Ultramarine Pig. Q1 FY27 Results (NSE: ULTRAMAR)
Signal: Margin expansion
The read
The operating inflection is strong: consolidated revenue reached ₹239.96 Cr, +30.1% YoY, and EBITDA margin expanded 430bps YoY to 21.3% after the prior Q4FY26 margin had contracted to 13%; however, the consolidated PAT value of ₹0 conflicts with EPS of ₹10.82 and should be resolved in the next reported financial data.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹239.96 Cr | +30.1% | +20.7% |
| EBIT | ₹43.85 Cr | N/A | N/A |
| Net profit | ₹0 Cr | N/A | N/A |
| EPS | ₹10.82 | +56.6% | N/A |
| EBIT margin | 21.3% |
P&L walk
Consolidated revenue increased to ₹239.96 Cr, +30.1% YoY and +20.7% QoQ, while EBITDA rose to ₹51.19 Cr and EBITDA margin expanded to 21.3% from 17.0% YoY; the operating recovery is clear, but consolidated PAT is reported as ₹0 in the authoritative XBRL extract despite EPS of ₹10.82.
Segments
The filing discloses consolidated segment information and subsidiaries, but the supplied extract does not provide sufficiently reliable current-versus-comparative segment figures to identify the exact momentum driver.
Key positives
- Consolidated revenue of ₹239.96 Cr grew +30.1% YoY and +20.7% QoQ, a clear acceleration from Q4FY26 revenue of ₹198.71 Cr.
- Consolidated EBITDA reached ₹51.19 Cr and EBITDA margin expanded to 21.3%, +430bps YoY and +830bps QoQ.
- Standalone PAT of ₹27.97 Cr grew +52.2% YoY, ahead of standalone revenue growth of +29.8%.
Key concerns
- The consolidated XBRL reports PAT of ₹0 while reporting EPS of ₹10.82, making the consolidated profit line internally inconsistent until reconciled.
- The filing does not disclose the volume-versus-realisation split, so the source of the +30.1% revenue growth cannot be separated into volume, pricing or mix.
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