Ratnaveer Q1: consolidated PAT up 22% YoY to ₹18.2 Cr, revenue up 19% to ₹315 Cr

Ratnaveer Precision Engineering opened FY27 with consolidated (and effectively standalone — the LLC subsidiary was dormant) revenue of ₹314.6 Cr, up 18.9% YoY from ₹264.6 Cr, and net profit of ₹18.2 Cr, up 22.0% YoY from ₹14.9 Cr. Profit grew slightly faster than the topline, so this is clean double-digit operating growth with no exceptional items on either side — the print stands on volumes, not one-offs. Sequentially revenue jumped 26.4% off a soft Q4 (₹249 Cr) while PAT rose only 7.1%, a seasonal-mix effect rather than a profitability signal.

Margins are the caveat. Net margin was 5.8%, marginally above the year-ago 5.6% but well below Q4's 6.7%; operating margin (~10.2%) was flat YoY and down from Q4's 11.4%. The sequential squeeze sits partly on finance costs, which nearly doubled YoY to ₹6.7 Cr as the company gears up for its capex cycle, and on a higher cost-of-materials ratio. The effective tax rate was a low ~16.6%, flattered by a small current-tax charge and a larger deferred component (auditors flagged that tax/deferred tax are management estimates).

The stock went into the print at ₹178.61, down 2.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 4 consecutive quarters; revenue is at a 6-quarter high.

Reported EPS ₹10.36 looks anomalous vs prior ₹2.94 given modest PAT growth — likely a per-share filing error

Against management's own framing, the ~19% YoY revenue growth runs a touch below the 25% CAGR the company has guided for its stainless-steel business en route to ₹1,800 Cr in three years, and current ~10.2% EBITDA margin trails the 13% blended target set for the post-CCL entity — both are FY28 goalposts, so a single Q1 doesn't make or break them, but the growth rate bears watching. No formal quarterly guidance or brokerage consensus exists for this small-cap, and no management press release was extracted. The quarter is dominated by two concurrent corporate actions: the ₹330 Cr rights issue (in-principle approval received July 17) that lifted paid-up capital to ₹71.6 Cr from ₹53.2 Cr a year ago, and the copper-clad-laminate (CCL) project targeted for production by November 2026 — both of which explain the rising finance and capital base and set up the FY28 top-line ambition of ₹2,500 Cr.