KIOCL Q1 FY27 Results (NSE: KIOCL)
Signal: Loss narrowed
The read
The key inflection is a sharp sequential reversal from ₹5,339 lakh PAT profit to ₹1,548 lakh loss despite revenue of ₹18,046 lakh remaining 66.9% above last year; the quarter's operating loss indicates that higher revenue did not translate into earnings, with both disclosed manufacturing segments loss-making and ₹2,245 lakh of other income cushioning the result.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹180.46 Cr | +66.9% | -29.5% |
| Net profit | ₹-15.48 Cr | +59.0% | |
| EPS | ₹-0.25 | +59.7% | |
| EBIT margin | N/A |
P&L walk
Standalone operating income was ₹15,801 lakh, +73.7% YoY and -28.3% QoQ, but total expenses rose to ₹19,641 lakh, +34.0% YoY and -2.6% QoQ, resulting in a ₹1,548 lakh PAT loss versus ₹3,779 lakh loss YoY and ₹5,339 lakh profit QoQ.
Segments
The segment table shows both Pellet Plant and Pig Iron Plant in loss at ₹-779 lakh and ₹-378 lakh respectively, while treasury income of ₹1,384 lakh and services income of ₹3,052 lakh provided substantial support to the quarter's result.
Key positives
- Total revenue increased to ₹18,046 lakh, +66.9% YoY, while income from operations rose to ₹15,801 lakh, +73.7% YoY.
- Employee benefits expense declined to ₹3,509 lakh, -6.3% YoY, and depreciation declined to ₹820 lakh, -20.2% YoY.
- EPS tracks PAT, improving to ₹-0.25 from ₹-0.62 YoY with the reported share count unchanged.
Key concerns
- PAT deteriorated from ₹5,339 lakh profit QoQ to ₹1,548 lakh loss, despite total revenue of ₹18,046 lakh.
- Total expenses of ₹19,641 lakh exceeded total revenue by ₹1,595 lakh; power and fuel was ₹6,094 lakh and materials consumed ₹4,972 lakh.
- Both disclosed operating segments were loss-making, with Pellet Plant at ₹-779 lakh and Pig Iron Plant at ₹-378 lakh.
- Other income of ₹2,245 lakh was material relative to the ₹1,595 lakh pre-tax loss, making the bottom line dependent on non-operating income support.
Research and educational content only. Not investment advice.