Foseco Crucible PAT up 78% YoY to ₹10.3 Cr; NPM expands to 21% despite ₹1.1 Cr impairment
PAT +78.31% YoY · revenue +14.42% · margins expanding
₹48.68 Cr
+14.42% YoY
₹10.29 Cr
+78.31% YoY
20.92%
+8pp YoY
₹18.38
Foseco Crucible (India), formerly Morganite Crucible, reported standalone revenue of ₹48.68 Cr for Q1 FY27, up 14.4% YoY (₹42.54 Cr) and 30.3% QoQ off a weak ₹37.35 Cr Q4 FY26 base. Standalone PAT came in at ₹10.29 Cr, up 78.3% YoY as reported (₹5.77 Cr a year ago), but the company also booked a ₹1.14 Cr exceptional impairment this quarter (incl. a ₹0.14 Cr GST reversal) on manufacturing assets following an internal technical review — the year-ago quarter carried no such item. Adjusting for it, underlying YoY PAT growth is closer to 92%, meaningfully stronger than the headline. Net profit margin expanded to 21.1% from 12.9% a year ago and swung from -3.2% (a loss) in Q4 FY26, helped both by the revenue rebound and by Q4 FY26 itself having carried a much larger ₹15.90 Cr exceptional charge. The effective tax rate normalized to ~31% (₹4.62 Cr tax on ₹14.91 Cr PBT) versus recent quarters where deferred-tax swings (a ₹4.18 Cr deferred tax credit in Q4 FY26) distorted the bottom line.
Q1 FY-2027 vs prior quarters
There is no prior management guidance or concall commentary on record for this stock, and no formal outlook was reiterated in this filing — so the print cannot be graded against guidance. No management press release accompanying the numbers had been extracted at the time of this analysis, so commentary is limited to the filed statement and notes. Given the company's small size (quarterly revenue under ₹50 Cr), there is no visible sell-side coverage or consensus estimate for this quarter, so the result also cannot be benchmarked against street expectations; both are marked unknown rather than guessed. Alongside the results, the board used the same meeting to reconstitute the Audit, Nomination & Remuneration and CSR committees with new directors, dissolve the Risk Management Committee (citing it isn't mandatory for the company's listing category), and set the 41st AGM/dividend book-closure for August 20-26 — governance actions concurrent with, but not financially tied to, this quarter's numbers.
The stock went into the print at ₹1,350, down 4.6% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
What the summary numbers don't show
EPS ₹18.38 vs ₹10.31 YoY vs -₹2.49 QoQ
W1
Whether the ₹48.68 Cr revenue run-rate holds next quarter or was a one-quarter bounce off Q4 FY26's cyclical ₹37.35 Cr low
W2
Recurrence of asset impairments — company explicitly flagged completing a technical/operational review of manufacturing assets this quarter; watch for further write-downs
W3
Effective tax rate trajectory — 31% this quarter vs recent large deferred-tax swings (e.g., Q4 FY26's ₹4.18 Cr deferred tax credit)
Only a standalone statement is filed (no consolidated section). Line 7 (₹14.91 Cr, after a ₹1.14 Cr exceptional impairment) is used as PBT since it directly reconciles to PAT after tax. Year-ago quarter (Q1 FY26) carried no exceptional item, so raw and adjusted YoY PAT growth diverge. PAT QoQ % omitted (Q4 FY26 was a loss, making a percentage change non-meaningful).