Rajratan Q1: consolidated PAT ₹22.96 Cr up 70% YoY as export subsidiaries, margin recovery lead
PAT +69.8% YoY · revenue +29.1% · margins expanding
₹318.35 Cr
+29.1% YoY
₹22.96 Cr
+69.8% YoY
7.14%
+1.7pp YoY
₹4.52
Rajratan Global Wire opened FY27 with consolidated revenue of ₹318.35 Cr (+29.1% YoY) and net profit of ₹22.96 Cr (+69.8% YoY), EPS ₹4.52. Profit ran well ahead of the topline as consolidated NPM expanded to 7.2% from 5.5% a year earlier and EBITDA margin recovered to ~13.1% from the ~9% Q4 trough. The eye-catching +48.8% QoQ profit jump largely reflects that Q4 margin dip rather than a fresh surge — the YoY print is the real signal.
Q1 FY-2027 vs prior quarters
The consolidated beat is a subsidiary story. Standalone India PAT rose a steadier 30% YoY to ₹13.81 Cr on revenue of ₹194.41 Cr (+22.7%), while the wholly-owned Thai arm (PAT ₹5.46 Cr on ₹110.67 Cr revenue) and US arm (PAT ₹3.67 Cr on ₹25.65 Cr revenue) lifted group PAT to +70% — a divergence readers will see in the two EPS prints (standalone ₹2.72 vs consolidated ₹4.52). Rest-of-world revenue grew 43% YoY to ₹144.73 Cr against India's 19%, consistent with management's stated push into North America and Europe. There are no exceptional items on either side, so reported and adjusted growth are identical.
The stock went into the print at ₹508.3, up 14.1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management guides for robust 17-18% volume growth for FY27, targeting total sales of approximately 155,000 tons. Following a temporary Q4 dip, EBITDA margins are expected to recover to a sustainable 13.5-14% range starting in Q1 FY27, driven by the successful pass-through of raw material cost hikes. Growth will be fuel
— This quarter: met
Against the April concall guidance — 17-18% FY27 volume growth (~155,000 tons) and EBITDA margins recovering to a sustainable 13.5-14% from Q1 — the quarter is broadly on track: revenue momentum supports the volume target and margins have clearly rebounded, though the ~13.1% print sits marginally below the guided floor. No formal quarterly consensus is published for this smallcap; one brokerage pegged a near-term ₹470 share target contingent on Q1 meeting expectations. The concurrent ₹3.27 Cr subsidy and July 24 AGM/dividend actions are routine alongside the numbers. Figures are unaudited (limited review).
W1
EBITDA margin vs guided 13.5-14%: Q1 landed ~13.1%, just below the floor — watch whether it holds the guided range in Q2.
W2
FY27 volume guidance of 17-18% (~155,000 tons): Q1 revenue +29% YoY; track volume delivery against target.
W3
Chennai capacity doubling and North America/Europe export ramp: RoW revenue +43% YoY this quarter — monitor sustainability.
Printed (non-scanned) limited-review statement in ₹ Lakhs; clean headers, all arithmetic ties. No exceptional items, nil NCI. Consolidated PAT growth (+70% YoY) far exceeds standalone (+30%): Thai subsidiary PAT ₹5.46 Cr and US subsidiary PAT ₹3.67 Cr drive the gap. Segment: RoW rev ₹144.73 Cr, India ₹173.62 Cr.