Godawari Power Q1 FY27: revenue +32% YoY but margin compression caps PAT growth at 3%

Consolidated is the primary basis (revenue ₹1,750.47 Cr vs ₹1,486.66 Cr standalone). GPIL's consolidated revenue for Q1 FY27 rose 32.3% YoY to ₹1,750.47 Cr (₹1,323.25 Cr) and 8.7% QoQ (₹1,610.27 Cr), while consolidated PAT rose just 2.8% YoY to ₹222.37 Cr (₹216.41 Cr) and fell 20.6% QoQ from ₹280.23 Cr. Standalone PAT was ₹198.90 Cr (EPS ₹3.06 basic), roughly flat YoY (₹200.50 Cr) despite 31.1% standalone revenue growth — the profit-conversion drag shows up at both entities, so the two bases tell a consistent story here. Basic consolidated EPS was ₹3.59 versus ₹3.52 a year ago and ₹4.56 in Q4 FY26.

The gap between 32% revenue growth and 3% profit growth sits entirely in margins. Consolidated OPM (EBITDA margin) fell to roughly 19.1% this quarter from 24.5% YoY and 26.1% QoQ; NPM slipped to 12.7% from 16.1% YoY and 17.1% QoQ. The compression traces to the cost lines: cost of materials consumed rose to ₹973.56 Cr (65.5% of total expenses) from ₹750.52 Cr YoY, and purchase of traded goods jumped to ₹41.60 Cr from near-nil in the comparison quarters, while other expenses also grew to ₹333.00 Cr. This directly breaches management's own FY27 guidance of a 24-25% EBITDA margin band — the ~19% print is materially below that range — even as the guided >₹6,000 Cr FY27 revenue target looks achievable, with Q1's ₹1,750 Cr consolidated revenue alone already about 29% of the full-year figure.

The stock went into the print at ₹240.61, down 4.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

No quarter-specific Street consensus for this print could be found; broader FY27 analyst estimates were recently revised (FY27 revenue forecast raised to roughly ₹7,810 Cr, though the FY27 EPS estimate was trimmed to about ₹19.30), a pattern consistent with revenue running ahead of plan while margins lag. No management press release accompanied this filing, so there is no fresh commentary to reconcile against the numbers. The company did disclose continuing capex during the quarter: it received ₹25.05 Cr from preferential convertible-warrant allotment, of which ₹24.83 Cr was invested in wholly-owned subsidiary Godawari New Energy (the BESS project) and the rest in the cold rolling mill project; it also commissioned a 25 MW solar plant (19 May 2026) and a 6.91 MW waste-heat-recovery plant (23 June 2026) as part of the cost-optimisation measures management had flagged, though their benefit is not yet visible in this quarter's margin.