Kaycee Inds. Q1 FY27 Results (BSE: 504084)
Signal: Steady quarter
The read
The operating inflection is a recovery in EBITDA margin to 14.5% after Q4FY26's 8.99%, but it remains below Q1FY26's 14.6% only marginally and gross margin simultaneously contracted 465bps YoY as raw material cost reached 67.6% of revenue; manufacturing growth is being offset by a trading slowdown, and the XBRL PAT-zero inconsistency requires resolution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14.99 Cr | +7.9% | -10.8% |
| EBIT | ₹1.78 Cr | N/A | |
| Net profit | 0 lakh | -100.0% | |
| EPS | ₹3.18 | -19.9% | |
| EBIT margin | 14.5% |
P&L walk
Revenue increased to ₹1498.75 lakh, +7.9% YoY, but gross margin contracted 465bps to 32.4% as raw material cost rose to 67.6% of revenue; EBITDA margin was 14.5%, while the XBRL-reported consolidated PAT was ₹0.
Segments
Manufacturing drove the quarter with revenue of ₹1204.62 lakh, +22.8% YoY, and EBIT of ₹146.01 lakh, while trading revenue fell 28.1% to ₹294.13 lakh and trading EBIT fell 36.4% to ₹12.06 lakh.
Key positives
- Manufacturing revenue increased 22.8% YoY to ₹1204.62 lakh, materially outpacing consolidated revenue growth of 7.9%.
- EBITDA margin was 14.5%, a recovery from 8.99% in Q4FY26.
- Standalone PAT of ₹115.56 lakh recovered 35.1% QoQ from ₹85.51 lakh, with EPS rising 35.3% QoQ to ₹3.64.
Key concerns
- Gross margin compressed 465bps YoY to 32.4% as raw material cost rose to 67.6% of revenue from 62.9%, indicating cost absorption with no driver disclosed.
- Trading revenue declined 28.1% YoY to ₹294.13 lakh and trading EBIT declined 36.4% to ₹12.06 lakh.
- Revenue declined 10.8% QoQ to ₹1498.75 lakh, reversing the sequential recovery seen in Q4FY26.
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