Scoda Tubes Q1 FY27: revenue +28% YoY to ₹124 Cr, but PAT falls 26% as margins compress

Scoda Tubes' standalone revenue from operations grew 27.6% YoY to ₹124.35 Cr in Q1 FY27 (₹97.42 Cr in Q1 FY26), but was nearly flat QoQ (+0.6%) against ₹123.57 Cr in Q4 FY26. Profit after tax, however, fell 25.9% YoY to ₹5.25 Cr (₹7.08 Cr in Q1 FY26) and was down 16.9% QoQ from ₹6.32 Cr — a case of top-line growth being outrun by margin compression rather than a clean beat. There were no exceptional items in either the current or year-ago quarter, so this is a like-for-like decline, not an optics effect. The squeeze shows up on two lines. Raw-material cost consumed 80.6% of revenue this quarter versus 76.2% a year ago, pulling the operating margin (EBITDA/revenue) down to roughly 12.85% from 14.57% YoY (13.52% QoQ). Depreciation more than doubled YoY to ₹4.13 Cr from ₹1.57 Cr as new capacity — including the welded-tube segment management has been ramping up — was capitalised onto the books; finance costs rose 27% YoY to ₹6.48 Cr but held roughly flat as a share of revenue (5.2%). Net profit margin compressed to 4.22% from 7.14% YoY and 4.94% QoQ. Against management's own FY27 guidance from the Q4 FY26 concall — 25% revenue growth and 14-15% EBITDA margins, driven by welded-segment ramp-up and a targeted 40% export/60% domestic mix — this quarter's 27.6% YoY revenue growth is running ahead of the annual target, but the ~12.85% operating margin sits below the guided band, with the shortfall traceable to the raw-material and depreciation lines above. No published Street consensus with a specific revenue/PAT number could be found for this print, so vsStreet is unknown; broker previews (e.g. Univest's Q1 FY27 note) flagged commodity-price volatility and domestic realisations as the swing factors to watch but carried no hard estimate. The only other corporate development in the quarter's window was the June 25 insider-trading window closure ahead of results; the filing was accompanied by a limited review report with an unmodified conclusion. Basic EPS (not annualised) came in at ₹0.88 versus ₹1.44 in Q1 FY26 and ₹1.02 in Q4 FY26, tracking the profit decline. Management has flagged its FY27 growth forecast as conservative and due for a revisit in H1 FY27; the next checkpoint is whether the capacity ramp-up, backward integration and solar cost initiatives it has cited start showing up as margin recovery rather than further compression.