Spectrum Electrical Q1FY27: PAT up 132% YoY, revenue +81% on consolidated basis

Spectrum Electrical Industries' consolidated revenue for the quarter ended June 30, 2026 came in at ₹154.55 Cr, up 80.9% year-on-year from ₹85.43 Cr in Q1 FY26, while consolidated PAT more than doubled to ₹13.05 Cr from ₹5.63 Cr, a 131.9% YoY jump. Standalone numbers track closely — PAT ₹13.29 Cr on EPS ₹8.45 versus consolidated EPS ₹8.31 — so the two bases tell the same growth story with no material divergence to flag. The YoY improvement came with margin expansion: consolidated NPM rose to 8.34% from 6.43% and OPM to 15.69% from 13.71% a year ago, aided by operating leverage on higher volumes even as finance cost rose to ₹5.22 Cr from ₹4.60 Cr on a larger balance sheet. Sequentially, however, both revenue and profit are down — revenue -21.8% and PAT -37.4% versus the March 2026 quarter — and margins eased from an estimated 10.55% NPM/17.11% OPM in that quarter. That QoQ comparison carries a caveat: Note 13 to this filing discloses that the previously published March-2026 quarterly consolidated figures contained a reporting error now corrected, so the QoQ math here uses the restated ₹197.52 Cr revenue/₹20.83 Cr PAT base rather than the higher, uncorrected figures on record before this filing; management states the FY26 annual figures are unaffected. There is no analyst consensus or brokerage preview available for this small-cap name's Q1 FY27 print, and the company has no formal forward guidance on record, so vsStreet and vsGuidance are both unknown rather than assumed — a data gap, not a miss. No separate management press-release commentary accompanied the filing. Away from the P&L, the board on the same day reappointed its internal auditor (Sonawane MOR and Company) and cost auditor (Kolhe & Associates) for FY27, and the company is separately proceeding with a ₹325 Cr preferential issue to be voted on at an EGM on August 20, 2026 — a capital raise that, if completed, is likely the more consequential near-term catalyst than this quarter's print. Six subsidiaries, reviewed by other auditors rather than the lead auditor, contributed ₹11.39 Cr revenue and ₹0.44 Cr PAT to the consolidated numbers. Going into Q2 FY27, the read is a company still growing fast on a YoY basis with improving margins, but coming off a strong March quarter — the sequential softening bears watching alongside how the pending preferential allotment reshapes the capital base.