Pashupati Cotsp. Q1 FY27 Results (NSE: PASHUPATI)
Signal: Growth decelerated
The read
The operating inflection is positive but not yet dependable: consolidated revenue rose 9.7% YoY and EBITDA margin is reported at 11.4% versus the recent Q1FY26 OPM of 3.86%, while standalone PAT rose 256.8% to ₹724.49 lakh; however, the consolidated XBRL PAT of ₹0 versus EPS of ₹0.46 and the sharp standalone gross-margin compression to 5.5% require reconciliation before treating the margin improvement as structural.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹130.01 Cr | +9.7% | -23.7% |
| EBIT | ₹12.58 Cr | N/A | |
| Net profit | ₹0 Cr | -100.0% | |
| EPS | ₹0.46 | +253.8% | |
| EBIT margin | 11.4% |
P&L walk
Consolidated revenue increased to ₹13001.16 lakh, +9.7% YoY, while gross margin expanded to 20.2% from approximately 13.2%; EBITDA margin was 11.4%, but the authoritative XBRL reports PAT of ₹0 against EPS of ₹0.46.
Segments
The filing reports a single cotton ginning and spinning segment; the material divergence is basis-related, with standalone PAT of ₹724.49 lakh while the authoritative XBRL reports consolidated PAT of ₹0 despite the consolidated statement text showing ₹725.02 lakh.
Key positives
- Consolidated revenue of ₹13001.16 lakh grew 9.7% YoY despite the filing's warning that the cotton ginning cycle makes Q1 comparisons difficult.
- Consolidated EBITDA margin is reported at 11.4%, materially above the recent Q1FY26 OPM of 3.86%, while standalone EBITDA margin is 11.9%.
- Standalone PAT increased 256.8% YoY to ₹724.49 lakh from ₹203.03 lakh, and standalone EPS rose 253.8% to ₹0.46.
- Consolidated gross margin expanded to approximately 20.2% from 13.2% YoY as material cost declined to 55.2% of revenue from 73.2%.
Key concerns
- Standalone gross margin compressed to approximately 5.5% from 14.0% YoY despite revenue growth of 15.1%, indicating that the group's gross-margin expansion is not replicated at the parent level.
- Finance costs increased 16.9% YoY standalone to ₹385.07 lakh and rose 45.6% QoQ, increasing below-the-line risk.
- The cotton ginning business is seasonal and normally operates from October to April; management states that Q1FY27, Q1FY26 and Q4FY26 are strictly not comparable.
- Consolidated PAT reported by the authoritative XBRL is ₹0, while the statement text reports ₹725.02 lakh and consolidated EPS is ₹0.46; this must be reconciled before relying on group earnings.
Earnings quality: includes non-operating other income
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