Haldyn Glass Q1 FY27 Results (NSE: HALDYNGL)
Signal: Margin expansion
The read
Q1FY27 continues the growth trajectory with revenue and PAT up 20.6% and 90% YoY respectively, driven by full capacity utilisation and operating leverage. EBITDA margin improved ~200bps YoY to 16.5% as employee and other expenses grew slower than revenue. The board's approval of Rs150 Cr capex for a 75 MT capacity addition signals confidence in demand and removes capacity constraint. The key monitorable is execution of the capex plan and margin sustainability as raw material costs inch up.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹138.69 Cr | 20.6% | 28.1% |
| EBIT | ₹15.54 Cr | 47.7% | |
| Net profit | ₹10.26 Cr | 90% | |
| EPS | ₹1.91 | 91% | |
| EBIT margin | 16.5% |
P&L walk
Revenue up 20.6% YoY driven by higher volumes (capacity fully utilised), EBITDA margin expanded 196bps YoY to 16.5% on operating leverage (employee cost +9.5% vs revenue +20.6% and other expenses +11.6% vs revenue) and lower finance cost (down 20.7% YoY). PAT growth of 90% YoY boosted by JV share of ₹0.78 Cr (up 56% YoY).
Key positives
- Revenue ₹138.69 Cr, +20.6% YoY, driven by full capacity utilisation (430 MT).
- PAT ₹10.26 Cr, +90% YoY; PAT margin expanded to 7.4% from 4.7%.
- EBITDA margin 16.5%, +196bps YoY on operating leverage and lower finance cost (-20.7% YoY).
- Joint venture contribution up 56% YoY to ₹0.78 Cr.
- Board approved Rs150 Cr capex for 75 MT capacity addition (17% expansion) within 12 months, funded via internal accruals/borrowings.
Key concerns
- Gross margin contracted ~140bps YoY to 70.7% as raw material cost outpaced revenue growth (26.8% vs 20.6%).
- QoQ PAT fell 40.3% (after adjustment for Q4 seasonality?) — but Q4FY26 included higher JV profit; sequential growth is still positive.
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