Pavna Industries: revenue +52% YoY, PAT turns positive but adjusted growth flat ~2%
PAT +151.15% YoY · revenue +52.1% · margins expanding
₹91.88 Cr
+52.1% YoY
₹0.88 Cr
+151.15% YoY
0.95%
+3.8pp YoY
₹0.06
Consolidated revenue came in at ₹91.88 Cr, up 52.1% YoY from ₹60.40 Cr, and consolidated PAT was ₹0.88 Cr versus a loss of ₹1.72 Cr in Q1 FY26. That swing to profit is largely optical: the year-ago quarter carried a ₹2.58 Cr exceptional loss (consolidated) that pushed it into the red. Stripping that out, adjusted PAT was roughly ₹0.86 Cr a year ago against ₹0.88 Cr now — adjusted YoY PAT growth of only about +2%, far softer than the reported turnaround suggests. Standalone tells a weaker story on its own: standalone PAT of ₹0.89 Cr is down roughly 32% YoY on an adjusted basis (year-ago standalone exceptional loss was ₹2.49 Cr) and down 45.5% sequentially from ₹1.63 Cr in Q4 FY26, with standalone NPM compressing to 1.01% from 2.06% QoQ.
Q1 FY-2027 vs prior quarters
The modest adjusted bottom-line growth undersells underlying operating momentum: consolidated profit before exceptional items, associates and tax nearly doubled YoY to ₹1.55 Cr from ₹0.77 Cr. The gap between that and the ~2% adjusted PAT growth comes from tax — this quarter carried a consolidated effective tax rate of about 41.6% (₹0.65 Cr tax on ₹1.55 Cr pre-tax profit), while the year-ago quarter's loss position generated a net tax benefit of ₹0.10 Cr. Consolidated OPM (PBT + finance cost + depreciation, over revenue) expanded to 8.80% from 4.07% YoY, and NPM improved to 0.96% from -2.83%, though both figures are flattered by the prior-year exceptional charge rather than reflecting a clean structural improvement.
What the summary numbers don't show
EPS flat at ₹0.06 basic/diluted, both standalone and consolidated
On corporate developments, the company's 24,00,000 convertible warrants issued to the promoter group on preferential basis (part of a ₹210.69 Cr fundraise alongside a non-promoter equity placement) lapsed on July 28, 2026 after warrant-holders did not pay the balance 75% consideration within the 18-month window; the 25% upfront amount of ₹30.30 Cr has now been forfeited and retained by the company under SEBI ICDR Regulation 169(3) — a capital-account item that does not flow through this quarter's P&L, but signals the promoter group did not follow through on the full commitment. Separately, the company appointed Soumya Sinha as Deputy CEO-Export (Aug 11, 2026) and Suri & Sudhir as internal auditor (Jul 27, 2026); the business continues to report as a single automotive operating segment, so no segment-level detail is available. No management press release accompanied this filing beyond the regulatory result statement, so there is no company framing to reconcile against the numbers.
W1
Whether standalone PAT recovers from this quarter's 45.5% sequential drop (₹0.89 Cr vs ₹1.63 Cr in Q4 FY26)
W2
Whether the ~41.6% consolidated effective tax rate this quarter normalizes toward statutory levels
W3
Balance-sheet treatment/use of the ₹30.30 Cr forfeited warrant money now that the warrants have lapsed
Converted from Rs. Lacs (/100). Consolidated PAT is the final 'after tax and share of associates' line (₹0.88 Cr); pre-associates consolidated PAT was ₹0.91 Cr, associates' share was -₹0.03 Cr. Year-ago quarter carried a one-off exceptional loss (standalone ₹2.49 Cr, consolidated ₹2.58 Cr) absent this quarter — raw YoY looks like a loss-to-profit turnaround but is mostly that exceptional item dropping out. QoQ uses standalone and YoY uses consolidated per the comparison context provided; standalone and consolidated adjusted-YoY stories diverge materially (standalone adjusted PAT ~-32% YoY vs consolidated adjusted PAT ~+2% YoY), flagged per basis rule.