Anupam Rasayan Q1 FY27 Results (NSE: ANURAS)
Signal: Growth reaccelerated
The read
The quarter shows a gross-margin inflection rather than a clean earnings acceleration: consolidated gross margin expanded 664bps YoY to 57.3% as raw-material cost fell to 53.0% of revenue, but EBITDA margin was broadly flat at 26.2% and PAT grew only 5.7% to INR 512.15 million because employee costs rose 219.2%, depreciation 82.7% and finance costs 37.9%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹667.55 Cr | +36.0% | +4.4% |
| EBIT | ₹118.87 Cr | +20.7% | |
| Net profit | ₹51.22 Cr | +5.7% | |
| EPS | ₹3.39 | +9.4% | |
| EBIT margin | 26.2% |
P&L walk
Consolidated revenue increased to INR 6,675.45 million, +36.0% YoY and +4.4% QoQ, with gross margin expanding to 57.3% as raw-material cost fell to 53.0% of revenue; EBITDA margin held at 26.2%, but PAT rose only 5.7% YoY as employee, depreciation and finance costs increased materially.
Segments
No segment table is disclosed, but the consolidated result materially exceeds standalone performance: consolidated revenue was INR 6,675.45 million versus standalone INR 3,348.88 million and consolidated PAT was INR 512.15 million versus INR 320.06 million; Tanfac alone contributed INR 1,891.99 million revenue and INR 168.49 million net profit.
Key positives
- Consolidated revenue reached INR 6,675.45 million, +36.0% YoY, with revenue from operations of INR 6,549.80 million, +34.8% YoY.
- Gross margin expanded 664bps YoY to 57.3% as raw-material cost declined to 53.0% of revenue from 73.6%.
- Standalone EBITDA margin rose 701bps YoY to 34.5%, with derived EBITDA growth of 31.1% versus standalone revenue growth of 4.5%.
- Tanfac Industries contributed INR 1,891.99 million revenue and INR 168.49 million net profit, supporting the consolidated earnings base.
Key concerns
- Consolidated PAT rose only 5.7% YoY to INR 512.15 million despite 36.0% revenue growth, as cost growth offset the gross-margin tailwind.
- Employee benefits increased 219.2% YoY to INR 648.84 million, while depreciation rose 82.7% to INR 560.62 million and finance costs rose 37.9% to INR 491.92 million.
- EPS growth of 9.4% lagged the 13.5% growth in profit attributable to owners, indicating dilution or a higher effective share count.
- Other income increased 155.8% YoY to INR 125.65 million, contributing to reported profit growth although operating profit remained the primary earnings source.
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