CIE Automotive H1FY27 Results (NSE: CIEINDIA)
Signal: Steady quarter
The read
H1FY27 revenue and PAT grew 12.7% and 18.3% YoY respectively, with EBITDA margin stable at 16.2%, supported by moderate input cost relief; operating leverage not yet firing as fixed costs grew in line with revenue.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,232.5 Cr | 12.7% | N/A |
| EBIT | ₹657.15 Cr | 18.0% | |
| Net profit | ₹484.98 Cr | 18.3% | |
| EPS | ₹12.78 | 18.3% | |
| EBIT margin | 16.2% |
P&L walk
Revenue grew 12.7% YoY, with EBITDA margin steady at 16.2% as input cost savings offset higher employee costs; operating leverage limited as fixed costs grew nearly in line with revenue.
Key positives
- Revenue growth of 12.7% YoY, acceleration from mid-single-digit growth in prior quarters.
- PAT grew 18.3% YoY, outpacing revenue, with stable margins and low tax rate.
- Consolidated earnings quality clean (other income <20% of PBT).
Key concerns
- Standalone earnings quality flagged due to other income at 28.2% of PBT, partly from dividends.
- Depreciation growing faster than revenue (21.1% vs 12.7%) indicates capital intensity, though capex supports future growth.
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