Techno Electric: consolidated PAT down 31% YoY (-16% adjusted) despite 20% revenue growth

Techno Electric's consolidated Q1 FY27 (quarter ended 30 June 2026) revenue came in at ₹630.3 Cr, up 19.8% YoY from ₹526.0 Cr but down 37.6% QoQ from a seasonally heavy ₹1,010.0 Cr in Q4 FY26 — EPC/T&D revenue recognition is typically back-half loaded, so the sequential drop is not unusual. Consolidated PAT fell to ₹93.3 Cr, down 31.4% YoY on a reported basis; the year-ago base, however, included a ₹25.2 Cr net one-off gain (Late Payment Surcharge from a discontinued energy-sale operation), so on a like-for-like continuing-operations basis PAT was down a smaller but still real ~15.9% YoY. Against Uniresearch/CompoundingAI's trailing-growth projections (explicitly not a formal analyst consensus) of ₹641-737 Cr revenue and ₹102-130 Cr PAT, the actual print missed on both counts.

NPM (PAT/total income) was 14.2%, up from 11.0% in Q4 FY26 but down sharply from 23.7% a year ago — again largely the one-off. OPM (EBITDA/revenue) was 15.8%, up from 13.1% QoQ but down from 17.6% YoY, a genuine ~180bps compression even after stripping the one-off, driven by finance costs up 51.6% YoY (₹2.5 Cr to ₹3.8 Cr) and depreciation up 207% YoY (₹2.1 Cr to ₹6.3 Cr) as the company ramps capex into new data-center, AMI/smart-metering and power-transmission subsidiaries. Standalone (parent EPC/T&D) PAT was ₹96.2 Cr, down a milder 22.0% YoY than the consolidated -31.4% — the divergence points to the newer subsidiaries as a net drag at the group level: the eleven reviewed subsidiaries collectively earned just ₹0.38 Cr PAT on ₹105.3 Cr revenue, and three unreviewed subsidiaries posted a small net loss.

The stock went into the print at ₹1,058.05, down 0% over the past month of trading.

Management's Q4 FY26 call had guided FY27 EPS of ₹75 (continuing operations, ex-data center) and a ₹4,500 Cr FY27 revenue target, alongside order-inflow guidance already trimmed to ₹3,000 Cr from ₹3,500 Cr; FY26 itself closed with actual continuing-ops EPS of ₹38.58, short of the ₹50 FY26 guide the company had given previously. Q1 FY27's EPS of ₹8.02 and ₹630 Cr revenue run well below the pace those FY27 targets imply, continuing that pattern — though a single quarter is not conclusive given the back-half-loaded execution profile. No standalone management press release was available in this context beyond the regulatory filing; the filing itself notes no reportable segments under Ind AS 108 for the quarter.