Anup Engineering Q1 FY27: PAT craters 98% YoY, revenue down 29%, margins collapse
PAT -97.83% YoY · revenue -28.53% · margins compressing · miss vs street
₹125.25 Cr
-28.53% YoY
₹0.57 Cr
-97.83% YoY
0.45%
-14.3pp YoY
₹0.28
The Anup Engineering's consolidated Q1 FY27 (quarter ended June 30, 2026) print was a sharp break from trend: revenue fell 28.5% YoY to ₹125.25 Cr (₹175.23 Cr a year ago) and 39.8% QoQ (₹207.86 Cr last quarter), while consolidated PAT collapsed to just ₹0.57 Cr — down 97.8% YoY from ₹26.26 Cr and 97.8% QoQ from ₹26.54 Cr. Basic consolidated EPS fell to ₹0.28 from ₹13.11 a year ago. Standalone told the same story at smaller scale: revenue ₹117.89 Cr, PAT ₹1.11 Cr versus ₹25.53 Cr a year ago.
Q1 FY-2027 vs prior quarters
The compression sits almost entirely in the cost lines relative to a much smaller revenue base. Consolidated EBITDA margin (PBT + finance cost + depreciation, over revenue) fell to roughly 8% from ~23% a year ago and ~18.5% last quarter, and net margin fell to 0.46% from 14.79% YoY. Other expenses rose to 32.4% of revenue from ~22.1% a year ago, materials cost ratio rose to 45.8% from 42.7%, and employee cost ratio rose to 10.6% from 7.1% — a mix of genuine cost inflation and operating deleverage as fixed and semi-fixed costs were spread over 29% less revenue. Neither the current nor year-ago quarter carries an exceptional item, so this is a purely operational miss, not accounting noise. Consolidated PAT trailing standalone PAT by ₹0.54 Cr points to a loss at wholly-owned subsidiary Mabel Engineers Private Limited this quarter.
The stock went into the print at ₹1,972.7, down 7.6% over the past month of trading.
Management maintains its FY'26 guidance for 15-20% revenue growth with an EBITDA margin around 22% and exports exceeding 50%. The company expects to improve working capital turns and is optimistic about future growth, supported by a robust INR 1,100 crore inquiry pipeline and the resolution of the U.S.-India trade deal
— This quarter: missed
Management's most recent guidance on record (Q3 FY26 concall) called for 15-20% FY26 revenue growth and an EBITDA margin around 22%, alongside exports exceeding 50% — that guidance was framed for the fiscal year just closed, and no fresh FY27 outlook is available in this filing, so it can only be read directionally: this quarter's -28.5% YoY revenue and ~8% margin are a clear break from that trajectory. Ahead of the print, ICICI Securities' Q4 FY26 note flagged a "muted H1FY27E" given the company's selective, fixed-price bidding stance amid volatile commodity costs, even as it noted FY26 EBITDA margins had held near 21% — the actual ~8% margin undershoots even that cautious framing, and no specific consensus PAT estimate could be confirmed for this quarter. The quarter's other corporate actions — the ₹12/share final dividend (record date August 14) and the FY26 annual report/BRSR filings — are routine year-end items unconnected to the operating miss.
W1
Whether OPM recovers toward management's ~22% FY26 EBITDA margin band in Q2 FY27, from Q1's ~8% print
W2
Whether revenue stabilizes versus this quarter's -28.5% YoY / -39.8% QoQ decline, against management's now clearly-broken 15-20% FY26 growth guidance
W3
Whether subsidiary Mabel Engineers returns to profit — its swing to loss cost consolidated PAT ~₹0.54 Cr versus standalone this quarter
Both standalone and consolidated columns for 30.06.2026 and 30.06.2025 show no exceptional item (dash) — the ₹130.52 Lakh (standalone)/₹145.26 Lakh (consolidated) labour-code past-service-cost exceptional charge sits only in the FY26 full-year column, so no adjustment needed for this YoY comparison. Consolidated PAT (₹0.5702 Cr) trails standalone PAT (₹1.1081 Cr) by ₹0.5379 Cr, indicating subsidiary Mabel Engineers Pvt Ltd swung to a loss this quarter. Scan is legible, all comparison-context figures (prior quarter/year-ago revenue, PAT, EPS) matched the PDF's consolidated columns exactly.