Kisan Mouldings Q1 FY27 Results (BSE: 530145)
Signal: Slipped to loss
The read
Q1FY27 revenue recovered 6% YoY to ₹65.23 Cr, breaking a 3-quarter streak of YoY declines, but the bottom line swung from a small profit to a ₹6.69 Cr loss — the worst quarterly loss in the last 8 quarters — driven by operating losses at the EBITDA level and a one-off Labour Code provision of ₹1.03 Cr. While input cost discipline improved gross margin 613bps YoY, fixed costs and the provision overwhelmed the P&L, marking a negative inflection after four quarters of sequential margin expansion in FY25.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹65.23 Cr | 6.08% | -19.02% |
| EBIT | ₹-6.69 Cr | N/A | |
| Net profit | ₹-6.69 Cr | -8088.3% | |
| EPS | ₹-0.56 | -5700.0% | |
| EBIT margin | -10.25% |
P&L walk
Revenue growth of 6.1% YoY was offset by a swing to operating loss and a one-time Labour Code provision of ₹1.03 Cr, driving a net loss of ₹6.69 Cr vs ₹0.06 Cr profit last year. Cost of materials fell 607bps as % of revenue, but other costs rose in absolute terms and total expenses exceeded revenue, leading to a negative PBT of ₹6.69 Cr.
Segments
Single-segment plastic pipes & fittings; subsidiary KML Tradelinks is negligible (total assets ₹59.01 lakh, revenue Nil, net loss ₹0.15 lakh), making standalone vs consolidated figures nearly identical.
Key positives
- Revenue growth of 6.1% YoY, breaking a streak of four consecutive YoY declines (Q1-Q4 FY26)
- Gross margin expanded 613bps YoY to 16.36% on lower raw material cost as % of revenue (66.81% vs 72.88%)
- Employee costs as % of revenue improved 182bps YoY to 9.36%
- Other expenses as % of revenue down 388bps YoY to 14.48%
- Finance costs as % of revenue down 6bps YoY
Key concerns
- PAT swung to a loss of ₹6.69 Cr vs a profit of ₹0.08 Cr a year ago — the worst quarterly loss in 8 quarters
- One-time Labour Code provision of ₹1.03 Cr hit the quarter, but underlying operating loss was still ~₹5.66 Cr
- Other income collapsed 93% YoY to ₹1.53 lakh, removing a prior cushion
- Revenue QoQ dropped 19% from Q4FY26 (₹80.56 Cr to ₹65.23 Cr), typical seasonality but sharp
- EBITDA margin turned deeply negative at -7.31% vs +3.03% a year ago, indicating fixed-cost overhang
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