Consolidated PAT more than doubles to ₹59 Cr on 34% revenue surge; margins recover

TTK Prestige opened FY27 with a strong quarter. Consolidated revenue rose 33.6% YoY (11.6% QoQ) to ₹813.85 Cr and consolidated PAT jumped to ₹58.97 Cr from ₹25.62 Cr a year ago — a headline +130%. That print is flattered by a ₹7.27 Cr exceptional gain (a write-back on the Labour Codes provision booked in FY26); the year-ago quarter carried no one-off, so on a like-for-like basis PAT still roughly doubled (~+109% adjusted). The standalone parent was even cleaner: revenue ₹771.36 Cr (+34.2%) and PAT ₹66.38 Cr (+89%), EPS ₹4.85.

The profit leap is operating-led, not just the one-off. Consolidated NPM expanded to 7.24% from 4.09% a year ago and operating margin to roughly 10% from 6.6%. The year-ago base was depressed by weak durables demand and a large Horwood goodwill impairment; this quarter benefited from the domestic appliance growth and premiumization management flagged on the Q4 call. The overseas subsidiaries still drag — Horwood -₹8.21 Cr and Ultrafresh -₹0.73 Cr this quarter — which is why consolidated PAT (₹58.97 Cr) sits below standalone (₹66.38 Cr) and why consolidated growth (+130%) outpaces standalone (+89%); readers seeing both numbers should know the gap is the subsidiary swing, not an error.

The stock went into the print at ₹677.15, up 13.7% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Against management's own framing, the print confirms the thesis: the Q4 call guided to domestic-led growth and a return to 13-14% EBITDA margins over two years. Topline of +34% validates the demand narrative, and margins are clearly recovering — but reported EBITDA margin (~12%) is still below Q4 FY26's 13.5% and short of the 13-14% target, with Q1 seasonally the softer quarter. No published consensus PAT estimate surfaced; the market's stated focus into the print was margin sustainability and demand trends, and on both counts the quarter delivered. Concurrent developments support the read: the Roorkee plant resumed production post-floods in July, and the FY26 AGM cleared a 750% dividend.