Sandhar Technologies Q1 FY27: PAT +33% YoY to ₹37.3 Cr, revenue +27% beats FY27 guidance

Sandhar Technologies' consolidated revenue came in at ₹1,381.89 Cr for Q1 FY27, up 26.8% YoY from ₹1,090.09 Cr and up 5.7% QoQ from ₹1,306.99 Cr. Consolidated PAT was ₹37.28 Cr, up 33.1% YoY from ₹28.01 Cr, though down 41.6% QoQ from ₹63.82 Cr — the QoQ drop is a base effect, not a fresh deceleration (explained below). EPS was ₹6.19 versus ₹4.65 a year ago. Neither the current nor the year-ago quarter carried exceptional items, so the YoY growth is unadjusted and clean. Net margin expanded modestly to 2.67% from 2.52% a year ago, while operating margin (EBITDA less other income, over revenue) was essentially flat at 7.71% versus 7.73% YoY. The overseas segment swung to a ₹3.12 Cr profit from a ₹(5.34) Cr loss a year ago, and joint ventures contributed ₹1.34 Cr to consolidated PBT, both supporting the YoY margin picture. QoQ, both margins compressed sharply from Q4 FY26's 4.82% NPM/10.01% OPM — Q4 FY26 figures are the balancing figures between the full-year audit and the nine-month reported numbers, a period into which FY26's one-off other-income gains (₹34.01 Cr Peenya plant sale, ₹19.12 Cr business-transfer gain, both recognised "during the year ended 31 March 2026" per the standalone notes) appear concentrated. Read the QoQ decline as normalisation off that elevated base rather than a new slowdown. Standalone and consolidated diverge materially this quarter: standalone revenue fell 8.5% YoY to ₹665.96 Cr (from ₹728.12 Cr) even as consolidated grew 26.8%. This is explained by the FY26 internal restructuring in which Sandhar Engineering and Sandhar Ascast were carved out of the standalone entity into wholly-owned subsidiaries — their revenue now sits in the consolidated subsidiary layer, not the parent, so the standalone print understates the group's underlying trajectory. Against management's own Q4 FY26 guidance of ">15% revenue growth" for FY27, the Q1 print (+26.8% YoY) comfortably clears the bar; the parallel guidance of roughly +0.5pp annual EBITDA margin gains is not yet visible in this quarter's flat YoY OPM. No sell-side consensus specific to the Q1 FY27 print could be found; brokerages have recently raised price targets (₹825 to ₹950) on the company's stated FY27 growth ambitions, but without a quarter-specific PAT/revenue estimate to grade against, vsStreet is marked unknown. The board that approved this result also appointed Gazal Kalra as an independent director and re-appointed the cost auditor — governance items unconnected to the print. Three senior-management resignations were disclosed in mid-to-late June 2026, before the quarter closed, with no reason stated in the filings and no visible operational disruption in the numbers. No standalone press release accompanied this filing beyond the regulatory outcome letter, so there is no additional management commentary to reconcile against the figures. Going into Q2 FY27, the markers to watch are whether the Khed City and Sanaswadi plants turn profitable as management has guided, whether OPM inflects up toward the stated annual improvement target, and whether the standalone/consolidated growth gap narrows as the FY26 restructuring anniversarizes.