹463.01 Cr in Q1 FY26. Consolidated PAT came in at ₹80.11 Cr, up 127.3% YoY from ₹35.25 Cr, with basic EPS of ₹8.90 (not annualised) versus ₹3.92 a year ago. Standalone PAT of ₹77.82 Cr (EPS ₹8.65) tracks the consolidated number within 3%, so the group and standalone stories are essentially the same and the consolidated figure is used as primary here. Sequential (QoQ) comparisons against Q4 FY26 (revenue ₹124.50 Cr, PAT ₹8.09 Cr) are not meaningful — the company's own notes state Q4 FY26 was depressed by a planned shutdown from January to March 2026 to complete the LAB and HCD capacity-expansion project, so the low base inflates QoQ growth artificially.
Q1 FY-2027 vs prior quarters
The YoY jump is margin-accretive, not just volume-driven: operating margin (EBITDA/revenue) expanded to roughly 15.45% from 10.16% a year earlier (+529 bps), and net margin rose to 10.18% from 7.49% (+269 bps). No exceptional items hit the current quarter, unlike the ₹7.62 Cr exceptional gain booked in Q4 FY26 or the small ₹0.27 Cr exceptional expense in Q1 FY26 — stripping that immaterial year-ago item, adjusted PAT growth is still ~126.0% YoY, barely different from the 127.3% reported, so this reads as a clean operating improvement rather than a one-off-flattered number. The step-up plausibly reflects the LAB/HCD expansion project coming online after the Q4 shutdown, lifting volumes and cost absorption even as power & fuel (₹145.11 Cr) and referral charges (₹59.70 Cr) remain the two largest cost lines.
The stock went into the print at ₹103.1, up 4.7% 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.
We have no prior management guidance or concall commentary on record for this company, and a web search found no numeric consensus estimate for the quarter — pre-print commentary flagged capacity utilisation and price realisation as the key swing factors to watch, without a specific PAT figure, so vsStreet is recorded as unknown rather than guessed. No management press release was available in the extraction context, so company framing/quotes could not be cross-checked against the numbers. Among the quarter's other filings, a GST demand against the company was reduced to ₹4.05 lakh (announced August 7, 2026) — immaterial next to the P&L. The auditors again flagged (Note 3/4) that the leasehold land lease expired in June 2020 and remains pending renewal from the Tamil Nadu government; the company continues to account for the right-of-use asset assuming renewal, with no P&L adjustment made pending that outcome.
W1
Whether the +68.5% YoY revenue run-rate and ~15.45% operating margin hold in Q2 FY27 once the post-shutdown catch-up effect fades
W2
Resolution of the leasehold land lease with the Tamil Nadu government (expired June 2020, renewal still pending — flagged again by auditors this quarter)
W3
Power & fuel cost trajectory (₹145.11 Cr this quarter, ~18.6% of revenue) as expanded capacity scales volumes further
Both statements are typed/legible, columns clearly headed 30-Jun-2026 (current). otherIncome = 'other operating income' + 'Other Income' lines combined (ties Total Income exactly for both bases). Q1 FY26 carried an immaterial ₹0.27 Cr exceptional expense (consol); current and Q1FY26-standalone otherwise nil exceptional. QoQ not meaningful — Q4 FY26 was depressed by a planned Jan-Mar 2026 shutdown for the LAB/HCD expansion project (company Note 4/5).