Zuari Industries Q1 FY27 Results (NSE: ZUARIIND)
Signal: Growth reaccelerated
The read
The trajectory is a revenue acceleration without operating recovery: consolidated revenue reached ₹311.93 crore, +21.2% YoY and +10.0% QoQ, but EBITDA fell 16.0% YoY and margin contracted to 9.5%; the ₹0.6 crore PAT turnaround is therefore not yet supported by improving core profitability, while standalone PAT remained a ₹9.48 crore loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹311.93 Cr | 21.2% | 10.0% |
| EBIT | ₹21.79 Cr | -22.2% | |
| Net profit | ₹0.6 Cr | 1100.0% | |
| EPS | ₹0.2 | 900.0% | |
| EBIT margin | 9.5% |
P&L walk
Consolidated revenue increased to ₹311.93 crore, +21.2% YoY and +10.0% QoQ, but EBITDA declined 16.0% YoY to ₹29.77 crore and margin contracted to 9.5% from 9.8% a year earlier and 10.66% in Q4FY26; EBIT fell 22.2% YoY to ₹21.79 crore while PAT turned positive at ₹0.6 crore from ₹0.48 crore loss.
Segments
No segment table is disclosed, but the standalone-versus-consolidated gap is material: standalone PAT was a ₹9.48 crore loss while consolidated PAT was a ₹0.6 crore profit, indicating earnings outside the parent materially lifted the reported group result.
Key positives
- Consolidated revenue increased 21.2% YoY to ₹311.93 crore and accelerated from 4.2% YoY growth in Q4FY26.
- Standalone revenue grew 26.8% YoY to ₹266.52 crore, faster than consolidated revenue growth of 21.2%.
- Consolidated PAT turned positive at ₹0.6 crore from a ₹0.48 crore loss YoY, although the recovery was not accompanied by EBITDA growth.
Key concerns
- Consolidated EBITDA declined 16.0% YoY to ₹29.77 crore despite 21.2% revenue growth, and EBITDA margin contracted 30bps YoY to 9.5%.
- Standalone EBITDA declined 15.1% YoY to ₹31.32 crore and standalone PAT remained a ₹9.48 crore loss, showing weak parent-level earnings conversion.
- Consolidated PBT was negative at ₹34.94 crore even though EBIT was positive at ₹21.79 crore, requiring continued scrutiny of below-operating-profit items.
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