Mazda Q1 FY27: standalone PAT up 49% YoY on 62% revenue growth; margin eases QoQ
PAT +49.23% YoY · revenue +61.87% · margins compressing
₹80.34 Cr
+61.87% YoY
₹7.33 Cr
+49.23% YoY
8.74%
-0.4pp YoY
₹3.66
Mazda Limited's standalone Q1 FY27 (quarter ended 30 June 2026) revenue from operations came in at ₹80.34 Cr, up 61.9% YoY from ₹49.63 Cr and 25.2% QoQ from ₹64.19 Cr. Net profit rose 49.2% YoY to ₹7.33 Cr (from ₹4.91 Cr) and 16.6% QoQ (from ₹6.29 Cr), with EPS at ₹3.66 versus ₹2.45 a year ago. There is no prior management guidance or concall commentary on record for this company, and no formal Street estimates were found for this print (web search for consensus/broker previews returned nothing usable) — vsGuidance and vsStreet are both marked unknown rather than assumed.
Q1 FY-2027 vs prior quarters
The margin picture is mixed and worth separating from the headline growth. Core operating margin (PBT excluding other income, plus finance cost and depreciation, over revenue) improved sharply YoY to 9.13% from 6.50% in Q1 FY26 — a low base a year ago — but eased from Q4 FY26's elevated 15.59%, so the sequential OPM move is a normalisation, not deterioration. Net profit margin, in contrast, slipped to 8.74% from 9.12% YoY and 9.78% QoQ, driven by two factors below the operating line: other income fell to ₹3.59 Cr from ₹4.27 Cr a year ago, and the effective tax rate rose to 23.7% from 22.3%. So the operating business strengthened YoY even as the bottom-line margin printed marginally lower — both are true and neither cancels the other.
The stock went into the print at ₹235.6, down 3.8% over the past month of trading.
For context: revenue is at a 6-quarter high.
What the summary numbers don't show
No exceptional items in either period — results unaudited, reviewed by statutory auditors Mayank Shah & Associates
By segment, Engineering remained the core driver at ₹67.39 Cr revenue (+59% YoY) and a 17.2% PBT margin, while the smaller Food Division grew faster off a low base to ₹12.95 Cr (+78% YoY) at a 13.9% PBT margin — together explaining the sharp topline growth. Ahead of this result the company had filed a clarification on 7 July 2026 denying undisclosed information behind a reported volume increase; this quarter's 61.9% YoY revenue growth is consistent with — though the clarification itself gives no forward figures — the volume move investors were reacting to. No press release accompanied the results, so there is no management framing to reconcile against the numbers beyond the filing itself.
W1
Whether OPM (9.13% this quarter) holds or reverts further toward Q4 FY26's 15.59% as cost mix (materials, employee cost, labour charges) normalizes
W2
Food Division scale-up trajectory — revenue ₹12.95 Cr (~16% of total) growing 78% YoY at a 13.9% PBT margin
W3
Effective tax rate path (23.7% this quarter vs 22.3% a year ago) and its drag on net margin if it persists
Only a standalone statement is filed (no consolidated section). Unaudited, subject to limited review by Mayank Shah & Associates; no exceptional items in current or comparative periods. Figures converted from ₹ Lacs (÷100); all self-checks (totalIncome=revenue+other income; PAT=PBT−tax) tie exactly.