TPL Plastech Q1 FY27 Results (NSE: TPLPLASTEH)
Signal: Margin pressure
The read
The key inflection is weaker operating conversion: revenue growth accelerated to 37.6% YoY, but EBITDA margin contracted 197bps to 9.1% after the 100bps contraction in Q4FY26, while PAT growth of 19.2% was partly supported by a lower YoY tax rate rather than margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹124.38 Cr | +37.6% | +9.0% |
| EBIT | ₹9.75 Cr | N/A | |
| Net profit | ₹6.52 Cr | +19.2% | |
| EPS | ₹0.84 | +20.0% | |
| EBIT margin | 9.1% |
P&L walk
Consolidated revenue increased to ₹12,438.02 lakh, +37.6% YoY and +9.0% QoQ, while gross margin fell 81bps YoY to 18.5% and EBITDA margin declined 197bps YoY to 9.1%; PAT still rose 19.2% YoY to ₹652.39 lakh, helped by a lower tax rate versus the year-ago quarter.
Key positives
- Revenue reached ₹12,438.02 lakh, up 37.6% YoY and 9.0% QoQ, extending the company’s high-growth run from 22.2% YoY growth in Q3FY26.
- Finance costs declined 7.1% YoY to ₹121.89 lakh despite revenue growth of 37.6% YoY, indicating limited incremental finance-cost pressure.
- EPS rose 20.0% YoY to ₹0.84, broadly matching PAT growth and leaving the PAT-to-EPS cross-check clean.
Key concerns
- EBITDA margin fell 197bps YoY to 9.1% and 218bps QoQ, extending the margin contraction seen in Q4FY26.
- Gross margin compressed 81bps YoY to 18.5% as raw material cost increased to 81.5% of revenue from 80.7%; the filing does not disclose the cause or pricing response.
- PAT growth of 19.2% YoY to ₹652.39 lakh lagged revenue growth of 37.6%, showing weaker operating conversion.
Research and educational content only. Not investment advice.