Artemis Electricals Q1 FY27: revenue -18% YoY, PAT flat at ₹1.27 Cr as margins widen
PAT -3.06% YoY · revenue -17.61% · margins expanding
₹16.27 Cr
-17.61% YoY
₹1.27 Cr
-3.06% YoY
7.81%
+1.2pp YoY
₹0.05
Artemis Electricals and Projects posted consolidated revenue of ₹16.27 Cr for Q1 FY27, down 17.6% year-on-year from ₹19.75 Cr in Q1 FY26, and down a sharp 60.1% sequentially from ₹40.75 Cr in Q4 FY26. Consolidated PAT of ₹1.27 Cr was nearly flat YoY (-3.1% from ₹1.31 Cr) even as revenue contracted meaningfully — the gap was bridged by margin expansion: net profit margin rose to 7.81% from 6.64% a year ago, and operating (EBITDA) margin expanded to roughly 13.4% from 11.2%, as direct/material costs fell to 83.5% of total income versus 87.2% in the year-ago quarter. Sequentially PAT fell 58.4% in line with the steep revenue drop from the seasonally/execution-heavy Q4. Standalone PAT of ₹1.31 Cr came in fractionally above the consolidated figure, with the entire ₹0.04 Cr gap attributable to a loss at subsidiary Artemis Opto Electronic Technologies rather than any standalone-versus-consolidated divergence in the core business.
Q1 FY-2027 vs prior quarters
Our records carry no prior management guidance and no prior concall for this company, so there is no outlook to grade the print against; management's own framing in this filing is limited to its standard notes rather than a separate press release. A web search for street/analyst previews on this stock turned up no brokerage coverage or consensus estimates, consistent with its small size (~₹25 Cr paid-up equity capital, ~₹16 Cr quarterly revenue) — vsStreet is therefore unknown rather than inferred. The filing's recurring note is that manufacturing at the Vasai factory remains "closed/negligible," with management instead focusing on projects and project-related work, which explains the lumpy, execution-linked swing between Q4 FY26's ₹40.75 Cr revenue and this quarter's ₹16.27 Cr. The related-party lithium-ion battery plant contract with Electroforce (India) is unchanged in status, still targeted for commissioning by March 2027. None of the quarter's other corporate developments — the two independent director appointments (June 9), the secretarial auditor change (May 30), or the trading window closure (June 26) — have a direct bearing on this quarter's numbers.
The stock went into the print at ₹15.62, up 0.4% over the past month of trading.
What the summary numbers don't show
No exceptional items in the current, sequential or year-ago quarters — basic and diluted EPS steady at ₹0.05.
W1
Whether revenue recovers from this quarter's ₹16.27 Cr toward the ₹40+ Cr run-rate seen in Q4 FY26, given the project-execution nature of the business.
W2
Progress on the lithium-ion battery plant commissioning, which management still targets for March 2027.
W3
Whether the margin gains (NPM 7.81%, OPM ~13.4% this quarter) hold as revenue normalizes, or reflect fixed-cost absorption specific to this quarter's smaller base.
Figures converted from ₹ Lakhs (original statement in Lakhs); no exceptional items in current, sequential or year-ago columns; consolidated PAT is ₹0.04 Cr below standalone, fully explained by a small loss at subsidiary Artemis Opto Electronic Technologies.