Amines & Plast. Q1 FY27 Results (NSE: AMNPLST)
Signal: Margin expansion
The read
The key inflection is a return to YoY growth after three consecutive quarters of revenue contraction: revenue rose 7.3% and EBITDA grew 15.8% with margin expanding 110bps YoY to 10.1%, helped by raw-material intensity falling 440bps to 66.3%; however, the 490bps sequential margin decline from Q4FY26's 15.0% shows that the prior quarter's margin spike was not yet durable.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹150.53 Cr | 7.3% | -3.0% |
| EBIT | ₹13.7 Cr | 17.5% | |
| Net profit | ₹9.47 Cr | 27.5% | |
| EPS | ₹1.72 | 27.4% | |
| EBIT margin | 10.1% |
P&L walk
Consolidated revenue increased 7.3% YoY to ₹15052.51 lakh, while raw-material intensity fell 440bps to 66.3%; EBITDA rose 15.8% to ₹15.14 Cr and margin improved to 10.1%, but the sequential margin reset from 15.0% indicates the Q4FY26 peak was not sustained.
Key positives
- Revenue recovered to ₹15052.51 lakh, up 7.3% YoY after Q2FY26, Q3FY26 and Q4FY26 revenue declines of 20.4%, 25.6% and 6.6% respectively.
- Raw-material intensity improved 440bps YoY to 66.3%, supporting EBITDA growth of 15.8% versus revenue growth of 7.3%.
- Finance costs fell 41.9% YoY to ₹96.38 lakh, while depreciation rose only 2.1% to ₹143.95 lakh.
- PAT rose 27.5% to ₹946.58 lakh and EPS rose 27.4% to ₹1.72, indicating clean per-share earnings conversion.
Key concerns
- Power, fuel and water costs rose 46.6% YoY to ₹1517.96 lakh and increased to 10.1% of revenue from 7.4%, offsetting part of the raw-material benefit.
- EBITDA margin declined 490bps sequentially to 10.1% from 15.0% in Q4FY26, so the recent margin expansion remains unproven across quarters.
- Revenue of ₹15052.51 lakh remains below the ₹191 Cr peak recorded in Q3FY25, indicating that the volume or demand recovery is incomplete.
Research and educational content only. Not investment advice.