PCBL Chemical Q1 FY27 Results (NSE: PCBL)
Signal: Revenue declined
The read
PCBL Chemical delivered a fifth consecutive quarter of YoY OPM compression (down 200bps to 15%) and profit decline (-20.4%), with revenue barely flat. The persistent margin erosion – from 17% in early FY26 to 15% now – suggests structural pricing/input-cost headwinds rather than transient issues. The sequential uptick in PAT (¥94 Cr vs ¥40 Cr in Q4) is recovery from a near-zero base, not a turnaround signal.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,114 Cr | -1.4% | +2.3% |
| EBIT | ₹317 Cr | -16.4% | |
| Net profit | ₹94 Cr | -20.4% | |
| EPS | ₹2.49 | -20.4% | |
| EBIT margin | 15% |
P&L walk
Revenue flat YoY at ₹2,114 Cr; OPM contracted 200bps to 15% – fifth consecutive quarter of margin compression – as raw material cost pressure likely outpaced pricing power; PAT fell 20.4% YoY to ₹94 Cr, tracking operating weakness with no tax or other-income distortion.
Key positives
- Sequential revenue growth of 2.3% QoQ and PAT recovery from Q4FY26's depressed level offer some near-term stabilization.
Key concerns
- Fifth consecutive quarter of YoY OPM compression – margins structurally eroding.
- Revenue growth has stalled (flat YoY), indicating demand weakness or volume loss.
- PAT down 20.4% YoY; trend of declining profitability since Q3FY25 continues.
Research and educational content only. Not investment advice.