Jubilant Agri Q1 FY27 Results (NSE: JUBLCPL)
Signal: Margin pressure
The read
The quarter marks a sequential earnings recovery: EBITDA margin improved to 13.1% from 7% in Q4FY26 and PAT rose to ₹4,611 lakh from ₹1,993 lakh QoQ, led by Performance Polymers & Chemicals; however, the 310bps YoY gross-margin contraction and 61.0% raw-material intensity show that the recovery is not yet a clean structural margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹523.18 Cr | 18.4% | +7.8% |
| EBIT | ₹63.85 Cr | 6.5% | |
| Net profit | ₹46.11 Cr | 4.5% | |
| EPS | ₹30.43 | -48.1% | |
| EBIT margin | 13.1% |
P&L walk
Revenue increased to ₹52,318 lakh, +18.4% YoY and +7.8% QoQ, but gross margin compressed 310bps YoY as raw materials rose to 61.0% of revenue; EBITDA grew 7.5% to ₹6,879 lakh and margin recovered to 13.1%, while PAT rose only 4.5% to ₹4,611 lakh.
Segments
Performance Polymers & Chemicals is driving the group, with revenue up 27.9% YoY to ₹39,840 lakh and segment result up 20.0% to ₹6,536 lakh, while P&K Fertilizers revenue fell 2.6% and result declined 61.2% to ₹504 lakh despite moving from a ₹416 lakh loss QoQ to profit.
Key positives
- Performance Polymers & Chemicals revenue increased 27.9% YoY to ₹39,840 lakh and segment result increased 20.0% to ₹6,536 lakh, making it the principal growth engine.
- EBITDA margin recovered to 13.1% from 7% in Q4FY26, while employee costs grew 14.1% YoY versus revenue growth of 18.4%, supporting partial fixed-cost absorption.
- P&K Fertilizers returned to a ₹504 lakh segment profit from a ₹416 lakh QoQ loss, although its YoY result remained down 61.2%.
Key concerns
- Gross margin compressed 310bps YoY to 46.2% as raw-material consumption increased to 61.0% of revenue from 51.5%; the filing does not disclose whether this reflects input inflation, pricing, or mix.
- Consolidated EBITDA grew 7.5% YoY, materially below revenue growth of 18.4%, and EBITDA margin remained 140bps below the 14% Q1FY26 level.
- Finance costs increased 29.5% YoY to ₹228 lakh, faster than the 4.5% PAT growth.
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