Integra Engineering Q1 FY27: consolidated PAT down 11% YoY on margin compression, though tax relief lifts it 32% QoQ
PAT -11.3% YoY · revenue -3.1% · margins compressing
₹44.3 Cr
-3.1% YoY
₹4.51 Cr
-11.3% YoY
10.14%
-0.9pp YoY
₹1.31
Integra Engineering India's consolidated PAT fell 11.3% YoY to ₹4.51 Cr (from ₹5.08 Cr in Q1 FY26) as revenue from operations slipped 3.1% YoY to ₹44.30 Cr (from ₹45.73 Cr) — a soft print for the machineries-and-components manufacturer, with revenue and profit both trailing the year-ago quarter. There is no analyst consensus or brokerage preview available for this ₹609 Cr micro-cap (no coverage found in a web search of Q1 FY27 previews), so the print cannot be benchmarked against street expectations — vsStreet is unknown. Similarly, the company has issued no formal guidance on record — either in our database or in the filing — so there is no outlook to measure this quarter against.
Q1 FY-2027 vs prior quarters
The YoY margin story is compression: operating margin (EBITDA/revenue) narrowed to roughly 16.4-16.75% from 19.86% a year ago, and net margin eased to 10.14% from 11.08%, as cost of materials consumed rose 5.6% YoY (₹24.37 Cr vs ₹23.09 Cr) even as revenue fell — a classic cost/revenue scissors. Partly offsetting this, finance costs dropped 28% YoY (₹0.59 Cr vs ₹0.82 Cr), cushioning the PBT decline to a smaller magnitude than the PAT decline would otherwise suggest.
The stock went into the print at ₹169.75, down 22.8% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
What the summary numbers don't show
EPS (basic) ₹1.31, down from ₹1.48 YoY, up from ₹0.99 QoQ
Sole associate Integra Systems Pvt Ltd is under liquidation (appointed Aug 9, 2024) and contributed nil profit — consolidated and standalone figures are identical this quarter
Sequentially, the picture flatters more than it should: PAT jumped 32.3% QoQ (from ₹3.41 Cr in Q4 FY26) and revenue rose 11.5% QoQ (from ₹39.73 Cr), with margins expanding QoQ on both counts. But Q4 FY26 was a soft base (year-end quarter with NPM of just 8.53%), and part of the QoQ profit jump owes to a swing in deferred tax (a ₹0.31 Cr deferred tax credit this quarter vs a ₹0.42 Cr deferred tax charge in Q4), not purely operating improvement — so the QoQ headline is a sequential-base effect and tax-timing artifact, not the primary read. YoY is the one that matters here, and it shows a manufacturer facing revenue and margin headwinds.
W1
Whether the 3.1% YoY revenue decline reverses in Q2 FY27 or persists as a demand headwind
W2
Operating margin trajectory — currently ~16.4-16.75%, down from 19.86% a year ago — watch for further compression or recovery as material cost pressure evolves
W3
Resolution of the Integra Systems Pvt Ltd winding-up proceedings and any consequent change to the consolidation scope
Standalone and consolidated are numerically identical — the sole associate (Integra Systems Pvt Ltd, in liquidation since Aug 2024) contributed nil profit and is immaterial per auditors. No exceptional items this quarter. Clean typed statement, unambiguous column headers (30.06.2026 unaudited vs 31.03.2026 audited vs 30.06.2025 unaudited vs FY26 audited).