ASAL Q1 PAT nearly doubles to ₹4.7 Cr as revenue jumps 46% YoY on volume recovery
PAT +84.6% YoY · revenue +46.4% · margins expanding
₹253.32 Cr
+46.4% YoY
₹4.69 Cr
+84.6% YoY
1.85%
+0.4pp YoY
₹2.95
Automotive Stampings and Assemblies (ASAL, a Tata/TACO auto-components maker) reported a strong year-on-year Q1 FY27 (standalone; the company has no subsidiaries). Revenue from operations rose 46.4% YoY to ₹253.32 Cr from ₹173.07 Cr a year ago, and net profit climbed 84.6% YoY to ₹4.69 Cr from ₹2.54 Cr, with basic EPS at ₹2.95 versus ₹1.60. There are no exceptional or one-off items in either the current or the year-ago quarter, so the YoY growth is clean — no adjustment needed.
Q1 FY-2027 vs prior quarters
The bottom line grew almost twice as fast as the top line because of operating leverage on fixed costs: finance costs fell to ₹3.56 Cr (from ₹3.63 Cr) and depreciation to ₹4.87 Cr (from ₹5.11 Cr) even as revenue surged, lifting net margin to 1.85% from 1.47% a year ago. However, the underlying operating margin actually thinned — operating EBITDA margin was ~5.6% versus ~6.2% YoY — as cost of materials consumed rose to ₹184.25 Cr and now absorbs a larger share of the topline. So the profit jump is a story of a leaner capital/depreciation base against recovered volumes rather than manufacturing-margin improvement.
The stock went into the print at ₹518.7, down 0.3% over the past month of trading.
Sequentially the picture is softer and easily misread: revenue was essentially flat (-0.9% QoQ vs ₹255.55 Cr in Q4 FY26) and reported PAT fell 65% QoQ, but the March quarter carried a ₹2.54 Cr deferred-tax write-back that flattered it; on a pre-tax basis profit still eased to ₹6.26 Cr from ₹10.74 Cr, so operations were genuinely softer than the seasonally strong March quarter — a normal Q4-to-Q1 step-down for an auto-ancillary. There is no street consensus or brokerage preview for this micro-cap, and management provides no formal guidance or outlook; the results carry an unqualified limited-review conclusion from BSR & Co. The result was approved at the July 24, 2026 board meeting; the other concurrent corporate items (36th AGM on July 30, FY26 annual report and BRSR dispatch) are governance calendar events, not earnings drivers.
W1
Whether the ~46% YoY revenue run-rate (₹253 Cr/qtr) holds through FY27 or was volume front-loading
W2
Operating EBITDA margin trajectory (~5.6% this quarter) — watch cost of materials consumed, which is squeezing the manufacturing margin
W3
Sustainability of net profitability once the depreciation/finance-cost tailwind normalises; no management guidance on record to anchor against
Standalone only — company confirms no subsidiary/associate/JV as of 30-Jun-2026. Source in INR Lakhs, converted to Cr (÷100). No exceptional items this quarter. Current-quarter tax = current tax 7.13L + deferred tax 150.49L = 157.62L. Prior March-26 quarter PAT (₹13.28 Cr) was inflated by a ₹2.54 Cr deferred-tax write-back, so QoQ optics are distorted; YoY periods are clean.