Sakuma Exports Q1 FY27 Results (NSE: SAKUMA)
Signal: Revenue declined
The read
The operating trajectory remains fragile: consolidated revenue fell 11.3% YoY to ₹33,331.76 lakh and gross margin compressed approximately 237bps to 3.2%, while EBITDA margin improved 57bps to 1.2% mainly alongside lower operating expenses. The apparent 70.9% PAT growth to ₹281.68 lakh is low quality because other income of ₹321.07 lakh comprised 98.5% of PBT, and the parent itself delivered only 3.0% PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹333.32 Cr | -11.3% | -53.4% |
| EBIT | ₹3.39 Cr | 35.1% | |
| Net profit | ₹2.82 Cr | 70.9% | |
| EPS | ₹0.02 | 100.0% | |
| EBIT margin | 1.2% |
P&L walk
Consolidated revenue declined 11.3% YoY to ₹33,331.76 lakh, gross margin compressed to approximately 3.2% from 5.6%, while EBITDA increased 22.3% to ₹390 lakh; PAT growth to ₹281.68 lakh was materially assisted by ₹321.07 lakh of other income.
Segments
The filing reports a single agro-products trading segment, but subsidiaries drove the consolidated result: standalone PAT rose only 3.0% to ₹137.81 lakh while consolidated PAT rose 70.9% to ₹281.68 lakh; two subsidiaries contributed reviewed revenue of ₹9,440.07 lakh and PAT of ₹143.87 lakh.
Key positives
- Consolidated EBITDA increased 22.3% YoY to ₹390 lakh despite revenue declining 11.3%, with EBITDA margin expanding to 1.2% from approximately 0.6% a year ago.
- Finance cost declined 83.6% YoY to ₹13.18 lakh, reducing the below-operating-line burden.
- Consolidated subsidiaries contributed reviewed revenue of ₹9,440.07 lakh and PAT of ₹143.87 lakh, explaining the group’s outperformance versus the parent.
Key concerns
- Consolidated gross margin compressed approximately 237bps YoY to 3.2% as trading COGS rose to 96.8% of revenue from 94.4%; the filing does not disclose the driver.
- Standalone revenue declined 25.1% YoY to ₹23,927.02 lakh and standalone EBITDA fell 14.0% to ₹246 lakh, showing that the parent’s operating trajectory is weaker than the consolidated headline.
- Sequential momentum deteriorated sharply: consolidated revenue fell 53.4% QoQ to ₹33,331.76 lakh and PAT fell 56.8% QoQ to ₹281.68 lakh.
Earnings quality: includes non-operating other income
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