Alicon Q1 FY27: consolidated PAT +23% YoY on paper, EBITDA margin compression misses guide

Consolidated revenue rose 37.9% YoY (₹578.0 Cr vs ₹419.1 Cr) and 16.8% QoQ, with consolidated PAT of ₹11.45 Cr (EPS ₹7.02), up 22.9% YoY and 44.2% QoQ off a weak Q4 FY26 base (₹7.94 Cr). But the Jun-25 base carried a ₹2.57 Cr one-off legal-settlement expense that this quarter lacks; stripping that out, adjusted YoY PAT growth is only ~2%, effectively flat. Standalone tells a much stronger story — PAT ₹17.66 Cr (EPS ₹10.82), up ~97% YoY reported / ~62% adjusted — because the European step-down subsidiaries are a drag on the group number; that basis gap (>50pp on adjusted growth) is unusually wide.

Management's FY27 concall guidance called for 8-10% revenue growth excluding aluminum price effects, 20%+ absolute EBITDA growth and ~1.5pp margin expansion. Consolidated EBITDA (revenue − costs ex finance/depreciation) grew only ~11% YoY to ₹54.24 Cr, and OPM compressed to 9.38% from ~11.7% a year ago — the opposite of the guided expansion — while the reported 37.9% topline growth, far above the ex-aluminum 8-10% band, points to aluminum price pass-through rather than volume-led growth. NPM held roughly flat YoY at 1.98% vs 2.22%. No analyst consensus estimates for this quarter were found in a web search, so vsStreet is unknown; no management press commentary was available to cross-check against the numbers.

The stock went into the print at ₹741.35, up 16.6% over the past month of trading.

For context: PAT has now risen for 2 consecutive quarters.

On the corporate side, the board recommended a ₹3/share final dividend (60%) for FY25-26, taking the full-year payout to ₹5/share (100%) alongside the July 31 announcement of a new ₹125.5 Cr (₹1,255 Mn) die-casting plant — consistent with the guided ₹130-150 Cr FY27 capex for capacity expansion and automation. Next quarter's watch is whether EBITDA growth and margin catch up to the guided trajectory, and whether the European subsidiary drag narrows.