Apex Frozen Food Q1 FY27 Results (NSE: APEX)
Signal: Margin expansion
The read
The key inflection is margin rather than volume: revenue declined 0.6% YoY to ₹25,653.04 lakh, but EBITDA rose 79.3% to ₹3,303 lakh and margin expanded 570bps to 12.9%; sustainability remains unproven because the filing does not identify the margin driver.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹256.53 Cr | -0.6% | +52.9% |
| EBIT | ₹28.84 Cr | 95.4% | |
| Net profit | ₹21.67 Cr | 138.1% | |
| EPS | ₹6.93 | 138.1% | |
| EBIT margin | 12.9% |
P&L walk
Revenue was ₹25,653.04 lakh, -0.6% YoY but +52.9% QoQ, while EBITDA increased 79.3% YoY to ₹3,303 lakh and EBITDA margin expanded to 12.9% from 7.2%; PAT rose 138.1% to ₹2,166.53 lakh, helped by lower finance costs and a lower effective tax burden.
Key positives
- EBITDA rose 79.3% YoY to ₹3,303 lakh while revenue declined 0.6%, and EBITDA margin expanded 570bps to 12.9%.
- Finance costs declined 86.1% YoY to ₹25.08 lakh, supporting the 138.1% YoY increase in PAT to ₹2,166.53 lakh.
- EPS tracked PAT growth at 138.1% YoY to ₹6.93, with no apparent dilution.
Key concerns
- Revenue declined 0.6% YoY to ₹25,653.04 lakh, so the earnings acceleration is not yet supported by topline growth.
- The quarter included export benefits of ₹1,280.55 lakh, equivalent to approximately 5.0% of revenue, creating an important quality and repeatability consideration.
- The filing does not disclose the specific reason for the approximately 980bps YoY gross-margin expansion.
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