Sadhana Nitro Q1 FY27 Results (NSE: SADHNANIQ)
Signal: Revenue declined
The read
The key inflection is a sharp operating recovery after three consecutive quarters of contracting margins in the prior-results series: consolidated EBIT rose 75.1% YoY to ₹3.1 Cr and PAT loss narrowed 74.1% to ₹0.55 Cr, but revenue still declined 3.1% to ₹27.22 Cr and EBITDA fell 6.1% to ₹6.03 Cr, so the recovery has not yet become a growth-led turnaround.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹27.22 Cr | -3.1% | N/A |
| EBIT | ₹3.1 Cr | 75.1% | N/A |
| Net profit | ₹-0.55 Cr | 74.1% | N/A |
| EPS | ₹0 | -100.0% | N/A |
| EBIT margin | 22.2% |
P&L walk
Consolidated revenue declined 3.1% YoY to ₹27.22 Cr, while EBITDA fell 6.1% to ₹6.03 Cr but remained at a 22.2% margin; EBIT rose 75.1% to ₹3.1 Cr and PAT loss narrowed 74.1% to ₹0.55 Cr.
Key positives
- Consolidated EBIT increased 75.1% YoY to ₹3.1 Cr despite revenue declining 3.1% to ₹27.22 Cr, marking a clear operating inflection.
- PAT loss narrowed 74.1% YoY to ₹0.55 Cr from the prior-year loss base.
- Consolidated EBITDA margin was 22.2%, a substantial recovery from the 7% OPM reported in Q1FY26 in the prior-results series.
Key concerns
- Revenue declined 3.1% YoY to ₹27.22 Cr, following the prior-results series' severe 81.6% decline in Q4FY26, so demand recovery remains unproven.
- EBITDA declined 6.1% YoY to ₹6.03 Cr despite the 22.2% margin, indicating that the margin improvement has not translated into EBITDA growth.
- Standalone revenue fell 6.8% YoY to ₹26.18 Cr, worse than the consolidated decline of 3.1%.
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