Techno Electric: consolidated PAT down 31% YoY (-16% adjusted) despite 20% revenue growth

Techno Electric's consolidated Q1 FY27 (quarter ended 30 June 2026) revenue came in at ₹630.3 Cr, up 19.8% YoY from ₹526.0 Cr but down 37.6% QoQ from a seasonally heavy ₹1,010.0 Cr in Q4 FY26 — EPC/T&D revenue recognition is typically back-half loaded, so the sequential drop is not unusual. Consolidated PAT fell to ₹93.3 Cr, down 31.4% YoY on a reported basis; the year-ago base, however, included a ₹25.2 Cr net one-off gain (Late Payment Surcharge from a discontinued energy-sale operation), so on a like-for-like continuing-operations basis PAT was down a smaller but still real ~15.9% YoY. Against Uniresearch/CompoundingAI's trailing-growth projections (explicitly not a formal analyst consensus) of ₹641-737 Cr revenue and ₹102-130 Cr PAT, the actual print missed on both counts. NPM (PAT/total income) was 14.2%, up from 11.0% in Q4 FY26 but down sharply from 23.7% a year ago — again largely the one-off. OPM (EBITDA/revenue) was 15.8%, up from 13.1% QoQ but down from 17.6% YoY, a genuine ~180bps compression even after stripping the one-off, driven by finance costs up 51.6% YoY (₹2.5 Cr to ₹3.8 Cr) and depreciation up 207% YoY (₹2.1 Cr to ₹6.3 Cr) as the company ramps capex into new data-center, AMI/smart-metering and power-transmission subsidiaries. Standalone (parent EPC/T&D) PAT was ₹96.2 Cr, down a milder 22.0% YoY than the consolidated -31.4% — the divergence points to the newer subsidiaries as a net drag at the group level: the eleven reviewed subsidiaries collectively earned just ₹0.38 Cr PAT on ₹105.3 Cr revenue, and three unreviewed subsidiaries posted a small net loss. Management's Q4 FY26 call had guided FY27 EPS of ₹75 (continuing operations, ex-data center) and a ₹4,500 Cr FY27 revenue target, alongside order-inflow guidance already trimmed to ₹3,000 Cr from ₹3,500 Cr; FY26 itself closed with actual continuing-ops EPS of ₹38.58, short of the ₹50 FY26 guide the company had given previously. Q1 FY27's EPS of ₹8.02 and ₹630 Cr revenue run well below the pace those FY27 targets imply, continuing that pattern — though a single quarter is not conclusive given the back-half-loaded execution profile. No standalone management press release was available in this context beyond the regulatory filing; the filing itself notes no reportable segments under Ind AS 108 for the quarter. Concurrently, the board fixed the AGM for 23 September 2026, recommended Aninda Chatterjee as an independent director, and auditors flagged (without modifying their conclusion) ₹89.6 Cr of overdue trade receivables — including a pending Bengal Energy Ltd arbitration and a ₹59.0 Cr DABS/Afghanistan claim — that management continues to treat as fully recoverable. The Adoni Data Centre Ltd rename (effective 16 July 2026, just after quarter-end) marks the formal start of the vehicle management is counting on for its ₹125 Cr FY27 data-center revenue target.