Dhoot Transmission Q1 FY27 Results (NSE: DHOOTTRANS)
Signal: Margin pressure
The read
The growth trajectory remains strong, with revenue up 49.7% YoY and EV-related supplies up 79.2% to 27% of consolidated revenue, but Q1FY27 marked a margin setback as EBITDA margin fell 250bps YoY to 15.1%; the near-term inflection depends on raw-material pass-through catching up and Multilink integration scaling the non-wiring harness business.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,446.4 Cr | 49.7% | 13.2% |
| Net profit | ₹132.7 Cr | 37.8% | |
| EBIT margin | 15.1% |
P&L walk
Revenue increased 49.7% YoY and 13.2% QoQ, led by 53.2% India growth and 79.2% EV-related supply growth, while EBITDA grew 29.0% YoY and margin declined 250bps to 15.1% because higher labour costs and delayed raw-material pass-through offset operating growth; finance cost fell 34.0% and PAT rose 37.8% to ₹1,327 million.
Key positives
- Revenue increased 49.7% YoY to ₹14,464 million, with India Business revenue up 53.2% and Global Business revenue up 18.3%.
- EV-related supplies grew 79.2% YoY and reached 27% of consolidated revenue, supporting the group's wiring harness and non-wiring harness expansion.
- Finance cost declined 34.0% YoY to ₹155 million as the March 2026 equity infusion reduced working-capital debt requirements.
- Multilink control was gained on June 11, 2026, and management expects the integration to be completed by Q3 or early Q4, potentially scaling the non-wiring harness business.
Key concerns
- EBITDA margin declined 250bps YoY to 15.1% despite 49.7% revenue growth, reflecting higher labour costs and the lag in passing copper and other raw-material price increases to customers.
- EBITDA growth of 29.0% trailed revenue growth of 49.7%, indicating weaker conversion of rapid sales growth into operating profit in Q1FY27.
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