Yasho Industries Q1 FY27 Results (NSE: YASHO)
Signal: Margin expansion
The read
Q1FY27 marks a decisive earnings recovery: consolidated PAT of ₹36.05 Cr (vs ₹3.64 Cr in Q1FY26) on revenue of ₹307.74 Cr (+54.9% YoY) with EBITDA margin expanding 720bps to 24.2%. The operating leverage is evident — employee cost grew only 16.6% while revenue surged; raw material cost as % of revenue dropped to 69.6% from 64.2%, indicating pricing power or input cost relief. Finance cost declined 18% YoY. This is the highest PAT in at least 12 quarters, breaking out of the low-profit Q1FY25-Q4FY26 range.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹307.74 Cr | 54.9% | 25.0% |
| EBIT | ₹60.26 Cr | 191.3% | |
| Net profit | ₹36.05 Cr | 890.4% | |
| EPS | ₹29.9 | 890.1% | |
| EBIT margin | 24.2% |
P&L walk
Revenue growth of 54.9% YoY was led by strong export sales (₹214.84 Cr, +58% YoY) with domestic sales also rising 48.1% YoY. Gross margin improved significantly as raw material cost as % of revenue fell from 64.2% to 69.6%, a 540bps expansion. EBITDA margin rose 720bps YoY to 24.2% on revenue growth and lower relative raw material cost. Finance cost declined 18% YoY, aiding PAT growth.
Segments
The company operates as a single reportable segment (Chemicals); geographic split shows export revenue (₹214.84 Cr) accounting for 70% of total consolidated revenue, growing faster than domestic (₹92.91 Cr, +48.1% YoY). No material standalone-vs-consolidated divergence noted.
Key positives
- Revenue ₹307.74 Cr, +54.9% YoY — fastest quarterly growth in recent history, driven by exports (+58%).
- PAT ₹36.05 Cr, +890.4% YoY — highest quarterly profit in at least 3 years.
- EBITDA margin 24.2%, expanded 720bps YoY — operating leverage and gross margin improvement.
- Finance cost ₹11.28 Cr, -18% YoY — debt refi or lower rates benefiting P&L.
- Standalone EPS ₹30.23 vs ₹4.67 in Q1FY25 — strong per-share earnings recovery.
Key concerns
- Raw material cost as % of revenue at 69.6% is still elevated vs historical levels (prior series shows ~64-66%); any reversal in input cost tailwind could pressure margins.
- Tax expense normalised to ₹12.92 Cr (effective rate 26.4%) vs near-zero tax in Q1FY25; future performance must sustain pre-tax earnings for comparable PAT growth.
- P/E of 161.59x and PEG of -5.76 imply very high expectations; any deceleration in growth could lead to sharp de-rating.
Research and educational content only. Not investment advice.