RSWM Q1 FY27: consolidated PAT doubles YoY to ₹19.65 Cr as margins expand to 7.8%

RSWM's consolidated PAT for Q1 FY27 came in at ₹19.65 Cr, up ~135% YoY from ₹8.37 Cr in Q1 FY26, though down ~42% QoQ from ₹33.84 Cr in Q4 FY26. Revenue was nearly flat at ₹1,161.24 Cr, down 0.8% YoY from ₹1,170.31 Cr but up 1.7% QoQ from ₹1,141.96 Cr. Standalone PAT was ₹16.74 Cr (2.4x YoY) — the figure management's own press release rounds to "₹17 Cr" — while consolidated PAT, ~17% higher and the primary basis here, better reflects group profitability including subsidiaries BG Wind Power and LNJ Greenpet (consolidated since 21 Jan 2026) and associate LNJ Skills & Rozgar. The result comfortably beat the only external estimate on record: Uniresearch had projected revenue of ~₹1,133 Cr (-3% YoY) and PAT of just ~₹4 Cr (-50% YoY); actual PAT came in nearly 5x that estimate.

The QoQ PAT decline is optically driven by tax, not operations — PBT actually rose sharply, to ₹27.31 Cr from ₹17.20 Cr in Q4 FY26 (+59% QoQ) and from ₹11.03 Cr YoY (+148%). Q4 FY26 had benefited from a one-off ₹20.11 Cr deferred-tax credit; this quarter carries a normal ₹7.66 Cr deferred-tax charge, a near-₹28 Cr swing in the tax line that flatters the prior quarter's PAT rather than depressing this one. Operating margin expanded to ~7.8% from 6.2% a year ago and 6.1% last quarter, and net margin improved to 1.7% from 0.7% YoY, aided by contained material and power & fuel costs relative to revenue. No exceptional items featured in either this quarter or the year-ago quarter, so the YoY PAT growth is clean and needs no adjustment.

The stock went into the print at ₹193.12, up 22.6% over the past month of trading.

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

Management's Q4 FY26 concall had guided Q1 FY27 to be "equivalent to or slightly better than" Q4 FY26 with a clear focus on reaching double-digit EBITDA margins. On the operating metrics that guidance targeted, the quarter delivered — PBT and OPM both improved sequentially — though 7.8% OPM remains short of the double-digit goal and the bottom line, at face value, undershot on the tax-driven PAT dip. Management's own release frames the quarter as reflecting "operational excellence, an improved product mix, and disciplined cost management," citing revenue of ₹1,161 Cr, EBITDA of ₹94 Cr and PAT of ₹17 Cr — standalone-basis figures that align with the OPM expansion seen in the data.