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Latest filing: 2026-08-12 12:31
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Narmada Gelatines Q1 FY27 Results: Rs 1.14 Cr Profit Contribution from Associate IGCL
Narmada Gelatines has released its un-audited financial results for the quarter ended June 30, 2026. A significant component of the consolidated performance is the Rs 1.14 Cr share of profit from its associate, India Gelatine & Chemicals Limited (IGCL). This follows a strong FY26 where the company achieved a TTM revenue of Rs 215 Cr and a PAT of Rs 28 Cr. The company is currently leveraging its 75% promoter stake by Pioneer Jellice Group to drive global synergies and execute a Rs 33.30 Cr capex plan.
Confidence: MEDIUM
What changedThe company has reported its first-quarter results for FY27, specifically detailing the financial contribution from its associate, India Gelatine & Chemicals Limited.
Why it mattersThe profit contribution from the associate (IGCL) validates the company's inorganic growth strategy and its ability to generate returns from strategic stakes in the specialty chemicals sector.
Profit share from associate: Rs 1.14 CrPlanned Capex: Rs 33.30 CrCapex vs Net Worth: ~23.6%TTM Revenue: Rs 215 CrPromoter Holding: 75.0%
📅 Short termThe stock may see neutral to slightly positive sentiment as the market digests the associate's contribution and looks for standalone growth consistency.
📈 Long termStructural growth depends on the successful execution of the Jabalpur facility expansion and realizing synergies with the Pioneer Jellice Group.
⚠ Risk flags
- Dependency on unorganized market for raw material (crushed animal bones)
- Rising demand for vegan/vegetarian alternatives to animal-based gelatine
- High client concentration with top 10 customers contributing 40-45% of revenue
Key Highlights
Rs 1.14 Cr share of profit recognized from associate company India Gelatine & Chemicals Limited for Q1 FY27
Rs 1.16 Cr total comprehensive income contributed by the associate entity during the quarter
Rs 33.30 Cr planned capex remains the primary growth driver for machinery upgrades and capacity expansion
Consolidated results incorporate the strategic 14% stake in IGCL acquired to increase market influence
TTM Operating Profit Margin (OPM) stands at 19.2% as per the latest annual context
👀 What to Watch
Investors should monitor the full standalone P&L statement to verify if the revenue growth trend (from Rs 45.77 Cr in Jun 2025 to Rs 61.7 Cr in Mar 2026) has sustained into the new fiscal year.
Narmada Gelatines Q1 FY27: Associate Profit Contribution of ₹1.14 Cr Reported
Narmada Gelatines approved its Q1 FY27 financial results for the period ending June 30, 2026. A key highlight is the ₹1.14 Cr profit contribution from its associate company, India Gelatine & Chemicals Limited (IGCL), in which it holds a strategic stake. The company is currently navigating a ₹33.30 Cr capex plan, representing approximately 23.6% of its net worth, aimed at capacity expansion and machinery upgrades. While the full standalone P&L was not detailed in the summary, the consolidated total comprehensive income from the associate stood at ₹1.16 Cr.
Confidence: HIGH
What changedApproval of Q1 FY27 financial results and formal reporting of the profit share from the associate company, IGCL.
Why it mattersThe associate contribution provides a steady stream of investment income, while the ongoing capex is critical for scaling the core gelatine business to meet its 7.79% expected growth rate.
Associate Profit Share: ₹1.14 CrAssociate Comprehensive Income: ₹1.16 CrPlanned Capex: ₹33.30 CrCapex vs Net Worth: ~23.6%TTM Revenue: ₹215 Cr
📅 Short termThe stock may see neutral to slightly positive movement as the market absorbs the associate's contribution and the progress of the ongoing capex.
📈 Long termStructural growth depends on the successful integration with the Pioneer Jellice Group and the ability to counter the rising demand for vegan gelatine alternatives.
⚠ Risk flags
- Dependency on unorganized market for raw material (animal bones)
- Competition from vegetarian/vegan gelatine alternatives
- Client concentration with top 10 customers contributing 40-45% of revenue
Key Highlights
Associate profit contribution of ₹1.14 Cr for the quarter ended June 30, 2026
Total comprehensive income from associate (IGCL) reported at ₹1.16 Cr
Ongoing ₹33.30 Cr capex plan for capacity expansion and machinery upgrades at Jabalpur
Strategic 14% stake in India Gelatine & Chemicals Limited (IGCL) continues to impact consolidated results
TTM revenue stands at ₹215 Cr with an operating profit margin of 19.2%
👀 What to Watch
Investors should monitor the full quarterly P&L for revenue growth and margin trends, specifically looking for the impact of the ₹33.30 Cr capex on production volumes in upcoming quarters.
