Sekurit India Q1FY27: PAT down 13% YoY to ₹9.3 Cr as material costs squeeze margins
PAT -12.8% YoY · revenue +10.8% · margins compressing
₹60.77 Cr
+10.8% YoY
₹9.34 Cr
-12.8% YoY
14.62%
-3.8pp YoY
₹1.03
Saint-Gobain Sekurit India's standalone Q1 FY27 (quarter ended June 30, 2026) revenue from operations rose 10.8% YoY to ₹60.77 Cr (from ₹54.84 Cr), but standalone PAT fell 12.8% YoY to ₹9.34 Cr (from ₹10.71 Cr) — a case of topline growth not translating into profit. Sequentially, both lines declined from Q4 FY26's record base: revenue was down 8.2% QoQ from ₹66.20 Cr, and PAT dropped 28.8% QoQ from ₹13.11 Cr, so the softer print is partly a step-down from an unusually strong Q4 rather than a fresh deterioration, though the YoY comparison — the primary read — is what matters and it shows margin erosion, not seasonality.
Q1 FY-2027 vs prior quarters
The compression is squarely a cost-of-materials story: cost of materials consumed rose to 48.5% of revenue (₹29.49 Cr) this quarter from 43.5% a year ago (₹23.86 Cr), while employee costs and power/fuel ratios were broadly stable to slightly better. This pushed operating margin down to roughly 16.3% from about 21.2% YoY and 21.5% QoQ, and net margin to about 14.6% from 18.4% YoY and 19.0% QoQ — a clear compressing trend across both YoY and QoQ windows. A ₹2.62 Cr deferred-tax credit partly offset the operating weakness at the PAT line; without it the profit decline would have been steeper.
The stock went into the print at ₹127.5, down 4.6% over the past month of trading.
What the summary numbers don't show
Total tax expense ₹2.78 Cr (effective rate 22.9%), including a ₹2.62 Cr deferred-tax credit that partly cushioned the profit decline.
EPS (basic/diluted, not annualised) ₹1.03 vs ₹1.18 a year ago and ₹1.44 in the prior quarter.
There are no analyst previews or consensus estimates available for this small-cap auto-glass name (a web search for Q1 FY27 estimates returned no brokerage figures), so vsStreet is unknown; management has also placed no formal guidance on record, so vsGuidance is unknown too — both angles have simply no external benchmark to grade against this quarter. Saint-Gobain Sekurit runs a single reportable segment (Automotive Glass, Ind AS-108) with no subsidiaries, JVs or associates, so there is no segment mix to explain the swing. During the quarter the company appointed Vidya Shankar as new CFO (effective June 18, 2026); results were declared alongside the company's 53rd AGM, both held on July 30, 2026. The filing carries no separate management press release or commentary beyond the standard board-outcome letter, so there is no management framing to reconcile against the numbers this quarter.
W1
Raw-material cost ratio (48.5% of revenue this quarter vs 43.5% a year ago) — watch whether it reverts as input costs normalise.
W2
Operating margin trajectory — fell to ~16.3% this quarter from ~21-21.5% in the trailing two quarters; watch for recovery in Q2 FY27.
W3
New CFO Vidya Shankar's first full quarter (Q2 FY27) — any commentary on cost control or margin strategy.
Standalone only — company has no subsidiary/associate/JV (Note 5), so no consolidated statement exists. No exceptional items this quarter. PAT was cushioned by a ₹2.62 Cr deferred-tax credit; effective tax rate 22.9%.