Hawkins Q1: revenue jumps 33% YoY to ₹318 Cr but PAT up only 17% as margins compress
PAT +17.12% YoY · revenue +33.06% · margins compressing
₹318.13 Cr
+33.06% YoY
₹30.38 Cr
+17.12% YoY
9.46%
-1.2pp YoY
₹57.45
Hawkins Cookers reported a strong topline for Q1 FY27 (quarter ended June 2026) — standalone revenue from operations rose 33.1% YoY to ₹318.13 Cr from ₹239.08 Cr — but the bottom line failed to keep pace: net profit after tax grew a more modest 17.1% YoY to ₹30.38 Cr (₹25.94 Cr a year ago), EPS ₹57.45 vs ₹49.05. The gap between topline and bottom-line growth is the story: net margin compressed to 9.55% from 10.69% a year ago, and operating margin slipped to ~13.4% from 14.6%. The squeeze sits mainly on other expenses, which jumped ~50% YoY to ₹89.64 Cr (from ₹59.87 Cr) and rose to 28.2% of revenue from 25.0%; material cost stayed broadly flat at ~48% of sales. There were no exceptional items on either side, so reported and underlying growth are the same.
Q1 FY-2027 vs prior quarters
The sequential decline — revenue down 12.9% and PAT down 23.6% versus Q4 FY26's ₹365.43 Cr / ₹39.78 Cr — is a seasonality artifact typical of the consumer-durables/kitchenware cycle (Q4 Jan-Mar is seasonally the strongest quarter) rather than a deterioration, and should not be read as a slowdown. Management characterised the quarter as neutral and gives no formal guidance or outlook; Hawkins does not host earnings calls or issue quarterly estimates, and street coverage is thin, so there is no consensus benchmark to beat or miss. The result lands alongside routine corporate housekeeping — the board's ₹140/share FY26 dividend recommendation and the 66th AGM, both set for July 29 — none of which bears on the operating print. Net: healthy demand-driven volume growth, but a cost-led margin give-back that keeps profit growth roughly half the pace of revenue.
The stock went into the print at ₹8,599, up 3.6% over the past month of trading.
W1
Whether other-expenses ratio (28.2% of revenue this quarter, up from 25.0%) normalises next quarter or the margin give-back persists
W2
Net margin trajectory — recovery toward the ~10.7% YoY level or further compression from ~9.55%
W3
Whether the 33% YoY revenue momentum holds into the seasonally softer Q2
Clean unaudited standalone print (single segment: kitchenware); no consolidated (no subsidiaries). No exceptional items either period. Tax = 10.28 current + 0.21 deferred = 10.49. Arithmetic ties: 318.13+2.85=320.98; 40.87-10.49=30.38.