Munjal Auto Q1 FY27: consolidated PAT +48% YoY, adjusted ~29% ex one-off MTM gain

Munjal Auto Industries' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue rose 42.4% YoY to ₹699.0 Cr (+13.8% QoQ from ₹614.2 Cr), with growth broad-based across both segments: the standalone Auto Components business grew 40.0% YoY to ₹415.4 Cr, and subsidiary Indutch Composites' Composite Products & Moulds segment grew 46.0% YoY to ₹283.6 Cr. Consolidated PAT of ₹28.50 Cr (EPS ₹2.58) is up 47.6% YoY and marks a turnaround from a ₹1.6 Cr net loss in Q4 FY26. That headline profit growth needs a caveat: ₹16.23 Cr of this quarter's other income is an unrealized mark-to-market gain on mutual fund investments (disclosed in Note 7), against no comparable gain a year ago — while the year-ago (Q1 FY26) quarter itself carried a ₹10.84 Cr insurance-claim exceptional gain at the subsidiary that this quarter has none of. Stripping both one-offs on a tax-adjusted basis, consolidated PAT growth is a more modest ~28.6% YoY, and net margin actually compresses to ~2.2% from ~2.4% a year ago (versus 4.08%/3.83% on the raw, unadjusted numbers). By segment, the genuine driver this quarter is Composite Products & Moulds, whose segment profit (before tax and interest) grew 33.4% YoY to ₹22.84 Cr with no one-off distortion; the standalone Auto Components segment result of ₹22.76 Cr looks like it more than doubled YoY, but excluding the MTM gain its underlying PBT actually fell roughly 20-27% YoY versus Q1 FY26. The filing carries no forward guidance, and no management press release was available alongside the results, so there is no outlook to grade this print against — the comparison context also shows no prior concall commentary on record for this company. No formal analyst/street estimates for this quarter turned up in a web search either; Munjal Auto is a small-cap auto-ancillary with limited coverage, and the only external data point found was the FY26 full-year actuals (standalone PAT ₹27.54 Cr, down 10.3% YoY, hurt by the Q4 FY26 MTM loss), which independently cross-checks this filing's Lakh-to-Crore conversion. This quarter's board meeting also cleared the FY26 annual report and AGM notice (41st AGM on August 31, 2026, with a ₹1/share dividend recommended) — routine governance items unconnected to the operating numbers. Standalone PAT of ₹20.07 Cr (EPS ₹2.01) is up 139.8% YoY on an unadjusted basis, almost entirely a function of the MTM gain sitting in the standalone books. Readers comparing the standalone exchange filing to the consolidated headline should treat this divergence as a one-off timing effect in fair-value gains/losses, not a change in the underlying Auto Components run-rate.