Integ. Proteins Q2 FY27 Results (BSE: 519606)
Signal: Revenue declined
The read
The sequential trajectory weakened sharply: revenue fell 62.1% QoQ to ₹400.10 lakh and PAT fell 84.0% QoQ to ₹5.50 lakh after Q1FY27 revenue of ₹1,056.39 lakh and PAT of ₹36.26 lakh. The more material earnings-quality issue is that PAT grew 9.3% YoY while EPS fell 81.3% to ₹0.03, alongside paid-up capital rising to ₹1,871.36 lakh and H1 operating cash flow turning negative at ₹677.21 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4 Cr | -4.6% | -62.1% |
| EBIT | ₹0.07 Cr | +18.8% | |
| Net profit | ₹0.06 Cr | +9.3% | |
| EPS | ₹0.03 | -81.3% | |
| EBIT margin | 1.97% |
P&L walk
Standalone revenue was ₹400.10 lakh, down 4.6% YoY and 62.1% QoQ, with operating margin at 1.97%, down 253bps QoQ; PAT of ₹5.50 lakh rose 9.3% YoY but EPS fell 81.3% to ₹0.03 as paid-up capital expanded materially.
Segments
Agro & Trading drove the quarter with ₹399.60 lakh of revenue, 99.9% of total revenue, and ₹11.08 lakh of reported segment result; Medical contributed only ₹0.50 lakh, while the other disclosed segments reported nil current-quarter revenue.
Key positives
- PAT was ₹5.50 lakh, up 9.3% YoY from ₹5.03 lakh, despite revenue declining 4.6% YoY to ₹400.10 lakh.
- Operating margin was 1.97%, 37bps better than the 1.60% year-ago level.
- Agro & Trading remained the core activity, contributing ₹399.60 lakh of revenue and ₹11.08 lakh of segment result.
Key concerns
- Revenue fell 62.1% QoQ from ₹1,056.39 lakh to ₹400.10 lakh, and PAT fell 84.0% QoQ from ₹36.26 lakh to ₹5.50 lakh.
- EPS fell 81.3% YoY to ₹0.03 even as PAT rose 9.3%, indicating substantial equity dilution.
- Operating cash flow was negative ₹677.21 lakh in H1FY27 versus positive ₹361.32 lakh in H1FY26.
- The business remains overwhelmingly dependent on Agro & Trading, which represented ₹399.60 lakh of the ₹400.10 lakh quarterly revenue.
Research and educational content only. Not investment advice.