Enkei Wheels Q1 FY27 Results (NSE: ENKEIWHEL)
Signal: Loss reversed
The read
The quarter establishes positive operating profitability with EBITDA of ₹53.4 million and an 8.6% margin, but the more important trajectory signal is weak cash conversion: operating cash flow was negative ₹538.50 million while borrowings rose to ₹3071.85 million, and PPE fell to ₹3057.65 million with nil CWIP.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹618.09 Cr | 34.0% | N/A |
| EBIT | ₹24.02 Cr | 944.3% | N/A |
| Net profit | ₹9.64 Cr | N/A | N/A |
| EPS | ₹5.36 | N/A | N/A |
| EBIT margin | 8.6% |
P&L walk
Standalone revenue was ₹618.09 million, EBITDA was ₹53.4 million at an 8.6% margin, EBIT was ₹24.02 million and PAT was ₹9.64 million; YoY and QoQ changes are not available in the authoritative XBRL extract.
Key positives
- EBITDA was ₹53.4 million and EBITDA margin was 8.6%, indicating positive operating profitability in Q1FY27.
- PAT was ₹9.64 million and other income was only ₹0.4 million, so the reported profit was not materially dependent on treasury or non-operating income.
- The statutory auditors issued an unmodified limited review report.
Key concerns
- Operating cash flow was negative ₹538.50 million despite PAT of ₹9.64 million, highlighting a significant cash-conversion gap.
- Borrowings increased to ₹3071.85 million from ₹2100.35 million at 31-Dec-2025.
- PPE declined to ₹3057.65 million from ₹3233.12 million and CWIP fell to nil, limiting evidence of a current capacity-expansion cycle.
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