Sekurit India Q1FY27: PAT down 13% YoY to ₹9.3 Cr as material costs squeeze margins

Saint-Gobain Sekurit India's standalone Q1 FY27 (quarter ended June 30, 2026) revenue from operations rose 10.8% YoY to ₹60.77 Cr (from ₹54.84 Cr), but standalone PAT fell 12.8% YoY to ₹9.34 Cr (from ₹10.71 Cr) — a case of topline growth not translating into profit. Sequentially, both lines declined from Q4 FY26's record base: revenue was down 8.2% QoQ from ₹66.20 Cr, and PAT dropped 28.8% QoQ from ₹13.11 Cr, so the softer print is partly a step-down from an unusually strong Q4 rather than a fresh deterioration, though the YoY comparison — the primary read — is what matters and it shows margin erosion, not seasonality. The compression is squarely a cost-of-materials story: cost of materials consumed rose to 48.5% of revenue (₹29.49 Cr) this quarter from 43.5% a year ago (₹23.86 Cr), while employee costs and power/fuel ratios were broadly stable to slightly better. This pushed operating margin down to roughly 16.3% from about 21.2% YoY and 21.5% QoQ, and net margin to about 14.6% from 18.4% YoY and 19.0% QoQ — a clear compressing trend across both YoY and QoQ windows. A ₹2.62 Cr deferred-tax credit partly offset the operating weakness at the PAT line; without it the profit decline would have been steeper. There are no analyst previews or consensus estimates available for this small-cap auto-glass name (a web search for Q1 FY27 estimates returned no brokerage figures), so vsStreet is unknown; management has also placed no formal guidance on record, so vsGuidance is unknown too — both angles have simply no external benchmark to grade against this quarter. Saint-Gobain Sekurit runs a single reportable segment (Automotive Glass, Ind AS-108) with no subsidiaries, JVs or associates, so there is no segment mix to explain the swing. During the quarter the company appointed Vidya Shankar as new CFO (effective June 18, 2026); results were declared alongside the company's 53rd AGM, both held on July 30, 2026. The filing carries no separate management press release or commentary beyond the standard board-outcome letter, so there is no management framing to reconcile against the numbers this quarter. Going into Q2 FY27, the key markers are whether the raw-material cost ratio reverts toward its ~43-44% historical range and whether operating margin recovers from the ~16% level back toward the 21%+ seen in the trailing two quarters.