Guj. Themis Bio. Q1 FY27 Results (NSE: GUJTHEM)
Signal: Margin pressure
The read
The quarter shows a YoY growth-versus-margin trade-off: revenue rose 22.07% to ₹4,379.00 lakh and PAT rose 22.06% to ₹1,106.67 lakh, but EBITDA margin fell 109bps to 47.79% as employee cost rose 51.72% and depreciation rose 34.72%; the 1.00% QoQ revenue decline makes the next quarter important for confirming whether the margin pressure is temporary.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹43.79 Cr | +22.07% | -1.00% |
| EBIT | ₹16.95 Cr | +24.78% | |
| Net profit | ₹11.07 Cr | +22.06% | |
| EPS | ₹1.02 | +22.89% | |
| EBIT margin | 47.79% |
P&L walk
Consolidated revenue grew 22.07% YoY to ₹4,379.00 lakh, but EBITDA grew slower at 19.34% and margin fell 109bps to 47.79% as employee costs rose 51.72% YoY and depreciation rose 34.72%; PAT still increased 22.06% to ₹1,106.67 lakh because finance cost and other income were not major incremental drags.
Segments
The company reports one business segment—manufacturing of fermentation-based pharmaceutical intermediates and APIs—and consolidated results are identical to standalone because the two new overseas subsidiaries contributed nil revenue and nil profit.
Key positives
- Revenue was ₹4,379.00 lakh, up 22.07% YoY, while EBIT rose 24.78% to ₹1,695.23 lakh, showing continued operating growth despite the margin decline.
- PAT of ₹1,106.67 lakh grew 22.06% YoY even as other income fell 51.99% YoY to ₹13.17 lakh, indicating that earnings were not inflated by treasury or non-operating income.
- Consolidated and standalone PAT, revenue and EPS were identical because the two overseas subsidiaries had nil revenue and nil profit; there is no current subsidiary drag on group earnings.
Key concerns
- EBITDA grew 19.34% YoY to ₹2,092.52 lakh, 2.73 percentage points slower than revenue growth, and EBITDA margin compressed 109bps to 47.79%.
- Employee benefits expense rose 51.72% YoY to ₹472.13 lakh, materially faster than revenue growth, while depreciation rose 34.72% to ₹397.29 lakh.
- Revenue declined 1.00% QoQ to ₹4,379.00 lakh, so the 22.07% YoY growth has not yet translated into sequential acceleration.
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