Rajputana Stainless Q1FY27: PAT up 81% YoY to ₹20.2 Cr as IPO debt payoff cuts costs
PAT +80.54% YoY · revenue +32.42% · margins expanding
₹306.54 Cr
+32.42% YoY
₹20.2 Cr
+80.54% YoY
6.54%
₹2.42
Rajputana Stainless delivered a strong start to FY27, with standalone revenue from operations up 32.4% YoY to ₹306.5 Cr (₹231.5 Cr in Q1FY26) and standalone PAT up 80.5% YoY to ₹20.2 Cr (₹11.2 Cr a year ago) — profit growth outpacing revenue growth as net margin expanded to 6.5% from 4.8%. Sequentially, revenue rose 20.3% and PAT 54.2% over Q4FY26's ₹13.1 Cr; RSL's long/flat stainless-steel products business (billets, forging ingots, rolled bar, flat & patti) is not classically seasonal, so the QoQ jump reflects the same operating dynamics as the YoY move rather than a seasonal artifact.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The margin expansion was driven less by material costs — combined material and traded-goods cost (adjusted for inventory movements) rose to 81.8% of revenue from 79.2% a year ago — and almost entirely by a sharp fall in finance costs, down 61.8% YoY to ₹1.72 Cr from ₹4.51 Cr (and 70.0% QoQ from ₹5.75 Cr). Per the company's IPO-proceeds utilisation note, ₹96.0 Cr of the ₹98.0 Cr earmarked for repayment/prepayment of borrowings had been utilised by June 30, 2026, following the March 19, 2026 listing — this deleveraging is the single biggest driver of the beat, with PBT margin rising to 8.9% of revenue from 6.4% YoY. There were no exceptional items in the current or comparative quarters, so no raw-vs-adjusted growth distinction applies.
The stock went into the print at ₹158, up 22.7% over the past month of trading.
What the summary numbers don't show
EPS ₹2.42 (not annualised) vs ₹1.62 in Q1FY26 and ₹1.88 in Q4FY26
Management gives no formal guidance or outlook in this filing, and none exists in our records, so vsGuidance cannot be assessed beyond noting continuity with the FY26 trend (FY26 PAT ₹49.8 Cr, +25% YoY) — Q1FY27's ₹20.2 Cr alone is already ~41% of that full-year figure. A web search found no formal analyst/street estimates for this quarter (the stock has limited coverage as a recent, sub-large-cap IPO), so vsStreet is marked unknown. Alongside results, the board also approved routine re-appointments of statutory, secretarial, cost and internal auditors and set a September 16, 2026 record date for the previously announced ₹0.50/share FY26 final dividend — neither bears on this quarter's numbers.
W1
Remaining unutilised IPO proceeds (~₹21.6 Cr across GCP/OFS/issue-expense heads plus ~₹1.99 Cr of the debt-repayment allocation as of June 30, 2026) — further paydown could extend the finance-cost tailwind
W2
Material-cost ratio trend: it rose to 81.8% of revenue from 79.2% YoY this quarter; further increases would leave margin gains dependent solely on finance costs, which have limited room left to fall
W3
Q2FY27 print against the FY26 base (₹49.8 Cr full-year PAT) to confirm whether the ~41%-of-FY26-in-one-quarter run-rate holds
Only a standalone statement exists (single reportable segment, no subsidiaries); figures converted from lakhs to crore. No exceptional items in current or comparative quarters; PBT-minus-tax ties to PAT exactly in all four columns, and FY26 PAT (₹49.82 Cr) matches our prior DB record.