CIE Automotive Q1 FY27 Results (NSE: CIEINDIA)
Signal: Margin expansion
The read
The key inflection is operating margin: consolidated EBITDA margin rose to 16.2% from 14% in Q1FY26 and 15% in Q4FY26 as revenue grew 10.6% YoY, while PAT increased 15.6%; however, negative standalone operating cash flow of ₹2753.67 million and standalone other income equal to 28.2% of PBT temper the quality of the recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹523.25 Cr | +10.6% | +0.4% |
| EBIT | ₹65.72 Cr | N/A | |
| Net profit | ₹48.5 Cr | +15.6% | |
| EPS | ₹12.78 | N/A | |
| EBIT margin | 16.2% |
P&L walk
Consolidated EBITDA was ₹848.57 million at a 16.2% margin and PAT was ₹484.98 million; both the margin and bottom line improved versus the recent Q1FY26 trajectory, but the filing does not provide comparable XBRL prior values for the EBIT and EPS lines.
Segments
No segment results table was disclosed; the material basis divergence is that standalone EBITDA margin was 21.4% versus consolidated margin of 16.2%, while consolidated PAT of ₹484.98 million exceeded standalone PAT of ₹382.64 million through subsidiary earnings.
Key positives
- Consolidated revenue of ₹5232.5 million grew 10.6% YoY, extending the recovery from the FY25 revenue decline.
- EBITDA margin expanded to 16.2%, 100bps above the recent Q1FY26 margin trajectory, while EBITDA was ₹848.57 million.
- PAT of ₹484.98 million grew 15.6% YoY, ahead of revenue growth of 10.6%, indicating improved operating conversion.
- Standalone PPE increased 6.1% to ₹13665.96 million, while depreciation rose to ₹779.54 million from ₹754.50 million, a broadly consistent capex-maturity signal.
Key concerns
- Standalone operating cash flow was negative ₹2753.67 million in H1FY27 versus negative ₹2266.73 million in H1FY26 despite standalone PAT of ₹382.64 million.
- Standalone other income of ₹137.15 million was 28.2% of PBT, with subsidiary dividends of ₹32.74 million in Q1, reducing the quality of parent-level earnings.
- Consolidated margin remains dependent on group subsidiaries: standalone EBITDA margin was 21.4% versus consolidated margin of 16.2%.
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