Polyplex Corpn Q1 FY27 Results (NSE: POLYPLEX)
Signal: Loss reversed
The read
Q1FY27 marks a clear consolidated margin inflection: EBITDA margin reached 14.3% from the prior-year loss base as revenue grew 29.6%, with EBITDA growth of 1003.2% far outpacing revenue and employee-cost growth of 19.3%; however, the parent-only margin fell to 7.5% and PAT declined 43.5%, so the trajectory depends on subsidiaries rather than the standalone film business.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,253.62 Cr | 29.6% | +20.5% |
| EBIT | ₹227.55 Cr | N/A | |
| Net profit | ₹91.03 Cr | N/A | |
| EPS | ₹29 | N/A | |
| EBIT margin | 14.3% |
P&L walk
Consolidated revenue increased to ₹225362 lakh, +29.6% YoY and +20.5% QoQ, while EBITDA rose to ₹32190 lakh, +1003.2% YoY, with margin expanding to 14.3%; EBIT and PAT both turned positive from prior-year losses, supported by subsidiary performance and fixed-cost absorption.
Segments
The consolidated rebound sits in the overseas subsidiary group, which reported revenue of ₹178518 lakh and PAT of ₹15275 lakh, while the standalone parent reported revenue growth of 12.1% but PAT decline of 43.5%; Polyplex DigiPrint added ₹4540 lakh of revenue after consolidation from May 1, 2026.
Key positives
- Consolidated revenue rose to ₹225362 lakh, +29.6% YoY and +20.5% QoQ, accelerating from +7.5% YoY in Q4FY26.
- EBITDA increased to ₹32190 lakh, +1003.2% YoY, while EBITDA margin expanded to 14.3% from the prior-year loss base.
- Operating leverage is supported by EBITDA growth of +1003.2% versus revenue growth of +29.6%, with employee costs up 19.3% and depreciation up 10.1%.
- Gross margin expanded 309bps YoY as raw-material cost declined to 61.7% of revenue from 62.9%, although the filing does not disclose the precise driver.
- The consolidated group reported PAT of ₹9103 lakh versus a prior-year loss of ₹1931 lakh, with other income below 20% of PBT.
Key concerns
- Standalone EBITDA declined 20.6% YoY to ₹3317 lakh and standalone PAT declined 43.5% to ₹1248 lakh despite 12.1% revenue growth.
- Standalone finance costs increased 95.5% YoY to ₹393 lakh, while standalone EBITDA margin contracted 100bps to 7.5%.
- The consolidated recovery is subsidiary-led: PTL and its subsidiaries contributed reported revenue of ₹178518 lakh, creating a material gap versus the parent's ₹43953 lakh revenue.
- The group has consolidated Polyplex DigiPrint from May 1, 2026; its reported revenue of ₹4540 lakh covers only two months, limiting comparability.
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