ACGL Q1 FY27: standalone PAT falls 51% YoY as material costs compress NPM to 4.4%
PAT -51.39% YoY · revenue -2.91% · margins compressing
₹248.94 Cr
-2.91% YoY
₹11.22 Cr
-51.39% YoY
4.44%
-4.4pp YoY
₹18.42
Automobile Corporation of Goa's standalone PAT fell 51.4% YoY to ₹11.22 Cr (₹23.07 Cr in Q1 FY26) and 47.4% QoQ (₹21.32 Cr in Q4 FY26), even as revenue from operations dipped only 2.9% YoY and 8.0% QoQ to ₹248.94 Cr — a clear case of margin-led profit decline rather than a demand shock. Net profit margin compressed to 4.44% from 8.85% a year ago and 7.72% last quarter; the company's own EBITDA margin (% of total income) fell to 6.69% from 12.35% YoY and 11.05% QoQ. By segment, Pressing division PBT was nearly wiped out at ₹0.28 Cr versus ₹1.98 Cr YoY (-86%), while the larger Bus body division's PBT fell 48% YoY to ₹13.38 Cr — both compressed, Pressing far more severely. EPS (not annualised) came in at ₹18.42 versus ₹37.90 YoY and ₹35.02 QoQ.
Q1 FY-2027 vs prior quarters
The squeeze traces to the cost line: material cost net of inventory movement rose to ~75.1% of revenue from ~70.5% a year ago and ~71.9% last quarter, consistent with the commodity-price volatility management flags in its outlook. Bus body deliveries slipped to 2,712 units from 2,784 units YoY (-2.6%), which management attributes to weaker International Business volumes amid the Middle East geopolitical situation, describing domestic business as stable — a framing that fits the modest volume dip but understates the profit impact, since PAT nearly halved while deliveries fell only marginally. No company-specific Q1 FY27 estimate was found; a sector-wide preview (Business Standard) anticipated exactly this pattern for auto ancillaries — strong-ish revenue with commodity-cost margin pressure — which this print confirms. Management has issued no formal numeric guidance on record (context and web both blank); its qualitative 'Looking Ahead' commentary only flags continued monitoring of commodity and international-volume volatility, so no beat/miss verdict applies there. Separately, the board's ₹22.50/share final dividend (approved at the 22 July AGM for FY26, payable 20 August, ₹13.70 Cr cash outflow) is a prior-year distribution and unrelated to this quarter's weaker earnings.
The stock went into the print at ₹2,167, down 5.3% over the past month of trading.
W1
International Business volume recovery from the Middle East disruption — management says it 'continues to monitor' this; current quarter deliveries were 2,712 units vs 2,784 a year ago.
W2
Commodity cost trajectory — material cost (net of inventory change) was ~75.1% of revenue this quarter, up from ~70.5% YoY; watch for easing in Q2 FY27.
W3
Pressing segment profitability — PBT collapsed to ₹0.28 Cr this quarter from ₹1.98 Cr YoY; watch for recovery given the segment's small revenue base (₹19.37 Cr external revenue).
Standalone only, no consolidated statement in filing. No exceptional item in Q1 FY27 or Q1 FY26 (the ₹3.29 Cr Labour Code exceptional loss sits in an earlier FY26 quarter per the audit note, not in this or the year-ago column), so raw and adjusted growth are identical. Company's press release states PBT down 50.84% QoQ; the audited statement implies ~47.6% — figures here are derived directly from the statement.