Uniparts India Q1 FY27 Earnings Call — Analysis (NSE: UNIPARTS)
Uniparts Q1 FY27 revenue up 27% YoY, EBITDA up 55% YoY; management raises FY27 growth guidance above FY26's 21%
Result quality: strong — Margin expansion. Management sentiment: optimistic.
The take
Q1FY27 Revenue ₹347 Cr ( +27% YoY ) . New guidance — FY27 fy27 revenue growth a couple of percentage points bigger than FY26's 21% . New story: Warehouse mix driving margin .
Results
Revenue ₹347 Cr +27% YoY; EBITDA ₹90 Cr +55% YoY; PAT ₹57 Cr +64% YoY
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹347 Cr | +27% | yoy · Q1FY27 |
| EBITDA | ₹90 Cr | +55% | yoy · Q1FY27 |
| EBITDA Margin | ~25% | none · Q1FY27 · management indicated ~25% | |
| PAT | ₹57 Cr | +64% | yoy · Q1FY27 |
| Operating Cash Flow | ₹44 Cr | none · Q1FY27 · generated during quarter | |
| Net Cash | ₹190 Cr | point_in_time · Q1FY27 · as of 30-Jun-26 | |
| Trailing 12M EPS | ₹39.97 | point_in_time · Q1FY27 · as of 30-Jun-26 | |
| Net Working Capital Days | 139 days | point_in_time · trailing 12M as of 30-Jun-26 | |
| Capex | ₹12 Cr | none · Q1FY27 · maintenance and growth |
Guidance
FY27 revenue growth expected to exceed FY26's 21% growth by a couple of percentage points, with EBITDA margin comfortably above 20%
What management committed to
- [Uniparts] FY27 growth will be a couple of percentage points bigger than the growth that [Uniparts] had in FY26 on a year-on-year basis. — a couple of percentage points bigger than FY26's 21%, FY27
- [Uniparts] will deliver FY27 also very comfortably over the 20% plus margin. — over 20% plus, FY27
- Q2FY27 revenue should be in line with Q1FY27 [₹347 Cr]. — in line with Q1, Q2FY27
- First customer deliveries from the Mexico warehouse expected in Q3 of [FY27]. — Q3 of this year, Q3FY27
- The fabrication vertical will become a meaningful vertical in the next 18 to 24 months. — meaningful, next 18 to 24 months
- [Uniparts] warehousing sales will be in the range of 52% to 56% [of revenue]. — 52% to 56%
- [Uniparts] aftermarket business will normalize and return to growth over the next 12 months. — return to growth, next 12 months
- [Uniparts] will not do an acquisition of deeply distressed assets. — will not do an acquisition of deeply distressed assets
Key themes
Construction-led growth and large ag share gains
How the narrative shifted
- Construction equipment recovery: Infrastructure spending and AI/smart manufacturing tailwinds sustaining healthy construction equipment demand, with momentum carried over from H2 CY25.
- Agriculture cycle bottoming: Large ag at cyclical trough in 2026, recovery expected in CY27; small ag beginning early uptick after 3 years of decline.
- Warehouse mix driving margin: Shift toward high-margin warehouse sales (56% of revenue) boosting EBITDA margins; mix expected to sustain at 52-56%.
- Large ag market share gains: Single-digit global share in large ag represents biggest growth runway; new business wins flowing into revenue with Europe momentum.
- Inorganic growth with discipline: Prudently evaluating acquisitions in hydraulics, PTOs, fabrications; no rush, value-accretive criteria; distressed assets off limits.
- Aftermarket normalization ahead: Tariff-driven price volatility deferred aftermarket demand; tariff reduction expected to unlock normalization over next 12 months.
- Fabrication emerging platform: New fabrication investments gaining traction with OEMs; expected to become meaningful vertical in 18-24 months, adding third product platform.
Operational commentary
- Ludhiana finishing shop restoration progressing on schedule; customer supply uninterrupted
- Mexico operations on track for first customer warehouse deliveries in Q3FY27
- Trailing 12-month new business order book exceeds ₹225 Cr, with wins spanning segments and geographies
- Large ag new business wins translating into revenue, with particular momentum in Europe; single-digit global share provides largest growth runway
- Construction equipment segment now 45% of revenue, driven by AI/smart manufacturing spend (US) and government infrastructure investments (Europe)
- Fabrication vertical scaling: OEM discussions advancing; expected to become a meaningful contributor within 18–24 months
- Aftermarket at 12% of revenue, flat YoY due to tariff-driven demand deferral; normalization expected as tariffs eased
- Acquisition pipeline active: evaluating half a dozen targets in hydraulics, PTOs, fabrications; distressed assets explicitly ruled out
Analyst Q&A
Q. Can you provide the channel mix contribution to revenue in Q1 FY26 and Q1 FY27?
In Q1 FY27, warehousing sales was roughly about 56%. In Q1 FY26, it was roughly about 50% to 52%. Locally made locally sold was about 25% in Q1 FY26 and roughly 22% this quarter, with the balance direct exports.
Q. Do you think the construction equipment segment share in revenue will structurally go up?
The construction momentum is multi-quarter, but as ag recovery builds, product and geographic mix will rebalance; this is expected and healthy.
Q. When will acquisitions materially contribute to revenue?
We have evaluated about a dozen targets since IPO; deals fell through for different reasons. We are not in a hurry to do something just to say we've done it. We continue to closely look at half a dozen opportunities and will return to investors when we have more information.
Research and educational content only. Not investment advice.