Alembic Q1 FY27 Results (NSE: ALEMBICLTD)
Signal: Revenue declined
The read
The headline PAT growth of 5.3% to ₹6,489 lakh masks a weaker operating quarter: revenue fell 2.0%, PBT fell 12.3%, both segments reported lower results, and ₹4,919 lakh of associate profit exceeded the company's own ₹1,570 lakh post-tax profit. Gross margin improved to 73.2% from approximately 69.3% YoY, but the filing gives no driver and the margin arc had contracted in both Q3FY26 and Q4FY26, so the inflection is not yet confirmed.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹48.74 Cr | -2.0% | -18.8% |
| Net profit | ₹64.89 Cr | +5.3% | |
| EPS | ₹2.53 | +5.4% |
P&L walk
Revenue declined 2.0% YoY to ₹4,874 lakh, gross margin expanded to 73.2% as construction cost intensity fell, but PBT declined 12.3% to ₹1,734 lakh; consolidated PAT still rose 5.3% because associate profit contributed ₹4,919 lakh.
Segments
Real estate remained the main operating contributor at ₹3,703 lakh revenue and ₹1,398 lakh result, but its result fell 12.3% YoY; API also weakened, with revenue down 9.6% and result down 39.2%, while consolidated PAT was lifted by the associate's ₹4,919 lakh profit.
Key positives
- Consolidated gross margin expanded approximately 396bps YoY to 73.2%, despite raw-material cost rising to 10.1% of revenue from 6.9%.
- Associate profit increased 12.2% YoY to ₹4,919 lakh and supported consolidated PAT of ₹6,489 lakh, up 5.3% YoY.
- Consolidated segment assets increased 7.8% YoY to ₹2,71,957 lakh while depreciation rose 24.7% to ₹348 lakh, a clean depreciation-to-asset-base cross-check.
Key concerns
- Core standalone PAT declined 14.3% YoY to ₹1,468 lakh, while consolidated PAT growth depended on ₹4,919 lakh of associate profit.
- Real-estate segment result fell 12.3% YoY to ₹1,398 lakh and API segment result fell 39.2% to ₹166 lakh, despite consolidated gross-margin expansion.
- Employee and other expenses rose 36.1% YoY to ₹2,025 lakh against a 2.0% revenue decline, increasing operating-cost intensity.
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