A C J K Exports Q1 FY27 Results (NSE: AEROPLANE)
Signal: Margin pressure
The read
The trajectory remains high-growth but not yet clean: revenue rose 55.1% YoY to ₹663.7 crore and PAT rose 127.6% to ₹36.6 crore, while EBITDA grew only 39.6% and margin contracted 110bps to 9.3%, marking the second consecutive quarter of YoY operating-margin contraction after Q4FY26.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹663.73 Cr | 55.1% | -4.5% |
| EBIT | ₹61.25 Cr | N/A | N/A |
| Net profit | ₹36.63 Cr | 127.6% | N/A |
| EPS | ₹3.55 | N/A | N/A |
| EBIT margin | 9.3% |
P&L walk
Consolidated revenue increased 55.1% YoY to ₹663.7 crore but declined 4.5% QoQ, while EBITDA rose 39.6% YoY to ₹61.9 crore and margin contracted 110bps to 9.3%; PAT rose 127.6% YoY to ₹36.6 crore, with the filing not disclosing the bridge from EBITDA to PAT.
Key positives
- Revenue reached ₹663.7 crore, up 55.1% YoY, supported by sustained demand, wider distribution and execution across markets.
- PAT increased 127.6% YoY to ₹36.6 crore and PAT margin improved to 5.5% from 3.8% YoY, although the filing does not provide the full earnings bridge.
- The Al Tasnim Group distribution partnership expands the company's branded rice presence in Oman and supports international market reach.
- Management stated that the company can pass on incremental freight and logistics costs where required, an important pricing-control assertion despite the 110bps YoY EBITDA-margin contraction.
Key concerns
- EBITDA growth of 39.6% lagged revenue growth of 55.1%, and EBITDA margin declined from 10.4% to 9.3% YoY, indicating weaker operating conversion despite strong top-line growth.
- The company reported a second consecutive quarter of YoY operating-margin contraction, following the margin decline noted in Q4FY26.
- Revenue declined 4.5% QoQ from ₹694.7 crore, so the 55.1% YoY growth rate needs confirmation through sustained sequential growth.
- The filing does not disclose volume growth, value growth, raw-material costs, A&P or SG&A intensity, making it difficult to separate volume, pricing, mix and cost effects.
Research and educational content only. Not investment advice.