Hatsun Agro Q1 FY27 Results (NSE: HATSUN)
Signal: Growth reaccelerated
The read
Revenue crossed ₹3,000 Cr for the first time (+21.9% YoY), but earnings quality deteriorated: EBITDA margin contracted ~260bps YoY to 11.4%, leading to a 9.7% PAT decline. The margin compression appears structural (fourth consecutive quarter of OPM declining from 14% in Q1FY26).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,090.49 Cr | 21.9% | -69.0% |
| EBIT | ₹202.31 Cr | -17.3% | |
| Net profit | ₹133.69 Cr | -9.7% | |
| EPS | ₹6 | -9.8% | |
| EBIT margin | 6.5% |
P&L walk
Revenue grew 21.9% YoY to ₹3,090.49 Cr, but EBITDA fell 5.4% YoY and PAT declined 9.7%, driven by margin compression.
Key positives
- Revenue milestone of ₹3,090.49 Cr, +21.9% YoY, driven by volume growth of 153 crore consumer packs.
- Company maintains strong distribution network with 4,700+ exclusive outlets.
Key concerns
- PAT declined 9.7% YoY despite strong revenue growth, indicating margin compression.
- EBITDA margin contracted to 11.4% from ~14% in Q1FY26, a ~260bps YoY decline.
- Margin compression continues a trend of declining OPM over the last four quarters (from 14% to 11.4%).
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