Artemis Electricals Q1 FY27: revenue -18% YoY, PAT flat at ₹1.27 Cr as margins widen

Artemis Electricals and Projects posted consolidated revenue of ₹16.27 Cr for Q1 FY27, down 17.6% year-on-year from ₹19.75 Cr in Q1 FY26, and down a sharp 60.1% sequentially from ₹40.75 Cr in Q4 FY26. Consolidated PAT of ₹1.27 Cr was nearly flat YoY (-3.1% from ₹1.31 Cr) even as revenue contracted meaningfully — the gap was bridged by margin expansion: net profit margin rose to 7.81% from 6.64% a year ago, and operating (EBITDA) margin expanded to roughly 13.4% from 11.2%, as direct/material costs fell to 83.5% of total income versus 87.2% in the year-ago quarter. Sequentially PAT fell 58.4% in line with the steep revenue drop from the seasonally/execution-heavy Q4. Standalone PAT of ₹1.31 Cr came in fractionally above the consolidated figure, with the entire ₹0.04 Cr gap attributable to a loss at subsidiary Artemis Opto Electronic Technologies rather than any standalone-versus-consolidated divergence in the core business. Our records carry no prior management guidance and no prior concall for this company, so there is no outlook to grade the print against; management's own framing in this filing is limited to its standard notes rather than a separate press release. A web search for street/analyst previews on this stock turned up no brokerage coverage or consensus estimates, consistent with its small size (~₹25 Cr paid-up equity capital, ~₹16 Cr quarterly revenue) — vsStreet is therefore unknown rather than inferred. The filing's recurring note is that manufacturing at the Vasai factory remains "closed/negligible," with management instead focusing on projects and project-related work, which explains the lumpy, execution-linked swing between Q4 FY26's ₹40.75 Cr revenue and this quarter's ₹16.27 Cr. The related-party lithium-ion battery plant contract with Electroforce (India) is unchanged in status, still targeted for commissioning by March 2027. None of the quarter's other corporate developments — the two independent director appointments (June 9), the secretarial auditor change (May 30), or the trading window closure (June 26) — have a direct bearing on this quarter's numbers.