Jyoti Resins Q1 FY27 Results (NSE: JYOTIRES)
Signal: Steady quarter
The read
The key inflection is a sharp margin reversal: revenue grew 16.8% YoY to ₹8,771 lakh, but gross margin contracted 1,341bps to 59.0% as raw-material cost rose to 59.5% of revenue from 31.6%, causing EBITDA margin to fall 1,310bps to 14.4% and PAT to decline 32.4% to ₹1,175 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹87.71 Cr | +16.8% | -5.6% |
| Net profit | ₹11.75 Cr | -32.4% | |
| EPS | ₹10 | -28.6% | |
| EBIT margin | 13.8% |
P&L walk
Revenue grew to ₹8,771 lakh, +16.8% YoY but -5.6% QoQ; gross margin fell to 59.0% from 72.5% as raw-material cost rose to 59.5% of revenue from 31.6%, while EBITDA margin fell to 14.4% from 27.5% and PAT declined to ₹1,175 lakh, -32.4% YoY.
Key positives
- Revenue reached ₹8,771 lakh, growing 16.8% YoY despite a 5.6% QoQ decline.
- Finance cost was ₹0 lakh versus ₹0 lakh YoY, indicating no meaningful interest burden.
- Paid-up equity capital remained unchanged at ₹1,200 lakh and EPS broadly tracked PAT, with EPS declining 28.6% versus PAT decline of 32.4%.
Key concerns
- Gross margin compressed 1,341bps YoY to 59.0%, with raw-material cost rising to 59.5% of revenue from 31.6%.
- Revenue grew 16.8% YoY while raw-material cost rose 120.0% YoY, indicating substantial cost absorption and no demonstrated pricing protection.
- EBITDA margin fell 1,310bps YoY to 14.4%, and PAT declined 32.4% to ₹1,175 lakh despite ₹332 lakh of other income.
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