Manali Petrochem Q1 FY26 Results (NSE: MANALIPETC)
Signal: Growth reaccelerated
The read
The earnings trajectory has inflected sharply upward: consolidated revenue is now ₹27,472 lakh, +17.1% YoY after +26.0% in Q3FY26 and +27.4% in Q4FY26, while derived EBITDA margin is approximately 35.2% versus approximately 13.1% YoY; however, the margin jump is not fully explained by disclosed volume, pricing or input-cost data, and the unresolved ₹1,180 lakh insurance receivable and expired Unit-II lease remain material quality risks.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹274.72 Cr | +17.1% | -6.1% |
| Net profit | ₹64.36 Cr | +348.8% | |
| EPS | ₹3.74 | +350.6% | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue increased to ₹27,472 lakh, +17.1% YoY but -6.1% QoQ; gross margin expanded to approximately 53.6% from 49.6% YoY, while pre-exceptional profit rose to ₹8,453 lakh from ₹1,996 lakh as operating costs remained broadly contained and other income increased to ₹1,377 lakh.
Segments
The company reports a single petrochemical business with no reportable operational or geographical segments; the ₹6,693 lakh of subsidiary revenue before consolidation adjustments indicates a material group contribution, but subsidiary-level profit attribution is not disclosed.
Key positives
- Consolidated revenue reached ₹27,472 lakh, +17.1% YoY, extending the recovery from ₹23,467 lakh in Q1FY25.
- Gross margin expanded approximately 395bps YoY to 53.6%, although the filing does not disclose whether this was driven by pricing, input deflation or mix.
- Derived consolidated EBITDA increased to approximately ₹9,657 lakh from ₹3,085 lakh YoY, with margin expanding approximately 2,102bps to 35.2%.
- Finance costs declined 3.5% YoY to ₹306 lakh, while EPS rose 350.6% YoY to ₹3.74 and tracked PAT growth.
Key concerns
- Raw material consumed increased 30.9% YoY to ₹16,825 lakh and rose to 61.2% of consolidated revenue from 54.8%, so the gross-margin expansion is not explained by a disclosed raw-material tailwind.
- Consolidated revenue declined 6.1% QoQ from ₹29,266 lakh, and the reported filing provides no volume, realisation or utilisation data to assess demand quality.
- Other income rose 71.7% YoY to ₹1,377 lakh, making non-operating income a more significant contributor to the profit bridge.
Research and educational content only. Not investment advice.