Gokul Agro Q1 FY27 Results (NSE: GOKULAGRO)
Signal: Growth decelerated
The read
Q1FY27 consolidated PAT of ₹123.74 Cr (+74.2% YoY) marks the 5th consecutive quarter of >35% PAT growth, driven by stable margins (OPM 3%), higher other income (+46.6% YoY), and a lower effective tax rate. Revenue growth slowed to +7.3% YoY (vs +26.6% YoY in Q3FY26, +38% in Q2FY26) — partly seasonal. OPM has been flat at 3% for six of the last seven quarters, indicating a structurally low-margin but capital-efficient model. EPS of ₹4.16 (+71.2% YoY) validates the earnings trajectory with no dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹52.82 Cr | 7.26% | -14.8% |
| EBIT | ₹1.73 Cr | 68.2% | |
| Net profit | ₹1.24 Cr | 74.2% | |
| EPS | ₹4.16 | 71.2% | |
| EBIT margin | 3% |
P&L walk
Revenue grew 7.26% YoY to ₹5,281.95 Cr — a deceleration from Q4FY26's 13.5% YoY, partly seasonal. Gross margin remained stable (cost of materials + stock-in-trade at 95.9% of revenue vs 97.1% a year ago, a ~120bps improvement). OPM held flat at 3% YoY. EBITDA (PBT before finance cost/depreciation) rose ~24% YoY. Finance cost grew slower than revenue (10.4% vs 7.3% YoY). PAT surged 74.2% YoY to ₹123.74 Cr, driven by higher other income (+46.6% YoY) and a lower effective tax rate (22.7% vs 25.9% YoY). EPS ₹4.16 tracked PAT growth. No segment data.
Segments
Company reports single segment — agro-based commodities; no segment disclosures as per Ind AS 108.
Key positives
- Consolidated PAT ₹123.74 Cr, +74.2% YoY — fifth consecutive quarter of >35% PAT growth.
- EPS ₹4.16, +71.2% YoY, with stable share count (29.51 Cr shares).
- Other income ₹13.06 Cr, +46.6% YoY — supplementing operating profits.
- Gross margin improved ~120bps YoY — raw material cost as % of revenue declined to 95.9% from 97.1%.
- Effective tax rate fell to 22.7% from 25.9% YoY, boosting net profit.
Key concerns
- Revenue growth decelerated to +7.3% YoY — slowest in the last six quarters; QoQ decline of 14.8% suggests seasonality but also demand softness.
- OPM flat at 3% for six of the last seven quarters — no operating leverage despite revenue scaling.
- Other expenditure grew +37.9% YoY, far outpacing revenue growth — pressuring margins at the EBITDA line.
- Standalone PAT (₹102.58 Cr) was 82.9% of consolidated — subsidiaries contributed ₹21.16 Cr to group profit; reliance on parent for bulk of earnings.
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