Uravi Defence Q1FY27: PAT +33% YoY on one-off associate gain; core ops turn loss-making
PAT +33.45% YoY · revenue +3.07% · margins compressing
₹10.33 Cr
+3.07% YoY
₹0.7 Cr
+33.45% YoY
6.75%
+1.7pp YoY
₹0.62
Uravi Defence and Technology (formerly Uravi T & Wedge Lamps) reported consolidated PAT of ₹0.70 Cr for Q1 FY27 (quarter ended June 30, 2026), up 33.5% YoY from ₹0.53 Cr, on revenue from operations of ₹10.33 Cr (+3.1% YoY, +4.8% QoQ). The headline growth is misleading: the entire profit came from an ₹0.85 Cr (₹85.30 Lakh) share of net profit from associate Spafax Group (UK), booked on unaudited financial statements the company's own auditors could not verify — resulting in a qualified conclusion on the consolidated limited review, the second consecutive quarter this has occurred. Strip out that item and consolidated continuing operations posted a pre-tax loss of ₹1.22 Lakh, against a ₹43.77 Lakh profit in the year-ago quarter — an adjusted PAT swing from roughly +₹32.30 Lakh to about -₹14.8 Lakh, i.e. the underlying automotive-lamp business turned loss-making on an adjusted basis (adjusted YoY PAT change ~-146%).
Q1 FY-2027 vs prior quarters
The margin bridge confirms the same picture: consolidated EBIT was ₹34.58 Lakh on ₹10.33 Cr revenue (~3.3% OPM), down from ~9.8% a year ago. Cost of materials consumed rose to 57.4% of revenue (₹593.29 Lakh) from 48.1% a year ago (₹402.17 Lakh on ₹836.00 Lakh revenue), the single biggest driver of the compression; finance costs were roughly flat YoY at ₹35.80 Lakh (₹38.45 Lakh a year ago) but nearly doubled sequentially from ₹18.09 Lakh in Q4 FY26. Standalone PAT (unqualified, no exceptional items) was ₹0.29 Cr — up 31.8% QoQ off a soft Q4 base but down 22.8% YoY from ₹0.37 Cr — confirming the core business softened even before the associate-income effect is layered in.
The stock went into the print at ₹106.85, down 10.4% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
Management gives no formal guidance and none is on record for this company, so there is nothing to grade the print against; a web search confirms the stock carries zero analyst coverage, so there is no street consensus either. No management press release accompanied this filing. The Board also noted a ₹1.06 Lakh BSE/NSE compliance fine and approved a new statutory auditor (Viren Gandhi & Co, replacing GBCA & Associates) for a five-year term from the 22nd AGM. The now fully wound-down Defence segment — which contributed ₹20.52 Lakh of profit and ₹1.66 Cr of revenue in Q1 FY26 — no longer features, leaving the automotive-lamps business as the sole reporting segment. The unresolved Spafax audit qualification (cumulative unreviewed associate profit now ₹1.5856 Cr across two periods) is the item that will keep obscuring the true run-rate of the core business until it clears.
W1
Whether the Spafax associate-profit qualification clears in Q2 FY27 — cumulative unreviewed share of profit stands at ₹1.5856 Cr and management says it is 'actively engaged' to resolve it
W2
Core continuing-operations profitability recovery — Q1 FY27 ex-associate PBT was a ₹1.22 Lakh loss vs ₹43.77 Lakh profit YoY; watch whether OPM (3.3% this quarter) rebuilds toward the ~9.8% year-ago level
W3
Consistency of audit treatment under new statutory auditor Viren Gandhi & Co, appointed for a 5-year term from the 22nd AGM
Consolidated PBT (0.8408 Cr) includes ₹0.8530 Cr unaudited associate share of profit (Spafax Group, UK) flagged with a qualified conclusion (2nd consecutive quarter); excluding it, consolidated continuing operations had a PBT loss of ₹0.0122 Cr vs +₹0.4377 Cr YoY. Standalone results carry no qualification. No discontinued-operations contribution this quarter (prior-year Defence segment fully wound down/divested).