Anjani Portland Q1 FY27 Results (NSE: APCL)
Signal: Loss widened
The read
The margin recovery that produced a 10.96% OPM in Q4FY26 reversed sharply: consolidated revenue fell 35.7% YoY to ₹8,976 lakh, EBITDA margin fell to 1.7% from 8.9%, and the cement segment swung to a ₹592 lakh loss; the group loss is primarily a subsidiary and core-cement earnings problem rather than an other-income distortion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹89.76 Cr | -35.7% | -27.6% |
| EBIT | ₹-5.92 Cr | N/A | |
| Net profit | ₹-7.08 Cr | -108.2% | |
| EPS | ₹-2.41 | -107.8% | |
| EBIT margin | 1.7% |
P&L walk
Consolidated revenue declined 35.7% YoY to ₹8,976 lakh; raw-material intensity rose to 16.9% from 13.6%, EBITDA fell 88.0% to ₹152 lakh, depreciation was ₹744 lakh, finance cost was ₹492 lakh and PAT widened to a ₹980 lakh loss from a ₹345 lakh loss.
Segments
The cement segment drove the consolidated loss, shifting from a ₹402 lakh YoY profit to a ₹592 lakh loss, while power revenue rose 53.7% YoY to ₹524 lakh but remained at zero segment result; the subsidiary contributed ₹5,147 lakh revenue and a ₹431 lakh loss.
Key positives
- Power and fuel expense fell 29.1% YoY to ₹4,501 lakh, while finance costs fell 42.8% to ₹492 lakh.
- Power segment revenue increased 53.7% YoY to ₹524 lakh and remained profitable at zero result rather than dragging earnings.
- Other income was only ₹16 lakh, below 20% of PBT, so the loss reflects operating performance rather than treasury income or an exceptional item.
Key concerns
- Consolidated revenue declined 35.7% YoY to ₹8,976 lakh after Q4FY26 revenue of ₹12,404 lakh, indicating a sharp sequential slowdown.
- Raw-material intensity rose to 16.9% of revenue from 13.6% YoY, compressing calculated gross margin by approximately 330bps; the driver was not disclosed.
- EBITDA fell 88.0% YoY to ₹152 lakh and EBITDA margin contracted to 1.7% from 8.9%, while finance costs of ₹492 lakh exceeded EBITDA.
- Cement segment result swung from a ₹402 lakh YoY profit to a ₹592 lakh loss, showing that the consolidated weakness sits in the core segment.
Research and educational content only. Not investment advice.