Fine Organic Q1 FY27 Results (NSE: FINEORG)
Signal: Growth reaccelerated
The read
The key inflection is margin rather than volume: consolidated revenue grew 18.0% YoY to ₹694.17 crore, but gross margin expanded 497bps to 45.4% and EBITDA margin reached 28.8%, reversing the contractionary margin arc through Q3FY26 and the modest 21% OPM in Q1FY26; the filing does not disclose whether the improvement reflects mix, pricing or input deflation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹694.17 Cr | +18.0% | +11.0% |
| EBIT | ₹186.38 Cr | N/A | |
| Net profit | ₹138.14 Cr | +18.0% | |
| EPS | ₹45.06 | +18.0% | |
| EBIT margin | 28.8% |
P&L walk
Consolidated revenue increased to ₹694.17 crore, +18.0% YoY and +11.0% QoQ, while gross margin expanded to 45.4% from approximately 40.4% a year earlier as raw material cost fell to 56.7% of revenue from 61.3%; EBITDA was ₹200.2 crore at a 28.8% margin, and PAT rose to ₹138.14 crore, +18.0% YoY.
Key positives
- Consolidated revenue reached ₹694.17 crore, +18.0% YoY and +11.0% QoQ, accelerating from ₹588.38 crore in Q1FY26 and ₹625.32 crore in Q4FY26.
- Gross margin expanded 497bps YoY to 45.4% as raw material cost declined to 56.7% of revenue from 61.3%, providing the main driver of the EBITDA margin recovery.
- EBITDA margin reached 28.8%, materially above the 21% OPM reported in Q1FY26 and the 17% level in Q3FY26.
- EPS rose 18.0% YoY to ₹45.06, matching PAT growth and indicating no evident equity dilution.
Key concerns
- The filing does not disclose the volume-realisation split or identify whether the 497bps gross-margin expansion came from mix, pricing or input-cost deflation.
- Employee and other expenses rose 21.7% YoY to ₹139.07 crore on a consolidated basis, slightly faster than revenue growth of 18.0%.
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