Talbros Q1FY27: consol PAT +35% YoY to ₹30 Cr on JV boost; margin trails 17-18% guide
PAT +35.23% YoY · revenue +15.31% · margins expanding
₹238.41 Cr
+15.31% YoY
₹30.02 Cr
+35.23% YoY
12.39%
+1.9pp YoY
₹4.86
Talbros Automotive's consolidated Q1 FY27 revenue came in at ₹238.41 Cr, up 15.3% YoY and essentially flat QoQ (+0.8% vs ₹236.55 Cr in Q4 FY26). Consolidated PAT was ₹30.02 Cr, up a sharper 35.2% YoY (₹22.20 Cr) even as it slipped 5.1% QoQ from ₹31.62 Cr. EPS was ₹4.86 versus ₹3.60 a year ago and ₹5.12 last quarter. No exceptional items feature in either the current or comparison periods, so the YoY PAT jump is a clean read, not a one-off.
Q1 FY-2027 vs prior quarters
The gap between revenue growth (+15.3%) and PAT growth (+35.2%) YoY is explained mainly by the joint-venture line: combined profit from Marelli Talbros Chassis Systems and Talbros Marugo Rubber rose to ₹6.09 Cr from ₹4.00 Cr a year earlier (+52%), lifting consolidated PBT to ₹37.67 Cr against a standalone PBT of ₹31.57 Cr. Standalone PAT alone was ₹23.92 Cr (EPS ₹3.88), well below the consolidated print, showing the JVs did the heavy lifting this quarter. Consolidated net margin expanded to 12.6% from 10.5% YoY, and EBITDA margin (op. profit ex-finance cost and depreciation, over operating revenue) improved to about 16.4% from 15.0% YoY — though both eased sequentially from Q4's 13.1% NPM and 17.3% OPM.
The stock went into the print at ₹438.45, up 7.4% over the past month of trading.
Management is highly confident for FY27, projecting a 15%-20% year-on-year revenue growth driven by the execution of a strong order book, with Q1 expected to be in line with Q4 FY26 performance. They aim to maintain EBITDA margins between 17%-18% through product mix, operational leverage, and cost management, while nav
— This quarter: met
Against management's prior guidance, revenue growth landed near the low end of the 15-20% FY27 band and Q1 came in essentially flat with Q4 as management had specifically flagged — both markers held. The 17-18% EBITDA margin target was not met this quarter (~16.4%), a shortfall management will need to close through mix and cost pass-through as promised. No external analyst/brokerage consensus for Q1 FY27 could be located in a public search, so the print cannot be benchmarked against street estimates. This quarter's other developments — a new JV with Lohum Cleantech (announced July 2, 2026) for recovered carbon black and devulcanized rubber, and a board change with independent director Deepak Jain's resignation (June 2) and Pratham Mittal's appointment as additional director (May 20) — are governance/strategic items with no bearing on this quarter's numbers.
W1
Whether EBITDA margin closes the gap to management's 17-18% FY27 guided band (Q1 came in at ~16.4%)
W2
H2 FY27 acceleration promised by management — Marelli Talbros Chassis Systems guided for 35-40% growth, Talbros Marugo Rubber for ~15% — against Q1's mid-teens consolidated growth
W3
Whether the JV profit contribution (₹6.09 Cr this quarter, +52% YoY) sustains its pace, since it drove the bulk of PAT outperformance versus standalone
PDF text layer misread PBT/PBT-before-JV row as 3,457.27 lacs for Q1FY27; cross-checked against total income-expenses (3,157.27) and against downstream PAT/JV-share arithmetic, which only reconciles at 3,157.27 — used the corrected figure. No exceptional items in current or comparison periods. Consolidated PBT includes ₹6.09 Cr JV share (Marelli Talbros Chassis Systems + Talbros Marugo Rubber); no company press release/MD&A was available for this filing beyond the results table and board-outcome letter.
Informational and educational content only. Not investment advice.