Poojaa Precision Engg. H1FY27 Results (BSE: 544844)
Signal: Steady quarter
The read
The key inflection is mix-led scaling: revenue rose 68% YoY to ₹2,101 million while EBITDA rose 74% to ₹396 million at a 19% margin, as EV and non-automotive revenue grew 80% and 194% respectively; the next test is converting planned capacity expansion into growth without allowing utilisation to remain near 70%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹210.1 Cr | 68% | N/A |
| Net profit | ₹24.9 Cr | 88% | |
| EBIT margin | 19% |
P&L walk
Consolidated H1FY27 revenue was ₹2,101 million, up 68% YoY, while EBITDA rose 74% to ₹396 million at a 19% margin and PAT rose 88% to ₹249 million; management attributes margin expansion to shop-floor efficiencies, higher capacity utilisation and a more value-added product mix.
Segments
Non-automotive was the fastest-growing disclosed end-market at ₹532 million, up 194% YoY, while EV revenue reached ₹250 million, up 80%; together they contributed 37.0% of H1FY27 segment revenue versus 26.7% in H1FY26, reducing automotive concentration despite automotive remaining largest at ₹1,334 million.
Key positives
- Revenue from operations was ₹2,101 million, up 68% YoY, while EBITDA was ₹396 million, up 74% YoY, indicating margin expansion alongside growth rather than cost-cutting alone.
- Non-automotive revenue rose 194% YoY to ₹532 million and EV revenue rose 80% YoY to ₹250 million, lifting their combined mix to 37.0% from 26.7% in H1FY26.
- Order book reached ₹11,800 million scheduled for execution by FY29, providing disclosed revenue visibility relative to H1FY27 revenue of ₹2,101 million.
- Debt-to-equity was 0.08x and current ratio was 4.18x, supporting the planned expansion from 13,800 MTPA melting and 6,000 MTPA casting capacity to 28,800 MTPA and 12,600 MTPA respectively.
Key concerns
- Casting and finishing capacity utilisation was 71% and melting utilisation was 70% in H1FY27, so the planned capacity increase requires materially higher utilisation to generate adequate returns.
- The segment table reports total H1FY27 revenue of ₹2,116 million, while revenue from operations is stated as ₹2,101 million; the ₹15 million presentation difference should be reconciled.
- Around 99% of revenue is domestic, leaving the current growth trajectory exposed to domestic automotive, EV and industrial demand despite the stated export opportunity.
Research and educational content only. Not investment advice.