Indo Count Q1 FY27: consolidated PAT +67% YoY to ₹63 Cr as margins expand toward guidance

Indo Count Industries' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹1,206.96 Cr, up 25.9% YoY from ₹958.71 Cr and 14.1% QoQ from ₹1,057.68 Cr. Consolidated PAT was ₹63.22 Cr, up 67.3% YoY (₹37.79 Cr reported / ~62% on the ₹39.02 Cr restated base) and up 161% QoQ off a weak ₹24.20 Cr Q4 FY26 base — the QoQ jump is largely a base effect against a soft prior quarter rather than a fresh sequential acceleration, so the YoY read is the one to anchor on. Standalone told a similar story: revenue ₹819.44 Cr and PAT ₹66.78 Cr (EPS ₹3.37), actually ahead of the consolidated PAT of ₹63.22 Cr (EPS ₹3.19) because overseas subsidiaries collectively posted a small net loss (~₹3.39 Cr) this quarter per the auditor's review report — standalone and consolidated tell the same directional story, just with that overseas drag on the consol number.

Margins expanded on both counts: consolidated NPM rose to ~5.2% from ~3.9% a year ago, and EBITDA margin (OPM) to ~13.3% from ~11.5-12.5%. That expansion lines up with what management flagged on the last concall (Feb 2026) — a gradual march toward its 15-16% EBITDA target as tariff-related pressure eases and ~150-200bps of new-business incubation costs get eliminated starting this exact quarter, Q1 FY27. The margin move is roughly in that range, so this quarter's print looks like management delivering on that specific near-term promise, even though the 15-16% steady-state target itself remains some distance away.

The stock went into the print at ₹427.05, up 5.9% 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 formal brokerage consensus for the quarter turned up in search; the one projection found (Univest/Uniresearch, a trailing-growth model, not a brokerage note) had pegged revenue near ₹977 Cr (+2% YoY) and PAT near ₹20 Cr (-50% YoY) — the actual print beat that bar comfortably on both lines, though given the source isn't a real street consensus this should be read as a beat against a weak bar rather than a confirmed Street beat. Management gives no explicit quantified guidance for this specific quarter beyond the margin-recovery and incubation-cost commentary noted above; the longer-term FY28 revenue-doubling plan (new segments contributing ~$275 million) isn't independently verifiable this quarter since the company still reports a single textile segment with no sub-segment breakout. Corporate developments this quarter were largely administrative — BRSR filing, 37th AGM notice — except for the Bhilad (Gujarat) facility flooding since July 23, 2026, which management has flagged as a non-adjusting event with an insurance claim assessment in progress and no P&L effect recorded yet. Separately, the board is still seeking shareholder approval for ₹2.96 Cr of FY26 managerial remuneration paid above Schedule V limits.