National Perox. FY26 Results (BSE: 544205)
Signal: Loss reversed
The read
The operating inflection is a Q4 revenue recovery to ₹8,568.29 lakh, +16.25% YoY, with PAT of ₹582.42 lakh versus a ₹224.64 lakh loss; however, the trajectory is clouded by a ₹694.63 lakh natural-gas accounting error, an approximately 810bps Q4 gross-margin compression, weaker FY operating cash flow of ₹1,866.77 lakh versus ₹3,423.99 lakh, and an auditor emphasis of matter on the restatement.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹85.68 Cr | +16.25% | +24.03% |
| Net profit | ₹5.82 Cr | N/M | |
| EPS | ₹10.13 | N/M |
P&L walk
Standalone Q4 revenue rose to ₹8,568.29 lakh, +16.25% YoY and +24.03% QoQ, but the ₹694.63 lakh natural-gas invoice configuration error required restatement and makes the apparent profit recovery less reliable as a quality signal.
Key positives
- Q4 revenue was ₹8,568.29 lakh, +16.25% YoY and +24.03% QoQ, reversing the prior-quarter revenue base of ₹6,908.70 lakh.
- Q4 PAT was ₹582.42 lakh and EPS ₹10.13, versus negative ₹224.64 lakh PAT and negative ₹3.91 EPS in Q4FY25.
- The company proposed a final dividend of ₹7 per share for FY26, subject to shareholder approval.
- Borrowings remained low at ₹351.76 lakh against cash and cash equivalents of ₹1,292.70 lakh.
Key concerns
- Q4 raw-material consumption was ₹4,404.66 lakh, or 51.4% of revenue, versus ₹3,710.03 lakh, or 50.3%, in Q4FY25; the resulting gross-margin compression indicates cost absorption rather than demonstrated pricing power.
- FY operating cash flow fell 45.5% to ₹1,866.77 lakh from ₹3,423.99 lakh, while FY PAT was ₹922.96 lakh.
- The filing does not disclose hydrogen-peroxide volumes, realisations, capacity utilisation or utilisation-led drivers, limiting assessment of whether Q4 growth was volume-led.
- Finance costs increased to ₹38.53 lakh from ₹31.73 lakh in Q4FY25.
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