Tempsens Q1 FY27: consolidated PAT up 16% YoY to ₹16.3 Cr, margins compress on costs

Tempsens Instruments posted its first quarterly result as a listed company for Q1 FY27, with consolidated revenue of ₹118.7 Cr (+33.4% YoY, -11.0% QoQ) and consolidated PAT of ₹16.3 Cr (+15.6% YoY, -22.8% QoQ). The QoQ dip mirrors a sequentially stronger March 2026 quarter (revenue ₹133.3 Cr, PAT ₹21.1 Cr) rather than fresh deterioration. Reported consolidated profit growth trails revenue growth by roughly half, and the standalone (core, like-for-like) numbers tell a sharper version of the same story: standalone revenue grew 21.9% YoY to ₹101.9 Cr, but standalone PAT rose just 2.9% YoY to ₹12.9 Cr, as operating margin (PBT/revenue) compressed from 19.6% to 16.9%. Consolidated and standalone diverge materially in growth (33% vs 22% revenue, 16% vs 3% PAT) — the gap is driven by three subsidiaries (Tempsens GmbH, Tempsens Polska, and Tempsens Measurement and Control) added to the consolidated scope through FY26 and the JV equity pickup that has no standalone counterpart, so readers comparing the two bases should weight standalone as the truer read of the core business.

The margin compression sits on the cost lines: cost of materials consumed rose to 56.4% of consolidated revenue from 53.4% a year ago, and employee benefits expense rose to 17.2% of revenue from 15.8%, together eating roughly 270 basis points off standalone operating margin. No exceptional items or one-offs are disclosed, so this reads as genuine cost-push rather than an accounting artifact.

Consolidated scope expanded during FY26 with 3 new subsidiaries (Germany, Poland, Measurement & Control units) plus ₹0.68 Cr JV equity income — inflates consol growth versus standalone

EPS: consolidated basic ₹1.88 (vs ₹1.65 YoY) — standalone basic ₹1.60 (vs ₹1.56 YoY)

Against our pre-result preview — which flagged standalone revenue of ₹120–130 Cr, EBITDA margin of 24–25%, and PAT margin of 15–16% as the on-plan bar — the quarter missed on all three: standalone revenue landed at ₹101.9 Cr (below the low end), standalone EBITDA margin worked out to roughly 21.5%, and standalone PAT margin to 12.7%. There is no formal analyst consensus yet — a web check confirms platforms like Trendlyne still show no published estimates for the stock — consistent with our preview's read that coverage is thin post-listing; management has issued no formal guidance in this filing either. The one corporate milestone worth noting is the ₹650 Cr IPO (₹95 Cr fresh issue) that completed on 28 August 2026, after this quarter closed — this is the first result the company has drawn up under Listing Regulations, and the filing discloses nothing yet on capex plans or use of IPO proceeds, leaving that a genuine open item for Q2.