Vidya Wires Q1 FY27: consolidated PAT ₹17.1 Cr, up 41% YoY on lower finance costs
PAT +41.39% YoY · revenue +33.51% · margins expanding
₹549.71 Cr
+33.51% YoY
₹17.14 Cr
+41.39% YoY
3.1%
₹0.81
Vidya Wires reported consolidated revenue of ₹549.71 Cr for Q1 FY27 (quarter ended June 30, 2026), up 33.5% YoY from ₹411.76 Cr, with consolidated PAT of ₹17.14 Cr, up 41.4% YoY from ₹12.12 Cr — net margin expanded to 3.13% from 2.95% a year ago. Sequentially, revenue was down 8.2% and PAT down 12.6% from a stronger Q4 FY26 (₹598.78 Cr revenue, ₹19.61 Cr PAT). Standalone (parent-only) growth was materially slower — revenue up 19.8% YoY to ₹493.41 Cr, PAT up 35.8% YoY to ₹16.67 Cr — because the year-ago consolidated base did not yet include ALCU Industries, the wholly-owned subsidiary now folded fully into group numbers; readers comparing standalone and consolidated releases should expect this gap. No analyst or street estimates for this print turned up in search, so vsStreet is unknown.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The bigger driver of PAT outgrowing revenue was financing, not operations: consolidated finance cost fell 73% YoY to ₹8.50 Cr from ₹31.86 Cr after the company used ₹100 Cr of its December-2025 IPO proceeds to fully repay outstanding borrowings, pushing PBT up 45.2% YoY versus 33.5% revenue growth. Operating margin actually softened — EBITDA margin (per the company's own press release) was 4.61% versus 4.88% a year ago — because ALCU, now consolidated at ₹60.24 Cr quarterly revenue, contributed only ₹1.47 Cr PAT (~2.4% NPM) before consolidation adjustments, diluting group profitability. Management's Q4 FY26 concall had guided for 'significant volume growth' in FY27 behind capacity nearly doubling to ~36,000 MT and margin expansion as ALCU ramps into EV, renewable and transformer segments, with 'optimal capacity utilization' only targeted for FY28. This quarter's revenue growth is consistent with that volume guidance, but the margin-expansion leg hasn't shown up yet — in line with management's own framing that FY27 is a scaling year. The company's press release (headed 'Financial Results: Q1 FY26', apparently a template mislabel) cited net sales ₹5,474.95 Mn, EBITDA ₹252.25 Mn, PBT ₹231.53 Mn and net profit ₹171.24 Mn for the quarter — matching the filed consolidated statement.
The stock went into the print at ₹97.5, up 1.2% over the past month of trading.
What the summary numbers don't show
EPS ₹0.81 consolidated (vs ₹0.76 YoY), ₹0.78 standalone (vs ₹0.77 YoY) — no exceptional items in either period.
Management guides for significant volume growth in FY27, driven by a major capacity expansion set to nearly double total capacity to approximately 36,000 MT by late 2026. While not providing specific figures, they expect improved EBITDA per ton and margin expansion, fueled by the ramp-up of the new ALCU facility and it
— This quarter: met
On corporate actions, the Board approved a further ₹125 Cr investment in ALCU via 1% non-convertible redeemable preference shares (shareholding unchanged at 100%), continuing to fund the subsidiary's build-out, and did not recommend a final FY26 dividend. A ₹24.73 Cr income-tax demand for the block period April 2018–April 2025 remains under appeal and is carried as a contingent liability with no provision, per the auditor's notes; both statements are unaudited but received an unqualified limited review from O.P. Rathi & Co. There were no exceptional items in either the current or year-ago quarter, so both the YoY and QoQ growth rates above are on a like-for-like reported basis.
W1
ALCU's margin trajectory — currently ~2.4% NPM on ₹60.24 Cr quarterly revenue — as capacity scales toward management's ~36,000 MT target by late 2026.
W2
Group OPM recovery back above the year-ago 4.88% (and prior-quarter 4.67%) level, which management has guided will come from ALCU's ramp-up and EV/renewable/transformer mix.
W3
Resolution of the ₹24.73 Cr income-tax demand under appeal before the Commissioner of Income-tax (Appeals).