Anup Engineering Q1 FY27: PAT craters 98% YoY, revenue down 29%, margins collapse

The Anup Engineering's consolidated Q1 FY27 (quarter ended June 30, 2026) print was a sharp break from trend: revenue fell 28.5% YoY to ₹125.25 Cr (₹175.23 Cr a year ago) and 39.8% QoQ (₹207.86 Cr last quarter), while consolidated PAT collapsed to just ₹0.57 Cr — down 97.8% YoY from ₹26.26 Cr and 97.8% QoQ from ₹26.54 Cr. Basic consolidated EPS fell to ₹0.28 from ₹13.11 a year ago. Standalone told the same story at smaller scale: revenue ₹117.89 Cr, PAT ₹1.11 Cr versus ₹25.53 Cr a year ago. The compression sits almost entirely in the cost lines relative to a much smaller revenue base. Consolidated EBITDA margin (PBT + finance cost + depreciation, over revenue) fell to roughly 8% from ~23% a year ago and ~18.5% last quarter, and net margin fell to 0.46% from 14.79% YoY. Other expenses rose to 32.4% of revenue from ~22.1% a year ago, materials cost ratio rose to 45.8% from 42.7%, and employee cost ratio rose to 10.6% from 7.1% — a mix of genuine cost inflation and operating deleverage as fixed and semi-fixed costs were spread over 29% less revenue. Neither the current nor year-ago quarter carries an exceptional item, so this is a purely operational miss, not accounting noise. Consolidated PAT trailing standalone PAT by ₹0.54 Cr points to a loss at wholly-owned subsidiary Mabel Engineers Private Limited this quarter. Management's most recent guidance on record (Q3 FY26 concall) called for 15-20% FY26 revenue growth and an EBITDA margin around 22%, alongside exports exceeding 50% — that guidance was framed for the fiscal year just closed, and no fresh FY27 outlook is available in this filing, so it can only be read directionally: this quarter's -28.5% YoY revenue and ~8% margin are a clear break from that trajectory. Ahead of the print, ICICI Securities' Q4 FY26 note flagged a "muted H1FY27E" given the company's selective, fixed-price bidding stance amid volatile commodity costs, even as it noted FY26 EBITDA margins had held near 21% — the actual ~8% margin undershoots even that cautious framing, and no specific consensus PAT estimate could be confirmed for this quarter. The quarter's other corporate actions — the ₹12/share final dividend (record date August 14) and the FY26 annual report/BRSR filings — are routine year-end items unconnected to the operating miss.