West Coast Paper: Q1 consol. PAT +135% YoY to ₹142Cr on telecom cables surge
PAT +135.37% YoY · revenue +10.12% · margins expanding · beat vs street
₹1,051.26 Cr
+10.12% YoY
₹141.84 Cr
+135.37% YoY
12.94%
+6.9pp YoY
₹20.21
West Coast Paper Mills' consolidated PAT (including non-controlling interests) rose 135.4% YoY to ₹141.84 Cr in Q1 FY27 (quarter ended June 30, 2026), against revenue growth of just 10.1% YoY to ₹1,051.26 Cr — a sharp profitability beat set against modest topline growth. Sequentially revenue fell 15.6% from ₹1,245.30 Cr in Q4 FY26, typical of the paper business's seasonal Q4 strength, while PAT still climbed 162.8% QoQ off a low Q4 base.
Q1 FY-2027 vs prior quarters
The entire beat traces to the Telecommunication Cables segment, whose result (PBIT) exploded to ₹74.02 Cr from just ₹0.45 Cr a year ago and ₹19.38 Cr last quarter — effectively the swing factor in both YoY and QoQ profit growth. The core Paper and Paper Board segment grew a more ordinary 20.7% YoY (₹102.96 Cr vs ₹85.29 Cr PBIT). Margins expanded across the board: consolidated NPM rose to 12.94% from 6.03% a year ago and 4.32% last quarter; OPM (EBITDA ex-other income, over revenue) rose to 19.34% from 11.57% YoY and 12.63% QoQ. Other income was roughly flat YoY (₹44.67 Cr vs ₹44.66 Cr), so it is not a driver of the print.
The stock went into the print at ₹615, up 16.5% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters.
The quarter absorbed an operational disruption at subsidiary Andhra Paper's Kadiyam unit, where an illegal strike forced a temporary suspension from April 27, 2026, followed by a company-declared lockout (May 1–29, 2026); operations partially resumed July 15 and the unit is running at ~93% of normal capacity as of the results date — a drag that likely capped what topline growth could have been, making the margin outcome more notable. Street estimates (Univest preview, trailing-growth framework) had pegged Q1 FY27 PAT at ₹62–79 Cr on revenue of ₹1,068–1,229 Cr; actual PAT of ₹141.84 Cr is roughly 1.8–2.3x the top of that range, a clear beat, while revenue of ₹1,051.26 Cr came in just below the low end of the estimated range. The company has issued no formal guidance or outlook on record for this print, so the beat cannot be measured against management's own stated targets — only against external estimates and the segment-level data disclosed.
W1
Whether the Telecommunication Cables segment sustains a PBIT run-rate near ₹70–75 Cr/quarter or reverts toward its historical near-nil/low base
W2
Andhra Paper's Kadiyam unit ramp from ~93% back to full normal capacity and its effect on subsidiary revenue/margins next quarter
W3
Whether consolidated NPM (12.94%) and OPM (19.34%) hold near these elevated levels or normalize toward the ~6–12% range seen in the prior four quarters
Standalone PBT row shows Rs.13,667.38L before exceptional vs Rs.13,657.38L after exceptional despite nil exceptional items — internal filing typo (Rs.10L); tax+PAT reconcile to 13,657.38L, used consistently. Consolidated PAT of Rs.141.84Cr includes non-controlling interests (owners-only PAT Rs.133.49Cr, EPS 20.21 computed on owners' share); prior-period comparisons in our records also use the NCI-inclusive total, so basis is consistent. No exceptional items reported either period. Andhra Paper's Kadiyam unit was strike-hit/lockout Apr 27-Jul 15, 2026, now at ~93% capacity — a drag on the quarter that makes the margin surge more notable.