KRBL LimitedConsumer GoodsKRBL
Q1 FY27 concall · earnings callKRBL Limited
The company delivered its strongest-ever quarterly profit despite a 50% export revenue decline caused by Middle East logistics disruptions, with management expecting a progressive recovery in exports as shipping lanes reopen.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income | ₹1,560 Cr | -3% | |
| Domestic Revenue | ₹1,221 Cr | 14% | |
| Export Revenue | ₹244 Cr | -50% | |
| EBITDA | ₹372 Cr | — | |
| Profit After Tax | ₹261 Cr | — | |
| Gross Margin | 36.3% | — | |
| EBITDA Margin | 23.8% | — | |
| PAT Margin | 16.7% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,681.90 Cr+17% YoY+32.4% QoQ | ₹132.61 Cr-0.9% YoY+29.2% QoQ | ₹5.79-1% YoY+29% QoQ |
| Q2 FY25 | ₹1,270.48 Cr+4.7% YoY+5.9% QoQ | ₹102.67 Cr-33% YoY+18.6% QoQ | ₹4.49-31.1% YoY+18.8% QoQ |
| Q1 FY25 | ₹1,199.18 Cr-15.2% YoY-9% QoQ | ₹86.56 Cr-55.5% YoY-24.1% QoQ | ₹3.78-54.3% YoY-24.1% QoQ |
| Q4 FY24 | ₹1,318.30 Cr+3% YoY-8.3% QoQ | ₹114.08 Cr-3.3% YoY-14.8% QoQ | ₹4.98-0.6% YoY-14.9% QoQ |
| Q3 FY24 | ₹1,437.03 Cr-6.4% YoY+18.4% QoQ | ₹133.84 Cr-34.9% YoY-12.7% QoQ | ₹5.85-33% YoY-10.3% QoQ |
TL;DR
- Record quarterly profitability with INR261 crore PAT despite a 6% revenue decline.
- Export revenue fell 50% year-on-year due to Middle East shipment blockages, but non-Middle East exports grew 37%.
- Domestic revenue grew 14% year-on-year, though branded rice volumes saw a modest decline due to deferred bulk pack purchases.
- Management expects export volumes to recover progressively from Q2 as shipping conditions stabilize in West Asia.
- Gross and EBITDA margins expanded sharply to 36.3% and 23.8%, respectively, but are viewed as unsustainably high.
Said on the call
“This was a volume shock caused by logistics, not a demand shock caused by buyers.”
From the Q&A
| Topic | What management said |
|---|---|
| Saudi Arabia Distribution | The company has deferred its own entity plan and is searching for a long-term distributor, being cautious after past issues, while continuing interim wholesale shipments. |
| Q2 Export Outlook | Management expects sequentially better export numbers in Q2 as shipping routes partially open and demand picks up, with bulk business expected to resume. |
| Domestic Market Share | Overall market share in traditional trade declined by about 2 percentage points year-on-year in Q1. |
| Full-Year Margin Outlook | Management stated Q1 margins are unsustainable and guided for an EBITDA margin of 17% to 18% for the full year, up from 15% last year. |
| Inventory and Cash Use | Management stated inventory levels are comfortable and will buy more this season, but cash is not deployed indiscriminately as paddy buying depends on market conditions. |
| Price Hike and Crop Impact | No further price hikes are planned for Q2; the company will wait for the new paddy crop season to unfold before making decisions, noting that prices could shoot further if West Asia markets fully reopen. |
Guidance
- Expect meaningful export growth for the full year.
- Confident of delivering approximately 10% domestic volume growth for FY27.
- Targeting annualized revenue run rate of approximately INR25 crores for the masala portfolio by end-FY27.
- Full-year EBITDA margin guidance of 17% to 18%.
Source
Summary written from the transcript filed by KRBL Limited for the call held on 12 Aug 2026; published 22 Aug 2026, 09:56 IST.
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