Sedemac Q1: standalone PAT ₹33.3 Cr (+95% YoY, ~78% adjusted) as ECU volumes drive revenue +42%

Sedemac Mechatronics posted its first full-quarter print as a listed company (IPO-listed 11 March 2026), and the topline was strong: standalone revenue of ₹309.77 Cr rose 42.5% YoY (from ₹217.36 Cr) and 7.7% sequentially over Q4FY26's ₹287.71 Cr. Reported net profit of ₹33.31 Cr was up 95.1% YoY and 3.8% QoQ, but the headline overstates the underlying pace: tax expense carried a ₹2.98 Cr reversal of excess prior-year provision (Note 3), so adjusted PAT is closer to ₹30.3 Cr, an underlying YoY gain of ~78% — still strong, but the clean number is the one to anchor on.

The growth engine is Mobility, where segment revenue jumped 53% YoY to ₹281.04 Cr, consistent with the record ECU volume the company flagged earlier this month — 1.108 million control-intensive ECUs sold in Q1 (+37.1% YoY), the first time it has crossed 1 million units in a quarter. The Industrial segment went the other way, down 16% YoY to ₹28.73 Cr. Beneath the revenue strength, operating margins compressed: EBITDA margin fell to ~19.4% from ~21% both YoY and QoQ, driven by material costs — cost of materials consumed net of inventory change rose to ~62.6% of revenue from ~59.6% in Q4FY26. PBT of ₹41.34 Cr was essentially flat sequentially (₹41.92 Cr) despite the higher topline, confirming the squeeze sits on the gross-margin/input-cost line rather than below it; the YoY PAT jump owes more to a lower effective tax rate (19.4% vs 43.4% a year ago, when deferred tax was outsized) and the provision write-back than to operating leverage.

The stock went into the print at ₹2,705.4, down 0.4% over the past month of trading.

Unaudited standalone results only — company has no subsidiary/JV (Note 5), so no consolidated statement

The company gives no formal guidance and, as a recent listing, has no established street consensus for the quarter — the only pre-result signal in the public domain was the ECU volume disclosure, which the revenue print corroborates. Concurrent developments this quarter (GST show-cause notices totalling ₹2.35 Cr, ESOP in-principle listing approval, cost-auditor appointment) are administrative and not reflected as material items in the P&L. The setup into Q2 is a volume-led growth story with an input-cost margin question attached: revenue and ECU volumes are compounding fast, but the gross-margin give-back needs to reverse for profit growth to keep pace with the topline.