20 Microns Q1FY27: consolidated PAT +5% YoY to ₹17.7 Cr as margins expand, revenue flat
PAT +5.21% YoY · revenue -0.99% · margins expanding
₹244.72 Cr
-0.99% YoY
₹17.74 Cr
+5.21% YoY
7.21%
+0.4pp YoY
₹5.04
20 Microns' consolidated revenue was little changed at ₹244.72 Cr for Q1FY27, down 6.3% sequentially from Q4FY26's seasonally stronger ₹261.06 Cr and down marginally (-1.0%) YoY from ₹247.16 Cr. Consolidated PAT rose 5.2% YoY to ₹17.74 Cr (₹16.86 Cr in Q1FY26) and was roughly flat QoQ (₹17.59 Cr in Q4FY26), with basic EPS at ₹5.04 versus ₹4.78 YoY and ₹4.99 QoQ. Standalone PAT was ₹16.16 Cr, up 6.0% YoY from ₹15.24 Cr. Profit growth outpaced revenue because margins expanded: consolidated net margin rose to 7.21% from 6.79% a year ago (6.68% in Q4FY26), and operating margin improved to roughly 13.24% from 12.83% YoY (12.12% QoQ). There were no exceptional items this quarter, versus small one-off labour-claims-settlement charges of ₹3.30 lakh in Q1FY26 and ₹13.30 lakh in Q4FY26 — both immaterial to the comparison, so the YoY PAT growth is essentially all organic.
Q1 FY-2027 vs prior quarters
Against management's own Q4FY26 guidance — an 18% three-year revenue CAGR, 200-250 bps of margin expansion, ROCE moving to 18-20%, and crossing ₹1000 Cr of revenue in FY27 — this quarter's print is mixed. Revenue growth of roughly flat YoY is far short of the 18% CAGR pace, and with FY26 consolidated revenue at ₹953.83 Cr, hitting the ₹1000 Cr FY27 target now needs a clear step-up in the remaining quarters. The margin side is tracking the direction management flagged, with OPM up roughly 41 bps YoY in a single quarter, though ROCE progress isn't disclosed in this release. No analyst/street estimates were found for this print, so vsStreet is unknown; no management press release accompanied this filing to cross-check the company's own characterisation. This quarter's other corporate developments were largely administrative rather than operating drivers: the company incorporated a China trading subsidiary (June 15, 2026) as part of its guided international-scaling plan, filed its FY26 annual report and AGM notice (July 9), and had earlier recommended a ₹1.25/share FY26 dividend — none of which show up in this quarter's P&L.
The stock went into the print at ₹203.35, up 0.6% 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.
Management projects an 18% CAGR revenue growth over the next three years, supported by a INR 100 crore CapEx plan focused on specialty product capabilities, operational productivity, backward integration, and international scaling. They anticipate a 200-250 basis point margin expansion and ROCE improvement to 18-20% wi
— This quarter: missed
W1
Revenue reacceleration toward management's ₹1000 Cr FY27 target — FY26 closed at ₹953.83 Cr consolidated, Q1FY27 came in at ₹244.72 Cr, below the ~₹250 Cr/quarter run-rate implied
W2
Whether OPM expansion (12.83%→13.24% YoY, +41 bps this quarter) sustains toward management's guided 200-250 bps over three years
W3
ROCE progress toward the guided 18-20% target — not disclosed in this release
Text-native PDF, tables fully legible, columns clearly headed by period-end date; both standalone and consolidated extracted and tie out exactly. No exceptional items this quarter; prior periods carried immaterial (~₹3-13 lakh) labour-claims-settlement exceptional charges (<0.2% of PBT) — negligible effect on YoY comparability. Consolidated PBT/PAT include a ₹27.12 lakh equity-accounted associate loss share and a small non-controlling-interest carve-out (-₹3.50 lakh) from owners' profit of ₹17.7791 Cr.