Raghav Productivity Enhancers Ltd Q1 FY27 Results

Raghav Productivity Enhancers opened FY27 with an unambiguously strong quarter. Consolidated revenue rose 48.7% YoY to ₹86.91 Cr (from ₹58.44 Cr) and net profit climbed 67.6% YoY to ₹19.57 Cr (from ₹11.68 Cr), with basic EPS of ₹4.26 versus ₹2.54 a year ago. Sequentially the momentum held — revenue +23.2% and PAT +29.1% over Q4 FY26 — and with no exceptional items on either side of the comparison, the reported growth is the underlying growth. There were no one-offs to adjust for.

The standout is that profit outgrew revenue, i.e. genuine operating leverage rather than a topline story. Net profit margin expanded to 22.5% from 19.7% a year ago, and operating margin (EBITDA) firmed to ~29.6% from 27.2% YoY — though OPM slipped marginally from the 30.1% of Q4 FY26, worth watching as the largest cost line, Other Expenses, rose to ₹33.62 Cr from ₹22.11 Cr YoY. The company remains a single-segment ramming-mass (refractory) manufacturer, so the print is a clean read on core demand rather than a mix effect.

The stock went into the print at ₹1,265, up 5.2% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters; revenue is at a 6-quarter high.

Basis matters here: consolidated PAT (₹19.57 Cr) is materially larger than standalone (₹12.43 Cr), because the wholly-owned subsidiary Raghav Productivity Solutions contributes the bulk of manufacturing and sales — standalone revenue was only ₹35.76 Cr. Both entities grew strongly (standalone PAT nearly doubled YoY, +86%), so they tell the same directional story; consolidated is the comprehensive number and the one to anchor on. Note the standalone Other Income of ₹5.82 Cr is inflated by a ₹4.56 Cr intra-group dividend that washes out on consolidation.