MM Forgings Q1 FY27: consolidated PAT +78% YoY (~46% adj.) to ₹34 Cr; EBITDA margin flat
PAT +78.09% YoY · revenue +13.35% · margins expanding
₹409.9 Cr
+13.35% YoY
₹34.17 Cr
+78.09% YoY
8.01%
+2.8pp YoY
₹18.73
Consolidated revenue for Q1 FY27 came in at ₹409.90 Cr, up 13.4% YoY from ₹361.64 Cr but down 4.5% QoQ from a stronger Q4 FY26. Consolidated PAT was ₹34.17 Cr, up 78.1% YoY as reported — but excluding a ₹6.09 Cr prior-year tax-adjustment credit booked this quarter, adjusted YoY PAT growth is a more modest ~46.3%, still well ahead of revenue growth. Standalone numbers track closely: PAT ₹35.41 Cr, EPS ₹18.98, versus consolidated EPS ₹18.73; the ~3.6% standalone-consolidated gap reflects a small subsidiary-level drag. Sequentially, PAT fell 23.7% QoQ off Q4 FY26's high base.
Q1 FY-2027 vs prior quarters
The margin story is more tax than operations: net margin expanded to 8.0% of total income from 5.2% a year ago, and PBT margin improved to 8.2% from 7.6%, but EBITDA margin was roughly flat at ~15.7% versus ~15.9% YoY — material, employee, and power costs grew broadly in line with revenue. The effective tax rate collapsed to 2.6% (₹0.90 Cr tax on ₹35.07 Cr PBT) from 30.7% a year ago, partly a one-off prior-year credit and partly a lower underlying rate this year. Separately, a ₹56.25 Cr exceptional item — undisclosed in nature — was added below PAT to produce comprehensive income of ₹90.42 Cr; this is not part of core profit and should not be read as operating PAT.
The stock went into the print at ₹589.75, up 12.5% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters.
Management projects a strong FY27 with approximately INR 300 crores in revenue growth, driven by a recovery in the U.S. Class 8 truck market and a robust domestic CV cycle. They are confident of improving both EBITDA and PAT margins by clawing back recent declines through a richer product mix and significant cost-savin
— This quarter: met
Management's February 2026 concall guided FY27 revenue growth of roughly ₹300 Cr (~19%) on a US Class-8 truck recovery and a robust domestic CV cycle, alongside EBITDA/PAT margin improvement via product mix and cost cuts — targeting finance cost down to ₹55 Cr and ₹15 Cr of power savings for the full year, with FY27 capex of ₹150-170 Cr. Q1's 13.4% YoY revenue growth trails that implied run-rate, and this quarter's ₹16.27 Cr finance cost annualizes near ₹65 Cr, still above the ₹55 Cr FY27 target, so the interest-cost leg of guidance is not yet visible. A web search for Street estimates on this specific print turned up no consensus PAT/revenue figures, so the beat/miss call versus Street is unknown. No standalone management press release beyond the standard exchange filing was available in the context to cross-check company framing.
W1
Finance cost trajectory toward management's ₹55 Cr FY27 target (currently annualizing ~₹65 Cr after Q1)
W2
EBITDA margin expansion from the targeted richer product mix and ₹15 Cr power-cost savings — flat YoY at ~15.7% in Q1
W3
Full-year revenue pace toward the guided ~₹300 Cr (~19%) FY27 growth — Q1 grew 13.4% YoY, below that implied run-rate