Euro Panel Q1 FY27 Results (NSE: EUROBOND)
Signal: Growth decelerated
The read
The key inflection is weaker earnings conversion: consolidated revenue grew 14.3% YoY to ₹11,981.28 lakh, but EBITDA margin was 10.9%, PAT fell 16.4% to ₹478.17 lakh, and finance costs rose 21.4% YoY to ₹372.29 lakh; this follows the prior series' margin contraction from 11.45% in Q2FY26 to 10.24% in Q3FY26 and 10.7% in Q4FY26.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹119.81 Cr | +14.3% | -15.1% |
| EBIT | ₹10.51 Cr | N/A | |
| Net profit | ₹4.78 Cr | -16.4% | |
| EPS | ₹1.95 | -16.7% | |
| EBIT margin | 10.9% |
P&L walk
Revenue rose 14.3% YoY to ₹11,981.28 lakh, but gross margin fell 83bps to 31.3% and finance costs rose 21.4% to ₹372.29 lakh, resulting in PAT declining 16.4% to ₹478.17 lakh.
Segments
The business has one reportable segment, Aluminium Composite Panels; consolidated PAT of ₹478.17 lakh was ₹17.35 lakh below standalone PAT of ₹495.52 lakh, primarily reflecting the subsidiary drag, including a reported ₹18.63 lakh loss at the Qatar subsidiary.
Key positives
- Consolidated revenue grew 14.3% YoY to ₹11,981.28 lakh, extending the company's multi-year growth trajectory.
- Employee and other operating expenses grew only 4.0% YoY versus 14.3% revenue growth, providing partial cost absorption despite gross-margin compression.
- The company commissioned a 2.2 MW solar plant in July 2026, taking captive solar capacity to 3.6 MW; the filing does not quantify the future cost benefit.
Key concerns
- PAT declined 16.4% YoY to ₹478.17 lakh despite 14.3% revenue growth, indicating weaker operating conversion.
- Finance costs rose 21.4% YoY to ₹372.29 lakh and 85.6% sequentially, creating a growing earnings drag.
- Consolidated EBITDA margin was 10.9%, below the 11.45% margin recorded in Q2FY26 and the 10.7% recorded in Q4FY26.
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