Stove Kraft Q1FY27: PAT +63.5% YoY to ₹17 Cr, revenue +41.3%, margins expand

Stove Kraft's standalone Q1 FY27 (quarter ended June 30, 2026) revenue rose 41.3% YoY to ₹480.6 Cr (from ₹340.1 Cr) and 15.9% sequentially from ₹414.5 Cr in Q4 FY26. PAT was ₹17.06 Cr, up 63.5% YoY from ₹10.43 Cr; the sequential jump (+181.9% over Q4 FY26's ₹6.05 Cr) is largely a low seasonal base for a small-appliances business and shouldn't headline — the YoY comparison is the one that matters here. EPS was ₹5.15 versus ₹3.15 a year ago. There were no exceptional items in either period, so this is like-for-like, unadjusted growth. Margins expanded on both counts: OPM (EBITDA margin) rose to 11.19% from 10.47% YoY and 9.52% QoQ, running at/just above management's own Q4 FY26-call guidance to "protect and improve upon the 11% EBITDA margin" via operating leverage from a completed capex cycle and ~1% annual gross-margin gains — guidance met. NPM improved to 3.55% from 3.05% YoY. Revenue growth of 41.3% YoY is well ahead of the >15% full-year FY27 growth management had guided, which it attributed on that call to small-appliance/induction-cooktop demand, export normalisation and the IKEA contract ramp (targeted at an eventual ₹200-250 Cr run-rate); the filing carries no segment breakout to confirm which driver contributed most, and no press release/MD&A commentary accompanied it. Against the Street, Univest's pre-result preview (published June 30, 2026) had modelled revenue of ~₹368 Cr (+8.2% YoY) and PAT of ~₹13 Cr (+27.2% YoY) — the actual print beat both materially. Separately, the Board used this meeting to approve an in-principle wholly-owned China subsidiary (flagged since the May 2026 board meeting) and reappointed Executive Director Neha Gandhi and independent director Anup Shah for fresh five-year terms — governance items unrelated to the print. The company's outstanding income-tax search-related assessment proceedings (Note 7, from a November 2023 search) remain unresolved for some assessment years, though management continues to assess no material adverse impact on results.