R R Kabel Q1: consolidated PAT more than doubles to ₹205 Cr as W&C drives 54% revenue jump

R R Kabel's Q1 FY27 (quarter ended 30 June 2026) is a strong print on both lines. Consolidated revenue rose ~53.9% YoY to ₹3,168 Cr and consolidated PAT jumped ~128.6% to ₹205.2 Cr (EPS ₹18.14), versus ₹2,059 Cr and ₹89.8 Cr a year ago. Sequentially the gains are milder — revenue +6.9% and PAT +22.2% over Q4 FY26 (₹2,964 Cr / ₹167.9 Cr) — so the year-on-year comparison, not the QoQ, is the story. The print carries a ₹13.8 Cr pre-tax exceptional gain (a partial write-back of the labour-code provision the company had charged in FY26); adjusting for it, underlying PAT is ~₹195 Cr, still up ~117% YoY since the year-ago base had no such item. Standalone tells the same story (revenue ₹3,168 Cr, PAT ₹203.1 Cr, EPS ₹17.96); the only gap is the JV (RR-Imperial Electricals) contributing ₹2.1 Cr, so standalone and consolidated do not diverge materially. The margin bridge is the substance behind the profit surge. Operating margin expanded to ~8.8% from ~6.9% a year ago (roughly flat vs Q4's ~8.8%), and net margin widened to ~6.5% from ~4.3% YoY. The lift is led by Wires & Cables, where segment revenue grew ~57% YoY to ₹2,880 Cr and segment PBT more than doubled to ₹285 Cr — a mix of volume, premiumisation and copper/aluminium price pass-through, so reported value growth runs ahead of underlying volume. Just as important, the FMEG segment reached breakeven (segment result ~₹0 Cr) against a ₹7.1 Cr loss a year ago and a ₹9.3 Cr loss in Q4, with FMEG revenue up ~28% YoY to ₹288 Cr. Against management's own 'Project RRise' guidance from the Q4 concall — 16-18% W&C volume growth, FMEG breakeven in FY27, and OPM building toward the ~9.5% FY27 / 10.5% FY28 target — this quarter validates the roadmap: FMEG hit breakeven at the very start of the guided year, W&C growth is running hot, and OPM at ~8.8% sits just below the FY27 aim. On the Street, Motilal Oswal was Neutral (₹2,020, 4 Jun) even as the stock ran up ~47% YTD; no published point estimate for the June quarter was found, so the beat-versus-consensus call is unconfirmed. Alongside the numbers, the board's May appointment of Mahhesh and Rajesh Kabra as Joint Managing Directors and the ₹5.5 FY26 final dividend frame the quarter; a new EPR (non-ferrous scrap recycling) obligation is flagged but not yet quantifiable pending CPCB rules.