Bodal Chemicals Q1 FY27 Results (NSE: BODALCHEM)
Signal: Growth reaccelerated
The read
The earnings trajectory remains substantially stronger than the depressed Q2-Q3FY26 margin phase: revenue reached ₹7,090.41 million, +56.1% YoY, and EBITDA margin was 10.6% versus the recent Q4FY26 12% level, while PAT rose 218.7% YoY to ₹303.79 million; the key monitor is whether margin can stay above 10% without relying on undisclosed mix or pricing drivers.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹709.04 Cr | +56.1% | +20.6% |
| EBIT | ₹57.69 Cr | N/A | |
| Net profit | ₹30.38 Cr | +218.7% | |
| EPS | ₹2.41 | +217.1% | |
| EBIT margin | 10.6% |
P&L walk
Consolidated revenue was ₹7,090.41 million, +56.1% YoY and +20.6% QoQ, while EBITDA was ₹751.0 million and PAT was ₹303.79 million; growth benefited from scale and subsidiary earnings, although ₹13.10 million of hyperinflation accounting loss was charged to expenses.
Segments
The group outperformed the parent modestly, with consolidated PAT of ₹303.79 million versus standalone PAT of ₹287.83 million, a ₹15.96 million or 5.5% uplift; two subsidiaries reported ₹21.47 million of pre-consolidation profit while four unreviewed subsidiaries reported a ₹1.84 million loss.
Key positives
- Revenue increased to ₹7,090.41 million, +56.1% YoY and +20.6% QoQ, materially above the ₹4,542.03 million year-ago base.
- EBITDA was ₹751.0 million with a 10.6% margin, while employee cost grew only 7.0% YoY to ₹327.48 million and depreciation grew 2.0% to ₹174.04 million.
- PAT rose 218.7% YoY to ₹303.79 million and EPS rose 217.1% to ₹2.41, with the PAT-to-EPS relationship broadly intact.
- Consolidated PAT of ₹303.79 million exceeded standalone PAT of ₹287.83 million, confirming a positive but modest subsidiary contribution.
Key concerns
- Gross margin declined 54bps YoY to 67.85%, with raw-material consumption at ₹4,811.13 million or 67.85% of revenue; the filing does not identify the cause or disclose volume and realisation.
- EBITDA margin of 10.6% was below the 12% reported in Q4FY26, so the recent margin recovery has not yet established a clear upward sequence.
- Finance costs remained ₹185.72 million, up 5.0% YoY, and the filing provides no debt, net-debt or interest-coverage disclosure.
- ₹25.71 million of revenue represents SGST incentive income subject to final verification by the competent authority.
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