V-Guard Q1 FY27: consolidated PAT jumps 76% to ₹130 Cr as margins hit double digits

V-Guard delivered a strong start to FY27. Consolidated revenue from operations rose 23.5% YoY to ₹1,810.7 Cr and net profit climbed 76.4% to ₹130.25 Cr (EPS ₹2.97 vs ₹1.69), with no one-off on either side of the comparison — the entire jump is operating. Net margin expanded to 7.2% from 5.0% a year ago, and operating margin reached ~10.5%, clearing the double-digit EBITDA mark management had framed on the Q4 call as a near-term challenge in a volatile cost environment. Standalone profit was even stronger at ₹107.79 Cr (+93.5% YoY); the two bases tell the same story, so the wider standalone growth is base-effect, not a divergence in the underlying print.

The result beat the bar comfortably. Univest's trailing-growth model pegged Q1 revenue at ₹1,564–1,799 Cr and street framed FY27 as a 15–20% PAT-growth recovery year; the ₹1,810.7 Cr topline printed above the high end and the +76% profit vaulted well past the annual PAT-growth expectation in the very first quarter. It also runs ahead of management's own guidance of 10–12% FY27 volume growth and ~15%+ revenue growth on price hikes — the summer tailwind and low base management had flagged clearly materialised.

The stock went into the print at ₹307.5, up 2.5% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

No exceptional item this quarter — reported growth is fully operating (raw = adjusted)

Growth was broad-based across segments. Electricals led at +27.7% YoY (₹670.1 Cr) with segment profit up to ₹70.6 Cr from ₹47.4 Cr; Electronics rose 22.8% to ₹658.5 Cr; and Consumer Durables — the summer-sensitive water heaters/fans/coolers business — grew 19.2% to ₹416.7 Cr and swung to a ₹14.9 Cr segment profit from a ₹7.2 Cr loss a year ago, the clearest single driver of the margin uplift. Sunflame contributed ₹65.7 Cr. Because much of the revenue lift is price-hike-led, the durability of the double-digit operating margin into the seasonally softer second half is the key thing to watch.