Auto.Corp.of Goa Q1 FY27 Results (BSE: 505036)
Signal: Revenue declined
The read
Q1FY27 marks a sharp margin and earnings reset: revenue declined 2.91% YoY to ₹24,894.40 lakh, but EBITDA fell 47.30% and margin compressed 566bps to 6.69% as material intensity rose to 73.98% and international bus-body volumes weakened; recovery depends on normalization of overseas volumes and commodity conditions.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹248.94 Cr | -2.91% | -8.02% |
| EBIT | ₹15.22 Cr | N/A | |
| Net profit | ₹11.22 Cr | -51.39% | |
| EPS | ₹18.42 | -51.40% | |
| EBIT margin | 6.69% |
P&L walk
Revenue declined 2.91% YoY and 8.02% QoQ, gross margin compressed as material intensity rose to 73.98% from 69.32%, EBITDA margin fell to 6.69% from 12.35%, and PAT declined 51.39% to ₹1,121.63 lakh; the filing attributes volume pressure primarily to weaker international business.
Segments
The bus body building segment remains the earnings engine at ₹22,957.90 lakh revenue and ₹1,337.56 lakh result, but its result fell 48.16% YoY; the pressing segment was weaker, with revenue down 14.12% and result down 85.70% to ₹28.33 lakh.
Key positives
- Domestic business remained stable while bus-body deliveries were 2,712 units, only 2.59% below 2,784 units YoY.
- Finance cost was only ₹2.73 lakh, limiting balance-sheet drag on earnings.
- Depreciation rose 31.77% alongside a 15.48% increase in total capital employed, and the depreciation-to-capital-base check was clean.
- The company continues to focus on operational efficiency, cost optimisation and capability building despite near-term international-volume pressure.
Key concerns
- EBITDA margin fell 566bps YoY to 6.69% while revenue declined 2.91%, indicating material and volume pressure rather than operating leverage.
- Raw material intensity rose to 73.98% of total income from 69.32% YoY, compressing gross margin by approximately 466bps.
- Bus body segment result declined 48.16% YoY to ₹1,337.56 lakh, while pressing segment result declined 85.70% to ₹28.33 lakh.
- Tata Motors contributed ₹23,335.54 lakh, over 10% of revenue and approximately 93.7% of revenue from operations, highlighting customer concentration.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.