BN Agrochem Q1 FY27 Results (NSE: BNAGROCHEM)
Signal: Margin pressure
The read
The key inflection is not topline but earnings conversion: consolidated revenue grew 26.7% YoY to ₹25764.21 lakh, yet EBITDA margin contracted 941bps to 2.3% and PAT fell 85.2% to ₹288.03 lakh; the prior quarter’s 0.59% margin improved sequentially, but remains far below Q1FY26’s 11.71%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹257.61 Cr | 26.7% | -1.6% |
| EBIT | ₹5.74 Cr | -75.7% | |
| Net profit | ₹2.98 Cr | -85.2% | |
| EPS | ₹0.03 | -98.5% | |
| EBIT margin | 2.3% |
P&L walk
Consolidated revenue increased to ₹25764.21 lakh, +26.7% YoY but -1.6% QoQ, while EBITDA declined 75.1% to ₹5.94 Cr and PAT declined 85.2% to ₹288.03 lakh; the earnings conversion remains weak.
Segments
There is no segment table, but the standalone-versus-consolidated gap is material: standalone revenue was ₹60.95 Cr and PAT ₹0.47 Cr, whereas consolidated revenue was ₹25764.21 lakh and PAT ₹288.03 lakh, showing that group subsidiaries drive most reported scale and weakness.
Key positives
- Consolidated revenue increased 26.7% YoY to ₹25764.21 lakh, maintaining double-digit topline growth.
- Standalone revenue rose 293.7% YoY to ₹60.95 Cr, while standalone EBITDA increased 51.3% to ₹1.15 Cr and PAT increased 46.9% to ₹0.47 Cr.
- Consolidated EBITDA margin recovered 171bps sequentially from 0.59% in Q4FY26 to 2.3%, although it remains 941bps below Q1FY26.
Key concerns
- Consolidated EBITDA fell 75.1% YoY to ₹5.94 Cr despite 26.7% revenue growth, indicating severe deterioration in earnings conversion.
- Consolidated EBITDA margin contracted 941bps YoY to 2.3%, following the 1,759bps contraction reported in Q3FY26 and showing a volatile, structurally weak margin profile.
- Consolidated PAT fell 85.2% YoY to ₹288.03 lakh, while standalone PAT grew 46.9% to ₹0.47 Cr, highlighting that weakness resides primarily outside the parent entity.
Research and educational content only. Not investment advice.