Stove Kraft Q1FY27: PAT +63.5% YoY to ₹17 Cr, revenue +41.3%, margins expand
PAT +63.49% YoY · revenue +41.3% · margins expanding · beat vs street
₹480.58 Cr
+41.3% YoY
₹17.06 Cr
+63.49% YoY
3.55%
+0.5pp YoY
₹5.15
Stove Kraft's standalone Q1 FY27 (quarter ended June 30, 2026) revenue rose 41.3% YoY to ₹480.6 Cr (from ₹340.1 Cr) and 15.9% sequentially from ₹414.5 Cr in Q4 FY26. PAT was ₹17.06 Cr, up 63.5% YoY from ₹10.43 Cr; the sequential jump (+181.9% over Q4 FY26's ₹6.05 Cr) is largely a low seasonal base for a small-appliances business and shouldn't headline — the YoY comparison is the one that matters here. EPS was ₹5.15 versus ₹3.15 a year ago. There were no exceptional items in either period, so this is like-for-like, unadjusted growth.
Q1 FY-2027 vs prior quarters
Margins expanded on both counts: OPM (EBITDA margin) rose to 11.19% from 10.47% YoY and 9.52% QoQ, running at/just above management's own Q4 FY26-call guidance to "protect and improve upon the 11% EBITDA margin" via operating leverage from a completed capex cycle and ~1% annual gross-margin gains — guidance met. NPM improved to 3.55% from 3.05% YoY. Revenue growth of 41.3% YoY is well ahead of the >15% full-year FY27 growth management had guided, which it attributed on that call to small-appliance/induction-cooktop demand, export normalisation and the IKEA contract ramp (targeted at an eventual ₹200-250 Cr run-rate); the filing carries no segment breakout to confirm which driver contributed most, and no press release/MD&A commentary accompanied it. Against the Street, Univest's pre-result preview (published June 30, 2026) had modelled revenue of ~₹368 Cr (+8.2% YoY) and PAT of ~₹13 Cr (+27.2% YoY) — the actual print beat both materially. Separately, the Board used this meeting to approve an in-principle wholly-owned China subsidiary (flagged since the May 2026 board meeting) and reappointed Executive Director Neha Gandhi and independent director Anup Shah for fresh five-year terms — governance items unrelated to the print. The company's outstanding income-tax search-related assessment proceedings (Note 7, from a November 2023 search) remain unresolved for some assessment years, though management continues to assess no material adverse impact on results.
The stock went into the print at ₹753, down 3.8% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters.
Management is confident of achieving revenue growth upwards of 15% for the year, driven by strong demand in small appliances and induction cooktops, the normalization of exports, and the commencement of the IKEA contract. They expect to protect and improve upon the 11% EBITDA margin, supported by operating leverage fro
— This quarter: beat
W1
IKEA contract ramp toward management's targeted ₹200-250 Cr eventual run-rate — no segment cutout given this quarter to verify pace.
W2
OPM sustaining above the ~11% floor as the guided ~1%/year gross-margin improvement plays through.
W3
Whether full-year revenue growth moderates toward the >15% guided pace or continues running well ahead of it as in Q1 (+41.3% YoY).
Standalone only — no consolidated statement filed (China WOS is only in-principle approved, not yet incorporated). Source in ₹ Millions, converted to Crore (÷10). Filing's 'Total income' includes a third 'other gains/(losses)-net' line (-₹1.26 Cr) not separately modelled in the otherIncome field, so totalIncome is slightly below revenue+otherIncome — this is expected, not an error. PBT-tax=PAT ties exactly. No exceptional items this quarter or year-ago quarter. Note 7 discloses open income-tax search-related assessment proceedings (Nov 2023 search) which management assesses as not materially adverse.
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