Pyramid Technopl Q1 FY27 Results (NSE: PYRAMID)
Signal: Steady quarter
The read
The trajectory is volume-or-mix growth with emerging input-cost pressure: revenue accelerated to ₹22,249.01 lakh, +35.8% YoY, but gross margin compressed 324bps to 22.65% as raw-material intensity rose 238bps to 77.25%; EBITDA still grew 50.0% and margin expanded 90bps, while finance cost rose 178.8% and PAT growth moderated to 32.1%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹222.49 Cr | 35.8% | +14.2% |
| EBIT | ₹17.47 Cr | 47.7% | |
| Net profit | ₹10.45 Cr | 32.1% | |
| EPS | ₹2.85 | -34.0% | |
| EBIT margin | 9.6% |
P&L walk
Revenue increased to ₹22,249.01 lakh, +35.8% YoY and +14.2% QoQ, while gross margin fell 324bps YoY to 22.65% as raw-material intensity rose; EBITDA margin improved 90bps to 9.6%, but higher finance costs and depreciation limited PAT growth to +32.1%.
Key positives
- Revenue reached ₹22,249.01 lakh, +35.8% YoY and +14.2% QoQ, indicating strong sequential momentum despite the margin squeeze.
- EBITDA increased to ₹2,128.00 lakh, +50.0% YoY versus revenue growth of +35.8%, producing a 14.2 percentage-point growth gap and 90bps EBITDA-margin expansion.
- Employee plus other expenses were ₹3,013.61 lakh, only +3.7% YoY versus revenue growth of +35.8%, supporting partial operating-cost absorption.
Key concerns
- Gross margin fell 324bps YoY to 22.65% and 560bps QoQ as material and inventory costs reached 77.25% of revenue; the filing does not disclose the cause, indicating unproven pricing pass-through.
- Finance cost rose 178.8% YoY to ₹351.42 lakh and 53.8% QoQ, limiting the conversion of EBIT growth of 47.7% into PAT growth of 32.1%.
- The XBRL-verified EPS YoY change of -34.0% conflicts with the printed EPS comparison of ₹2.85 versus ₹2.16, requiring clarification before relying on per-share earnings trends.
Research and educational content only. Not investment advice.