Agribio Spirits Q1 FY27 Results (BSE: 539546)
Signal: Revenue declined
The read
The earnings trajectory deteriorated operationally: after Q4FY26's -1.00% operating margin, Q1FY27 fell to -24.65% on revenue of ₹63.37 lakh, while PAT of ₹120.99 lakh rose +23.1% YoY primarily because associate profit of ₹91.66 lakh and other income of ₹55.87 lakh overwhelmed the weak core business.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0.63 Cr | -91.4% | -95.1% |
| Net profit | ₹1.21 Cr | +23.1% | |
| EPS | ₹1.11 | +23.3% | |
| EBIT margin | -24.65% |
P&L walk
Revenue declined to ₹63.37 lakh, -91.4% YoY and -95.1% QoQ, while gross margin turned slightly negative at -0.40% and EBITDA margin fell to -24.65%; PAT of ₹120.99 lakh was sustained by ₹91.66 lakh of associate profit and ₹55.87 lakh of other income rather than operations.
Segments
The consolidated result was driven by the associate's ₹91.66 lakh share of profit, while the wholly owned subsidiary contributed only ₹1.80 lakh of revenue and a ₹0.71 lakh loss; standalone PAT was ₹23.75 lakh versus consolidated PAT of ₹120.99 lakh.
Key positives
- Consolidated PAT rose +23.1% YoY to ₹120.99 lakh and EPS rose +23.3% to ₹1.11, with the pat-to-eps cross-check clean.
- Associate profit increased +61.5% YoY to ₹91.66 lakh, materially supporting consolidated earnings.
- The subsidiary contributed ₹1.80 lakh of revenue in its early reported period, establishing initial operating activity after its acquisition.
Key concerns
- Core revenue fell -91.4% YoY to ₹63.37 lakh and -95.1% QoQ, while operating margin deteriorated to -24.65% from -1.09% YoY.
- Consolidated PAT of ₹120.99 lakh was more than four times standalone PAT of ₹23.75 lakh, creating substantial dependence on the associate's ₹91.66 lakh profit share.
- Finance cost increased +319.6% YoY to ₹10.28 lakh even as revenue declined -91.4%, indicating severe fixed-financing-cost intensity.
- Employee and other expenses of ₹15.37 lakh were broadly flat YoY despite revenue falling from ₹736.31 lakh to ₹63.37 lakh.
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