Exxaro Tiles Q1 FY26 Results (NSE: EXXARO)
Signal: Growth decelerated
The read
Standalone Q1FY26 shows severe margin erosion: revenue +3.4% YoY but PAT -57.8% as input costs (RM +5.3%), employee costs (+9.7%), depreciation (+28.8%) and finance costs (+36.8%) all grew faster than top line; OPM (calculated) contracted ~670bps YoY. The company continues to face headwinds from rising costs and capex-related depreciation charges.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹52.03 Cr | 3.4% | -7.0% |
| EBIT | ₹5.9 Cr | -25.0% | |
| Net profit | ₹2.86 Cr | -57.8% | |
| EPS | ₹0.93 | -57.7% |
P&L walk
Revenue grew modestly +3.4% YoY but expenses outpaced (+19.5%), led by sharp increases in input costs (RM consumed +5.3%, employee +9.7%, depreciation +28.8%, finance cost +36.8%), squeezing PBT and PAT by -57.6% and -57.8% respectively.
Key positives
- Revenue grew +3.4% YoY to ₹5,203 Cr, reversing the prior Q4FY25 trend of -5.2% YoY decline.
- Other income surged to ₹42.48 Cr (vs ₹10.93 Cr YoY), providing some cushion to profitability.
Key concerns
- PAT plunged -57.8% YoY to ₹286 Cr despite marginal revenue growth, highlighting severe cost escalation.
- Finance costs increased +36.8% YoY, suggesting rising debt burden or higher interest rates.
- Depreciation jumped +28.8% YoY, indicative of ongoing capex cycle without clear revenue acceleration.
- Employee costs grew +9.7% YoY, outpacing revenue growth and compressing margins.
Research and educational content only. Not investment advice.