Intl. Conveyors Q1 FY27 Results (NSE: INTLCONV)
Signal: Revenue declined
The read
The earnings inflection is financial rather than operational: consolidated revenue fell 0.4% YoY to 3532 lakh, core conveyor PBIT rose 180.3% to 1847 lakh, but investment PBIT of 14339 lakh accounted for nearly all of the 11982 lakh PAT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹35.32 Cr | -0.4% | -63.6% |
| Net profit | ₹119.82 Cr | +130.1% | |
| EPS | ₹18.79 | +128.5% |
P&L walk
Consolidated revenue was 3532 lakh, -0.4% YoY and -63.6% QoQ, but PAT increased to 11982 lakh, +130.1% YoY, because the investment segment contributed 14339 lakh of PBIT versus 6350 lakh last year; core conveyor PBIT was 1847 lakh, +180.3% YoY but down 72.3% QoQ.
Segments
The investment segment drove the group with 14339 lakh of PBIT versus 6350 lakh YoY, while the core Conveyor Belts segment generated 1847 lakh of PBIT on 3301 lakh revenue; standalone PAT of 12022 lakh was only 40 lakh above consolidated PAT.
Key positives
- Conveyor Belts segment PBIT rose to 1847 lakh, +180.3% YoY, despite segment revenue of 3301 lakh declining 0.9% YoY.
- Consolidated EPS rose to ₹18.79 from ₹8.22, broadly tracking PAT growth and showing no material dilution signal.
- Consolidated segment assets increased to 74364 lakh from 60069 lakh YoY while depreciation rose to 45 lakh from 38 lakh, a clean depreciation-to-asset-base cross-check.
Key concerns
- Investment PBIT of 14339 lakh was 93.0% of total reported segment PBIT of 15429 lakh, making the 11982 lakh PAT highly dependent on investment performance rather than core manufacturing.
- Consolidated revenue of 3532 lakh was down 63.6% QoQ from 9703 lakh, indicating substantial quarterly volatility despite flat YoY revenue.
- Raw materials consumed increased to 74.1% of revenue from 57.0% YoY; the filing does not explain the resulting gross-margin movement or the 2824 lakh inventory-change credit.
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