Kama Holdings Q1 FY27 Results (NSE: KAMAHOLD)
Signal: Earnings grew
The read
The key inflection is a fourth consecutive quarter of YoY margin expansion, with EBITDA margin rising 300bps to 25.1% as revenue growth accelerated to 31.5%; the recovery is broad enough to include 149.5% YoY growth in Performance Films & Foil segment result, but the Chemicals segment's 18.4% sequential result decline is the main monitor.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,070.88 Cr | 31.5% | N/A |
| EBIT | ₹1,051.65 Cr | 58.5% | |
| Net profit | ₹383.68 Cr | 73.6% | |
| EPS | ₹119.56 | 73.6% | |
| EBIT margin | 25.1% |
P&L walk
Revenue increased 31.5% YoY to ₹5070.88 Cr and EBITDA increased 47.1% to ₹1274.14 Cr, lifting EBITDA margin to 25.1%; EBIT grew faster at 58.5% to ₹1051.65 Cr, while PAT rose 73.6% to ₹383.68 Cr despite finance costs of 6,855.21 lakh.
Segments
Performance Films & Foil was the principal momentum driver, with revenue up 42.2% YoY to 2,01,668.58 lakh and segment result up 149.5% to 34,973.41 lakh; Chemicals remained the largest contributor at 63,840.83 lakh of result but its result fell 18.4% sequentially.
Key positives
- Consolidated revenue of ₹5070.88 Cr grew 31.5% YoY, a sharp acceleration from 7.1% YoY in Q4FY26.
- EBITDA of ₹1274.14 Cr grew 47.1% YoY versus revenue growth of 31.5%, while EBITDA margin expanded 300bps to 25.1%.
- Performance Films & Foil segment result rose 149.5% YoY to 34,973.41 lakh, materially outpacing group revenue growth.
- Finance costs declined 14.0% YoY to 6,855.21 lakh, improving operating-to-PBT conversion.
- PAT and EPS both grew 73.6% YoY, and the filing's earnings-quality flag was clean.
Key concerns
- Chemicals, the largest segment by revenue and result, saw segment result decline 18.4% sequentially to 63,840.83 lakh despite revenue of 2,31,487.08 lakh.
- Standalone PAT was a ₹0.49 Cr loss and standalone revenue was ₹0, confirming that the parent entity's economics depend almost entirely on subsidiaries.
- Total segment assets increased 15.8% YoY to 26,76,549.37 lakh, but the filing does not provide capex, depreciation or cash-flow detail to assess returns on the expanding asset base.
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