PG Foils Q1 FY27 Results (BSE: 526747)
Signal: Growth reaccelerated
The read
The operating trajectory improved materially, with revenue up 53.5% YoY to ₹125.58 Cr and EBIT up 55.9% to ₹20.31 Cr, but EBITDA growth of 49.0% lagged revenue growth and the ₹14.34 Cr PAT was exposed to ₹18.46 Cr of other income; the next confirmation needed is repeatable operating profit without similar non-operating support.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹125.58 Cr | 53.5% | N/A |
| EBIT | ₹20.31 Cr | 55.9% | |
| Net profit | ₹14.34 Cr | 54.2% | |
| EPS | ₹12.16 | 54.1% | |
| EBIT margin | 17.2% |
P&L walk
Standalone revenue rose to ₹125.58 Cr, +53.5% YoY, but EBITDA grew slower at +49.0% to ₹21.64 Cr, indicating no evidence of operating leverage; PAT increased 54.2% to ₹14.34 Cr, with other income of ₹18.46 Cr contributing 98.6% of PBT.
Key positives
- Revenue increased 53.5% YoY to ₹125.58 Cr, indicating a substantial improvement in the reported operating scale.
- EBIT increased 55.9% YoY to ₹20.31 Cr and EBITDA remained positive at ₹21.64 Cr with a 17.2% margin.
- EPS rose 54.1% YoY to ₹12.16, closely tracking the 54.2% PAT growth and providing no dilution signal.
Key concerns
- EBITDA growth of 49.0% lagged revenue growth of 53.5%, so the filing does not demonstrate operating leverage or margin expansion.
- Other income of ₹18.46 Cr represented 98.6% of PBT of ₹18.72 Cr, creating a material risk that PAT of ₹14.34 Cr is not fully representative of recurring operations.
Earnings quality: includes non-operating other income
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