INOX India Q1 FY27: consol. PAT slips 5% YoY to ₹58 Cr as margins compress on higher costs

INOX India's consolidated revenue from operations grew 9.2% YoY to ₹370.8 Cr (total income ₹381.6 Cr, +8.3% YoY on the company's own basis), but consolidated PAT fell 5.0% YoY to ₹58.07 Cr from ₹61.12 Cr, with basic EPS down to ₹6.40 from ₹6.73. Notably, the company's press release states PAT of ₹61 Cr (flat YoY) and EBITDA of ₹90 Cr (23.5% margin) — both diverge materially from the SEBI-format reviewed financial statement, which computes PAT of ₹58.07 Cr (PBT ₹75.59 Cr less tax ₹17.51 Cr, exactly) and EBITDA of roughly ₹86.7 Cr; the statement figure is corroborated by the EPS decline and is used here as authoritative. Sequentially, revenue fell 19.5% QoQ and PAT fell 22.8% QoQ off a seasonally strong Q4.

Margins compressed on both counts: net profit margin eased to 15.2% from 17.35% a year ago (15.83% last quarter), and operating margin (EBITDA/revenue) eased to roughly 20.5% from 22.4% YoY. Employee benefits expense rose 24.7% YoY to ₹42.2 Cr, other expenses rose 14.5% to ₹108.6 Cr, finance costs more than doubled (+120%) to ₹1.59 Cr, and depreciation rose 25.5% to ₹9.50 Cr — all outpacing the 9.2% revenue growth, while cost of materials grew a modest 4.3%. The finance-cost and depreciation jumps are consistent with the capacity build-out (new Kandla facility) flagged on the prior concall.

The stock went into the print at ₹1,920.4, up 2.6% over the past month of trading.

No exceptional items in the current or year-ago quarter (unlike Q4 FY26, which carried a net exceptional gain), so the YoY PAT comparison is on a clean, unadjusted basis.

Management's FY27 guidance from the Q4 FY26 call called for 18-20% revenue growth and EBITDA margins in the 21-24% range; Q1's 9.2% YoY growth runs well below that pace, though order-to-revenue conversion in this business is lumpy so one quarter isn't decisive. A Univest trailing-growth preview (not a formal analyst consensus) had pencilled in ₹407-468 Cr revenue and ₹62-79 Cr PAT for the quarter; the actual print came in below both ranges. On the positive side, order inflow hit a record ₹532 Cr — the company's highest ever for a quarter — lifting the order book to ₹1,686 Cr, with the export order book alone above ₹1,140 Cr; exports were 58% of revenue at ₹222 Cr. New wins spanned aerospace (CERN, ITER, additional space-exploration tanks), a first entry into semiconductor infrastructure (Dholera), and LNG fuelling stations, alongside first deliveries to the Bahamas mini-LNG terminal project.