West Coast Paper: Q1 consol. PAT +135% YoY to ₹142Cr on telecom cables surge

West Coast Paper Mills' consolidated PAT (including non-controlling interests) rose 135.4% YoY to ₹141.84 Cr in Q1 FY27 (quarter ended June 30, 2026), against revenue growth of just 10.1% YoY to ₹1,051.26 Cr — a sharp profitability beat set against modest topline growth. Sequentially revenue fell 15.6% from ₹1,245.30 Cr in Q4 FY26, typical of the paper business's seasonal Q4 strength, while PAT still climbed 162.8% QoQ off a low Q4 base. The entire beat traces to the Telecommunication Cables segment, whose result (PBIT) exploded to ₹74.02 Cr from just ₹0.45 Cr a year ago and ₹19.38 Cr last quarter — effectively the swing factor in both YoY and QoQ profit growth. The core Paper and Paper Board segment grew a more ordinary 20.7% YoY (₹102.96 Cr vs ₹85.29 Cr PBIT). Margins expanded across the board: consolidated NPM rose to 12.94% from 6.03% a year ago and 4.32% last quarter; OPM (EBITDA ex-other income, over revenue) rose to 19.34% from 11.57% YoY and 12.63% QoQ. Other income was roughly flat YoY (₹44.67 Cr vs ₹44.66 Cr), so it is not a driver of the print. The quarter absorbed an operational disruption at subsidiary Andhra Paper's Kadiyam unit, where an illegal strike forced a temporary suspension from April 27, 2026, followed by a company-declared lockout (May 1–29, 2026); operations partially resumed July 15 and the unit is running at ~93% of normal capacity as of the results date — a drag that likely capped what topline growth could have been, making the margin outcome more notable. Street estimates (Univest preview, trailing-growth framework) had pegged Q1 FY27 PAT at ₹62–79 Cr on revenue of ₹1,068–1,229 Cr; actual PAT of ₹141.84 Cr is roughly 1.8–2.3x the top of that range, a clear beat, while revenue of ₹1,051.26 Cr came in just below the low end of the estimated range. The company has issued no formal guidance or outlook on record for this print, so the beat cannot be measured against management's own stated targets — only against external estimates and the segment-level data disclosed. Going into Q2, the durability of the telecom cables segment's PBIT run-rate (up from near-nil a year ago) is the key swing factor to watch, alongside the pace of Andhra Paper's Kadiyam unit ramp back to full capacity from the current ~93%.