Aeroflex Q1 FY27: consolidated PAT +162% YoY to Rs18.8 Cr, margin hits 23% guided goal early

Aeroflex posted consolidated revenue of Rs145.38 Cr (+72.4% YoY, +15.5% QoQ) and PAT of Rs18.79 Cr (+162.2% YoY, +6.6% QoQ) for Q1 FY27, with EPS at Rs1.42 versus Rs0.55 a year ago and Rs1.36 last quarter. There were no exceptional items in either the current or comparative quarters, so the entire jump is organic operating performance rather than a base effect.

EBITDA margin (OPM) came in at 23.04%, up sharply from 18.35% a year ago on operating leverage as the liquid-cooling skid business scales, though it eased marginally from 23.86% in Q4 FY26. Net margin followed the same shape: 12.87% versus 8.46% YoY but softer than 13.95% QoQ, i.e. the YoY story is clear expansion while the sequential read is a mild give-back after a strong Q4.

The stock went into the print at ₹418.15, down 10.4% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 4 consecutive quarters; revenue is at a 6-quarter high.

Against management's own FY27 guidance from the May 2026 concall −roughly 35% full-year revenue growth and a ~23% EBITDA margin, driven by liquid cooling scaling to 20-22% of sales alongside 15-20% base-business growth −Q1's 72% YoY revenue growth and 23.04% margin are already running ahead of and at that full-year bar respectively, though a single quarter this far above the annual guide should be expected to moderate as the base normalizes through the rest of the year. Consistent with that scale-up, the board's results note confirms liquid-cooling SFN skid capacity was raised from 6,000 to 9,000 pieces per annum, a step toward the previously stated 15,000-unit target. Standalone PAT (Rs19.06 Cr) ran marginally ahead of consolidated, with the Rs0.27 Cr gap fully accounted for by subsidiary Hyd-Air Engineering's Rs26.58 lakh quarterly loss −a minor, fully explained divergence rather than a red flag. Formal brokerage coverage on this stock is thin; the only quarter-ahead estimate found (Univest's model-based preview, not analyst consensus) had projected a YoY decline in both revenue and profit, which the actual print reversed decisively. No separate management press release was available this quarter to cross-check qualitative framing.