The Anup Enginee Q1 FY27 Results (NSE: ANUP)
Signal: Revenue declined
The read
The quarter marks a sharp deterioration from Q1FY26: revenue fell 28.5% YoY to ₹125.25 Cr, EBITDA margin contracted 1547bps to 8%, and EPS fell 97.9% to ₹0.28; management frames this as a planned execution trough and fixed-cost under-absorption, but the recovery thesis now depends on converting the ₹985 Cr pending orderbook into revenue while protecting margins against elevated steel, freight and energy costs.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹125.25 Cr | -28.5% | -39.7% |
| EBIT | ₹2.55 Cr | N/A | |
| Net profit | ₹0 Cr | -100% | |
| EPS | ₹0.28 | -97.9% | |
| EBIT margin | 8% |
P&L walk
Consolidated revenue fell to ₹125.25 Cr, down 28.5% YoY and 39.7% QoQ, as planned lower execution followed low order booking last year; EBITDA was ₹9.99 Cr and margin contracted to 8% because lower revenue caused fixed-cost under-absorption, while PAT was reported at ₹0 despite ₹0.52 Cr of other income representing 55.9% of PBT.
Segments
There is no reported segment table; the material basis divergence is that standalone PAT was ₹1.11 Cr while consolidated PAT was reported at ₹0.
Key positives
- Order booking reached ~₹315 Cr in Q1FY27 and ~₹540 Cr YTD, versus current-quarter revenue of ₹125.25 Cr, improving forward visibility.
- Pending orderbook including LOI stood at ₹985 Cr, with ~₹240 Cr booked for FY28, providing a material execution runway if conversion proceeds as planned.
- The company secured more than ₹150 Cr of thermal-power orders and two proprietary licensed-product orders, supporting entry into higher-technology niches.
- Orderbook mix was 61% domestic and 39% exports, while Air-Cooled Heat Exchanger manufacturing for a German customer has commenced.
Key concerns
- Revenue declined 28.5% YoY to ₹125.25 Cr and EBITDA margin fell 1547bps YoY to 8%, showing severe earnings sensitivity to execution volume and fixed-cost absorption.
- Consolidated PAT was reported at ₹0 and EPS fell 97.9% YoY to ₹0.28, materially weakening near-term earnings visibility.
- Elevated steel prices, freight and energy costs remain a margin risk even though management stated its intention to protect margins.
- Complex projects may create periodic revenue volatility because of longer execution cycles, making orderbook conversion timing uncertain.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.