Q1 FY27 results: revenue ₹137 Cr, PAT ₹27 Cr, EBITDA margin 28.3%, order book ₹2,026 Cr

Q1 FY27 unaudited standalone results.

Tue 6 Oct 2026

Revenue from operations (Q1 FY27 vs Q1 FY26)

₹137 Cr vs ₹67 Cr in Q1 FY26

PAT (Q1 FY27)

₹27 Cr, up 140% YoY

Order book

₹2,026 Cr, executable over 18-24 months

Q1 FY27 results snapshot

• Revenue from operations ₹137 Cr in Q1 FY27 against ₹67 Cr in Q1 FY26, a rise of 103.5%.
• Gross profit ₹58 Cr, up 97.4%.
• EBITDA ₹39 Cr, up 152.2%, with EBITDA margin at 28.3% against 22.8% a year earlier.
• Profit before tax ₹37 Cr, up 134.7%.
• Profit after tax ₹27 Cr, up 140.0%, with PAT margin at 19.9% against 16.9%.
• The FY26 full-year comparatives shown are revenue of ₹654 Cr and profit after tax of ₹130 Cr.

These are stated as unaudited standalone financial results for the quarter ended June 30, 2026.

What the company said

The management commentary, attributed to Abhishek Singhal, Whole Time Director, calls the listing a milestone and says the momentum of FY26 continued into Q1 FY27. He attributes the profitability improvement to a healthy increase in manufacturing and an improved product mix, with a higher contribution from the 400 kV segment, which led to higher operating leverage.

Order book and orders

• Incremental orders worth ~Rs. 332.3 Cr were added during the quarter.
• The quarter closed with an order book of Rs. 2,026 Cr, described as executable over the next 18-24 months.
• The company says it has won orders in the 400 kV transformers segment and is focusing on execution.

Where the revenue comes from

• Overall revenue mix in Q1 FY27: transformers 85.2% and EPC 14.8% (FY26: 83.5% and 16.5%).
• Within transformers, Q1 FY27 mix was power transformers 70.4%, distribution transformers 0.2%, Scott transformers 11.5%, traction transformers 0.0% and shunt reactors 2.8%.
• By voltage, Q1 FY27 mix was 400 kV 70.2%, 220 kV and <400 kV 3.2%, 132 kV and <220 kV 11.4% and <132 kV 0.2%.

Capacity and outlook

• The company says it is investing in capacity through brownfield expansion at its Gangol unit, with capex spend over the next 18 months.
• It says it has built capabilities to manufacture 765 kV transformers and is working towards adding suitable orders in that segment.
• For FY27, it is targeting revenues of Rs. 950 Cr with an EBITDA margin profile similar to FY26.

The FY27 revenue figure and the growth outlook are targets. The company's own description of itself notes it is a transformer manufacturer and EPC service provider for substations and transmission lines, catering to power transmission, railways, renewable energy and power distribution sectors, and cites a CARE report dated January 23, 2026 for its market position claims.

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