High Energy Batteries swings to ₹1.82 Cr loss in Q1 FY27 as revenue falls 41% YoY, 73% QoQ
PAT -331.6% YoY · revenue -40.56% · margins compressing
₹7.88 Cr
-40.56% YoY
₹-1.82 Cr
-331.6% YoY
-22.44%
-28pp YoY
₹-2.02
High Energy Batteries (India) reported a standalone net loss of ₹1.82 Cr for Q1 FY27, reversing a ₹0.78 Cr profit in Q1 FY26 and down sharply from the ₹7.59 Cr profit booked in Q4 FY26. Revenue from operations came in at just ₹7.88 Cr, down 40.6% year-on-year from ₹13.27 Cr and down 73.3% sequentially from ₹29.50 Cr — the pre-tax line flipped to a ₹2.44 Cr loss from a ₹1.05 Cr profit a year earlier. Net profit margin swung from a positive ~5.5% band in the prior periods to roughly -22% of total income this quarter.
Q1 FY-2027 vs prior quarters
The drag is squarely on the core Aerospace, Naval and Power System Batteries segment, whose segment result flipped to a ₹1.96 Cr loss versus a ₹1.60 Cr profit in Q1 FY26 and a ₹10.66 Cr profit in Q4 FY26 — consistent with this being an order/project-linked defence supplier where billing is typically back-ended into the March quarter. Employee benefit expense held nearly flat at ₹5.39 Cr (versus ₹5.39 Cr a year earlier) even as revenue collapsed, and the changes-in-inventories line swung to a large negative ₹8.71 Cr (versus ₹0.25 Cr a year earlier), indicating output was produced and carried as work-in-progress/finished stock rather than billed and recognised as revenue this quarter — cost stickiness plus unbilled production are what converted a revenue dip into an outright loss. The already-suspended Lead Acid Storage Batteries division added a further ₹0.14 Cr segment loss, in line with prior quarters.
The stock went into the print at ₹612.05, up 15.4% over the past month of trading.
What the summary numbers don't show
EPS of ₹(2.02) vs ₹0.87 in Q1 FY26 and ₹8.47 in Q4 FY26
Management's own press release/commentary was not part of this filing beyond the signed unaudited statement, so there is no company framing to weigh against the numbers. There is no prior guidance or concall commentary on record for this company, and a web check found no analyst previews or consensus estimates for this ~₹530 Cr market-cap micro-cap — so both vsGuidance and vsStreet are unknown rather than a miss or beat. The quarter's other corporate developments (AGM, trading-window closure, PAN/KYC letter to shareholders) are routine compliance items unrelated to the operating print. The key monitorable going forward is whether Q2/Q3 show unbilled Q1 output converting into recognised revenue, given the pattern of Q4-weighted billing in this business.
W1
Whether Q1's unbilled/WIP inventory build (₹8.71 Cr swing) converts into recognised revenue in Q2/Q3 FY27
W2
Whether the core Aerospace Naval and Power System Batteries segment returns to profit given its historical Q4-weighted billing pattern
W3
Employee and other fixed costs relative to revenue if the topline stays depressed beyond this quarter
Company has no subsidiary/associate/JV, so only standalone results exist. No exceptional items this quarter (Q4 FY26 had a ₹1.2466 Cr exceptional charge). Deferred tax credit of ₹0.6243 Cr partly offset the pre-tax loss. Scan is clean and figures tie out exactly.