Raghav Productivity: consolidated PAT jumps 68% YoY to ₹19.6 Cr on 49% revenue growth, margins widen

Raghav Productivity Enhancers opened FY27 with an unambiguously strong quarter. Consolidated revenue rose 48.7% YoY to ₹86.91 Cr (from ₹58.44 Cr) and net profit climbed 67.6% YoY to ₹19.57 Cr (from ₹11.68 Cr), with basic EPS of ₹4.26 versus ₹2.54 a year ago. Sequentially the momentum held — revenue +23.2% and PAT +29.1% over Q4 FY26 — and with no exceptional items on either side of the comparison, the reported growth is the underlying growth. There were no one-offs to adjust for. The standout is that profit outgrew revenue, i.e. genuine operating leverage rather than a topline story. Net profit margin expanded to 22.5% from 19.7% a year ago, and operating margin (EBITDA) firmed to ~29.6% from 27.2% YoY — though OPM slipped marginally from the 30.1% of Q4 FY26, worth watching as the largest cost line, Other Expenses, rose to ₹33.62 Cr from ₹22.11 Cr YoY. The company remains a single-segment ramming-mass (refractory) manufacturer, so the print is a clean read on core demand rather than a mix effect. Basis matters here: consolidated PAT (₹19.57 Cr) is materially larger than standalone (₹12.43 Cr), because the wholly-owned subsidiary Raghav Productivity Solutions contributes the bulk of manufacturing and sales — standalone revenue was only ₹35.76 Cr. Both entities grew strongly (standalone PAT nearly doubled YoY, +86%), so they tell the same directional story; consolidated is the comprehensive number and the one to anchor on. Note the standalone Other Income of ₹5.82 Cr is inflated by a ₹4.56 Cr intra-group dividend that washes out on consolidation. On expectations: this is a small-cap with no published brokerage consensus for the quarter, so there is no street estimate to beat or miss. Management has, however, put out an ambitious FY27 framework — a ₹500–550 Cr revenue target with 20%+ ROCE, predicated on >90% capacity utilisation and export expansion. Q1's ₹86.91 Cr annualises to roughly ₹348 Cr, so hitting the guided range requires a meaningfully back-ended ramp through the year — the print is a healthy start but not yet on the guided run-rate. The result was approved alongside routine board housekeeping (dividend record date set June 1, AGM resolutions passed July 1); none of these bear on the operating numbers.