PAKKA LIMITEDConsumer GoodsPAKKA
Q1 FY27 concall · earnings callPAKKA LIMITED
FY 2025-26 standalone revenue and profit fell on planned shutdowns, equipment issues, Project Jagriti delays and import pressure, while Q1 FY 2026-27 showed higher consolidated revenue and a return to profit as management focuses on completing and stabilising Jagriti.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Standalone revenue from operations FY 2025-26 | ₹355.8 Cr | vs ₹406.04 Cr in FY 2024-25 | |
| Standalone net profit FY 2025-26 | ₹18.15 Cr | vs ₹56.7 Cr in FY 2024-25 | |
| Consolidated revenue from operations Q1 FY 2026-27 | ₹117.19 Cr | vs ₹81.97 Cr in corresponding quarter | |
| Consolidated profit after tax Q1 FY 2026-27 | ₹5.89 Cr | vs loss of ₹1.53 Cr in corresponding quarter | |
| CHUK revenue FY 2025-26 | ₹63.23 Cr | — |
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 | ₹106.01 Cr+6.7% YoY-4.6% QoQ | ₹8.89 Cr-10.3% YoY-47.3% QoQ | ₹2.17-15.2% YoY-49.5% QoQ |
| Q2 FY25 | ₹111.09 Cr+5.7% YoY+14.8% QoQ | ₹16.88 Cr+52.2% YoY+97.2% QoQ | ₹4.30+48.3% YoY+97.2% QoQ |
| Q1 FY25 | ₹96.79 Cr-8.5% YoY+2.3% QoQ | ₹8.56 Cr-40.3% YoY+6.1% QoQ | ₹2.18-42.2% YoY+5.8% QoQ |
| Q4 FY24 | ₹94.58 Cr— YoY-4.8% QoQ | ₹8.07 Cr— YoY-18.6% QoQ | ₹2.06— YoY-19.5% QoQ |
| Q3 FY24 | ₹99.34 Cr— YoY-5.5% QoQ | ₹9.91 Cr— YoY-10.6% QoQ | ₹2.56— YoY-11.7% QoQ |
TL;DR
- Standalone FY 2025-26 revenue and profit were below expectations and below FY 2024-25
- Q1 FY 2026-27 consolidated revenue rose and group returned to profit, but management said one quarter does not establish a trend
- Moulded Fibre/CHUK posted highest annual revenue at Rs. 63.23 crore on volumes crossing 3,100 tonnes with profitability still under pressure
- Project Jagriti faced delays and cost overruns, funded via NBFC bridge loan, with commercial production now guided to January 2027
- Board recommended no dividend for FY 2025-26 to preserve liquidity for capex
Said on the call
“We will measure progress through outcomes rather than intentions.”
From the Q&A
| Topic | What management said |
|---|---|
| Flexible coated products and NSR | Management said flexible-products work continues via lab and pilot trials in Slovenia, PM4 will start with dense food-packaging base papers for outside coating while collaborating with outside coaters and labs, with stabilisation taking about three months and value-added grades added over time. |
| Innovation team and R&D leadership | Management said innovation work has not stopped and Ved Krishna is directly involved with global labs and academic contacts, but did not detail R&D head or Bengaluru-to-Ayodhya talent rebuild plans. |
| Profitability and margin initiatives | Management cited volume from PM3 upgrade and PM4, pricing/NSR improvement, and cost reduction, with overheads not rising proportionately. |
| Project Jagriti timeline and cost control | Management said all equipment ordered and most delivered, no further cost increase expected apart from past forex impact, with commercial production revised to January 2027 and trial product hoped by Diwali, funded via NBFC bridge loan after retiring bank borrowings. |
| Exports and raw material procurement | Management said 25 percent of revenue comes from exports versus 30 percent last year and expects more export earnings from PM4 products; bagasse is under long-term contracts up to five years with flexible payment terms. |
| Governance and lender oversight | Chairman said he could not hear the question on Observer and Nominee Director balance and asked the Company Secretary to respond by e-mail. |
Guidance
- No dividend recommended for FY 2025-26 to protect liquidity and support capex and funding requirements
- Project Jagriti commercial production revised to January 2027, with operational production targeted earlier and first product hoped by Diwali
- PM4 and PM3 at planned utilisation expected to add about Rs. 600-odd crore of additional revenue without proportionate overhead increase
- Bridge financing via NBFC for a year to a year and a half until machine stabilises, then replace high-cost debt with low-cost debt
Source
Summary written from the transcript filed by PAKKA LIMITED for the call held on 30 Sept 2026; published 2 Oct 2026, 14:09 IST.
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