Paramount Comm Q1FY27: margin nearly doubles YoY, PAT growth trails at just 6.5%
PAT +6.5% YoY · revenue +17.4% · margins expanding
₹529.4 Cr
+17.4% YoY
₹19.7 Cr
+6.5% YoY
3.7%
-0.3pp YoY
₹0.64
Paramount Communications posted consolidated revenue of ₹529.40 Cr in Q1 FY27, up 17.4% YoY (₹451.12 Cr) and within management's guided 15-20% FY27 top-line growth band, though down 7.7% QoQ from the seasonally stronger Q4 FY26 print (₹573.31 Cr). Consolidated PAT of ₹19.70 Cr grew a comparatively modest 6.5% YoY (₹18.50 Cr) and slipped 4.0% QoQ (₹20.52 Cr); EPS came in at ₹0.64 versus ₹0.61 a year ago and ₹0.67 last quarter. Standalone and consolidated figures are effectively identical this quarter since both subsidiaries under the group reported nil revenue and profit.
Q1 FY-2027 vs prior quarters
The margin story is more constructive than the headline PAT number suggests: operating margin (EBITDA/revenue) expanded to 6.56% from 3.36% a year ago and 5.21% last quarter, consistent with management's stated goal of recovering pre-US-tariff margin levels by the end of FY27. Net margin, however, held roughly flat at 3.72% (versus 3.95% YoY) because other income collapsed to ₹3.09 Cr from ₹17.71 Cr a year earlier, while finance costs rose 71% YoY to ₹6.86 Cr and depreciation rose 21% to ₹4.43 Cr — both a drag on the bottom line even as core operations improved.
The stock went into the print at ₹68.21, up 2.3% 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
Standalone and consolidated results are virtually identical this quarter (subsidiaries nil); YoY consolidated comparability affected by the Nov-2025 divestment of subsidiary Valens Technologies, still consolidated in the Q1FY26 base
Management forecasts achieving INR 5,000 crores in revenue within five years, driven by capacity expansion at the Narmadapuram plant, deeper domestic penetration, export diversification, and higher value-added products like EHV cables. The Narmadapuram plant is projected to contribute INR 500 crores in FY28 and INR 1,2
— This quarter: met
Management gave no fresh press-release commentary alongside this filing (none extracted yet), so there is no direct quote to reconcile against the print; we could not find a published Street consensus estimate for this quarter given thin analyst coverage of the stock, so vsStreet is unknown. Against the prior concall's own guidance — 15-20% FY27 revenue growth, minimum 10% volume growth, and margin recovery by FY27-end — Q1 is tracking on plan on both counts. During the quarter the company also received application money for a ~₹96 Cr capital raise (₹7.56 Cr on 72 lakh promoter warrants at ₹42, plus ₹88.40 Cr on 2.10 Cr equity shares to non-promoters at ₹42/share), allotted subsequent to quarter-end — capital that lines up with the previously guided Narmadapuram capacity expansion. The board also appointed Harish Bhardwaj as EVP-Exports and Senior Management Personnel effective August 15, 2026, consistent with the stated export-diversification push.
W1
Margin trajectory toward management's target of recovering pre-US-tariff margin levels by FY27-end — Q1 OPM at 6.56%, up from 3.36% a year ago
W2
Deployment of the ~₹96 Cr just-raised via warrants/preferential equity toward the Narmadapuram plant, guided to add ₹500 Cr revenue in FY28 and ₹1,200 Cr in FY29
W3
FY27 revenue growth guidance of 15-20% with minimum 10% volume growth — Q1 tracking at +17.4% YoY despite a -7.7% QoQ sequential dip
Standalone and consolidated are near-identical this quarter (subsidiaries Paramount Holdings/AEI Power Cables reported nil revenue/profit); YoY consolidated base included now-divested Valens Technologies (sold Nov-2025), so not fully comparable; other income fell to ₹3.09 Cr from ₹17.71 Cr YoY, holding NPM roughly flat even as OPM (EBITDA margin) nearly doubled; no exceptional items in either period.