Birla Cable Ltd Q1 FY27 Results

Birla Cable's consolidated revenue came in at ₹266.64 Cr, up 51.1% YoY (₹176.44 Cr) and 24.5% QoQ (₹214.10 Cr). Consolidated PAT was ₹30.70 Cr against ₹1.36 Cr a year ago and ₹10.80 Cr last quarter, and EPS rose to ₹10.23 from ₹0.45 (YoY) and ₹3.60 (QoQ). Standalone figures are virtually identical (PAT ₹30.69 Cr) — the sole subsidiary, Birla Cable Infrasolutions DMCC, added just ₹3.87 lakh of revenue and ₹1.28 lakh of PAT, so there is no basis divergence to flag.

The margin bridge is the real story: operating margin (EBIT before finance cost and depreciation, over revenue) expanded to 17.2% from 9.5% QoQ and 4.4% YoY, while net margin rose to 11.5% from 5.0% and 0.8% respectively. This was driven almost entirely by raw material costs falling to 74.3% of revenue, versus 80.5% in Q4 FY26 and 85.4% in Q1 FY26 — consistent with input-cost relief (aluminium/copper) not being fully passed through in pricing, aided by operating leverage on the 51% YoY volume/value growth. Finance costs also eased to ₹2.05 Cr from ₹3.59 Cr QoQ and ₹2.32 Cr YoY. The ₹1 Cr impairment loss on financial assets recurs from last quarter (nil a year ago) but is too small to move the margin narrative.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Management has issued no formal guidance and there is no prior concall on record, so this print cannot be graded against a stated outlook — management gives no forward numbers to check against. No credible analyst consensus PAT estimate exists for this small-cap; the one pre-result preview located (Univest) pegged revenue at ₹174-200 Cr, which the actual print beat comfortably, but that source also misstated the company's own year-ago PAT (citing ₹11 Cr versus the ₹1.36 Cr actually reported), so it is treated as unreliable rather than a genuine street benchmark. Separately, this result lands amid the pending Scheme of Amalgamation with group company Vindhya Telelinks Limited — board-approved on 21 March 2026, effective 1 April 2026, under which Birla Cable will dissolve and shareholders receive 10 Vindhya Telelinks shares for every 115 held, subject to NCLT and exchange approval. No standalone management press release beyond the regulatory filing was available.