Mukka Proteins Q1 FY27 Results (NSE: MUKKA)
Signal: Margin expansion
The read
The key inflection is the return to a 10.1% consolidated EBITDA margin from 8.0% in Q1FY26 alongside 186.7% revenue growth, but gross margin compressed about 220bps and group PAT of ₹188.88 million remained below standalone PAT of ₹194.07 million as subsidiaries and joint ventures dragged earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹489.65 Cr | 186.7% | +28.6% |
| EBIT | ₹44.78 Cr | 223.3% | |
| Net profit | ₹18.89 Cr | 1142.8% | |
| EPS | ₹0.63 | 1160.0% | |
| EBIT margin | 10.1% |
P&L walk
Consolidated revenue increased to ₹4,896.54 million (+186.7% YoY, +28.6% QoQ), EBITDA rose to ₹495.7 million (+189.7%) and margin reached 10.1%, while gross margin compressed 220bps as inventory-related costs increased relative to revenue; finance costs rose 49.0% YoY and subsidiaries and joint ventures diluted group PAT.
Segments
Outside India drove the group with ₹4,140.68 million of revenue, +170.9% YoY, while within-India revenue grew faster at +405.7% but remained smaller at ₹607.36 million; consolidated PAT of ₹188.88 million was below standalone PAT of ₹194.07 million because reviewed subsidiaries reported ₹7.81 million of net loss and joint ventures reported ₹9.51 million of share loss.
Key positives
- Consolidated revenue reached ₹4,896.54 million, +186.7% YoY and +28.6% QoQ, with outside-India revenue at ₹4,140.68 million, +170.9% YoY.
- EBITDA rose 189.7% YoY to ₹495.7 million and EBITDA margin expanded 220bps YoY to 10.1%.
- Standalone EBITDA grew 215.7% YoY to ₹441.3 million and standalone margin reached 10.9%, 80bps above the consolidated margin.
- Within-India revenue grew 405.7% YoY to ₹607.36 million, indicating broad-based geographic growth despite its smaller base.
Key concerns
- Consolidated PAT attributable to shareholders of ₹188.88 million was below standalone PAT of ₹194.07 million because subsidiaries and joint ventures generated losses.
- Gross margin compressed approximately 220bps YoY to 22.0%, so the margin improvement was not driven by gross-profit expansion.
- Finance costs rose 49.0% YoY to ₹164.52 million, materially increasing the financing burden even as revenue expanded.
- The business remains heavily export-dependent, with outside-India revenue contributing ₹4,140.68 million of ₹4,896.54 million consolidated revenue.
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