MM Forgings Q1 FY27: consolidated PAT +78% YoY (~46% adj.) to ₹34 Cr; EBITDA margin flat

Consolidated revenue for Q1 FY27 came in at ₹409.90 Cr, up 13.4% YoY from ₹361.64 Cr but down 4.5% QoQ from a stronger Q4 FY26. Consolidated PAT was ₹34.17 Cr, up 78.1% YoY as reported — but excluding a ₹6.09 Cr prior-year tax-adjustment credit booked this quarter, adjusted YoY PAT growth is a more modest ~46.3%, still well ahead of revenue growth. Standalone numbers track closely: PAT ₹35.41 Cr, EPS ₹18.98, versus consolidated EPS ₹18.73; the ~3.6% standalone-consolidated gap reflects a small subsidiary-level drag. Sequentially, PAT fell 23.7% QoQ off Q4 FY26's high base. The margin story is more tax than operations: net margin expanded to 8.0% of total income from 5.2% a year ago, and PBT margin improved to 8.2% from 7.6%, but EBITDA margin was roughly flat at ~15.7% versus ~15.9% YoY — material, employee, and power costs grew broadly in line with revenue. The effective tax rate collapsed to 2.6% (₹0.90 Cr tax on ₹35.07 Cr PBT) from 30.7% a year ago, partly a one-off prior-year credit and partly a lower underlying rate this year. Separately, a ₹56.25 Cr exceptional item — undisclosed in nature — was added below PAT to produce comprehensive income of ₹90.42 Cr; this is not part of core profit and should not be read as operating PAT. Management's February 2026 concall guided FY27 revenue growth of roughly ₹300 Cr (~19%) on a US Class-8 truck recovery and a robust domestic CV cycle, alongside EBITDA/PAT margin improvement via product mix and cost cuts — targeting finance cost down to ₹55 Cr and ₹15 Cr of power savings for the full year, with FY27 capex of ₹150-170 Cr. Q1's 13.4% YoY revenue growth trails that implied run-rate, and this quarter's ₹16.27 Cr finance cost annualizes near ₹65 Cr, still above the ₹55 Cr FY27 target, so the interest-cost leg of guidance is not yet visible. A web search for Street estimates on this specific print turned up no consensus PAT/revenue figures, so the beat/miss call versus Street is unknown. No standalone management press release beyond the standard exchange filing was available in the context to cross-check company framing. Alongside results, the board approved a Company Secretary transition (Chandrasekar S resigning, S. Muthukrishnan appointed KMP effective 14 August 2026) — a governance item unrelated to financial performance. For the FY27 guidance story to look structural rather than tax-driven, coming quarters need to show EBITDA margin and finance-cost progress toward management's stated targets.