Saurashtra Cem. Q1 FY27 Results (NSE: SAURASHCEM)
Signal: Growth reaccelerated
The read
The key inflection is renewed operating weakness: after EBITDA margin expanded in Q4FY25 and Q1FY26, it contracted again in Q4FY26 and stood at 5.7% in Q1FY27 while revenue still grew 7.8% to ₹456.75 Cr; EBITDA fell 34.9% to ₹25.98 Cr and PAT fell 45.8% to ₹9.13 Cr, with ₹5.26 Cr of other income cushioning the result.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹456.75 Cr | 7.8% | N/A |
| EBIT | ₹14.91 Cr | -49.0% | N/A |
| Net profit | ₹9.13 Cr | -45.8% | N/A |
| EPS | ₹0.82 | -46.1% | N/A |
| EBIT margin | 5.7% |
P&L walk
Consolidated revenue increased 7.8% YoY to ₹456.75 Cr, but EBITDA declined 34.9% to ₹25.98 Cr and EBITDA margin fell to 5.7%; EBIT declined 49.0% to ₹14.91 Cr and PAT declined 45.8% to ₹9.13 Cr, with ₹5.26 Cr of other income representing 44% of PBT.
Key positives
- Revenue increased 7.8% YoY to ₹456.75 Cr, maintaining positive top-line growth despite the operating-margin decline.
- EPS of ₹0.82 declined 46.1% YoY versus a 45.8% PAT decline, so the earnings-per-share decline did not materially lag profit growth.
- Standalone PAT of ₹9.20 Cr was only ₹0.07 Cr above consolidated PAT of ₹9.13 Cr, showing that subsidiaries neither materially diluted nor boosted group earnings.
Key concerns
- EBITDA declined 34.9% YoY to ₹25.98 Cr despite revenue growth of 7.8%, and EBITDA margin was only 5.7%; the filing does not disclose the specific cause of the deterioration.
- EBIT declined 49.0% to ₹14.91 Cr and PAT declined 45.8% to ₹9.13 Cr, extending the weak operating trajectory after the prior quarter's margin contraction.
- Revenue grew 7.8% but the filing provides no volume or realisation split, limiting confirmation of whether growth was volume-led or price/mix-led.
Earnings quality: includes non-operating other income
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