HMA Agro Inds. Q1 FY27 Results (NSE: HMAAGRO)
Signal: Growth reaccelerated
The read
The operating inflection is positive but not yet durable: consolidated revenue accelerated to ₹21,103.19 million, +88.0% YoY, and EBITDA reached ₹810.5 million, +387.7%, while gross margin contracted 276bps to 8.9%; the ₹505.14 million PAT is low quality because other income of ₹717.65 million exceeded PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,110.32 Cr | 88.0% | N/A |
| EBIT | ₹74.26 Cr | 712.5% | |
| Net profit | ₹50.69 Cr | 6158.0% | |
| EPS | ₹1.01 | 4950.0% | |
| EBIT margin | 3.8% |
P&L walk
Consolidated revenue increased 88.0% YoY to ₹21,103.19 million and EBITDA rose 387.7% to ₹810.5 million, but gross margin contracted to 8.9% from 11.7% as raw-material cost increased to 95.5% of revenue from 93.0%; PAT was additionally supported by ₹717.65 million of other income.
Segments
No segment table is disclosed, but consolidated PAT of ₹505.14 million exceeded standalone PAT of ₹319.11 million by ₹186.03 million, showing a material contribution from subsidiaries or consolidation adjustments.
Key positives
- Consolidated revenue increased 88.0% YoY to ₹21,103.19 million, reversing the weaker 5.3% growth recorded in the prior Q4FY26 series.
- EBITDA rose 387.7% YoY to ₹810.5 million while employee costs increased only 13.0% and depreciation declined 9.2%, supporting a material improvement in operating profitability.
- The Export Packing Credit limit was increased from ₹70 crore to ₹185 crore, providing ₹115 crore of additional stated capacity for export working capital.
Key concerns
- Gross margin compressed 276bps YoY to 8.9% as raw-material cost rose to 95.5% of revenue from 93.0%, indicating cost absorption despite 88.0% revenue growth.
- Finance costs increased 52.2% YoY to ₹117.48 million, while the higher export-credit limit may increase working-capital dependence.
- Standalone gross margin compressed approximately 699bps to 1.9%, materially weaker than the consolidated margin of 8.9%.
Earnings quality: includes non-operating other income
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