Steamhouse India Q1 FY27: Consol PAT +80% YoY to ₹18.3 Cr, margins expand to 14.3%

Steamhouse India's Q1 FY27 result (quarter ended 30 June 2026), approved by the board on 5 October 2026, shows consolidated PAT of ₹18.34 Cr, up 80.2% year-on-year from ₹10.18 Cr in Q1 FY26, while revenue from operations grew a more modest 13.3% YoY to ₹128.62 Cr from ₹113.48 Cr. Standalone and consolidated figures are identical this quarter — the wholly-owned subsidiary, Steamhouse Welfare Foundation, added just ₹0.25 Cr revenue and ₹0.001 Cr PAT — so there is no standalone/consolidated divergence to flag. Neither period carries an exceptional item, so the 80.2% YoY PAT growth is also the clean, adjusted figure. The beat on revenue was margin-led, not cost-led: net margin expanded to 14.3% from 9.0% a year ago (10.2% in the March 2026 quarter), and EBITDA-level margin widened to roughly 24.1% from 17.0% YoY and 19.1% QoQ. The swing driver is sales mix — Purchase of Stock-in-Trade (resold/traded goods) nearly halved to ₹21.99 Cr from ₹42.98 Cr a year ago and ₹55.88 Cr last quarter, even as Cost of Materials Consumed rose to ₹58.61 Cr — consistent with a shift toward higher-margin owned steam/gas distribution volumes and away from lower-margin trading revenue. Working against the margin, finance costs rose to ₹6.92 Cr (from ₹4.83 Cr YoY) after the company drew the first ₹50 Cr tranche of a ₹75 Cr NCD placement during the quarter, and depreciation rose to ₹4.35 Cr (from ₹3.18 Cr) on a growing asset base. Sequentially, revenue fell 7.1% from ₹138.46 Cr in Q4 FY26 while PAT still rose 30.1% QoQ to ₹18.34 Cr from ₹14.10 Cr — another margin-expansion quarter rather than a volume one; per house rule this QoQ strength is supporting detail only, with the YoY read primary. There is no formal management guidance on record for this filing and no press release accompanies it, so there is no company framing to check the print against. A web search turned up no analyst consensus specific to this quarter — the company only listed on 17 September 2026, after this quarter had closed, so pre-listing coverage is thin and vsStreet is marked unknown rather than guessed. Importantly, this is the Q1 FY27 filing, not the Q2 FY27 print our pre-result preview was written for — that preview's expectations (steam revenue ~₹125-135 Cr, EBITDA margin ~45-50%, O&M revenue ~₹5-10 Cr) and its Street read apply to the quarter ending 30 September 2026, which per the company's own event feed has not been filed yet. None of this quarter's numbers reflect the ₹311 Cr EPC & O&M mandate awarded 24 September 2026 or the post-IPO balance sheet (listing was 17 September 2026) — both land in Q2 FY27. This quarter's revenue and PAT are numerically identical to the 'previous quarter' already in our records, which points to a duplicate/wrong-period filing rather than new data.