NDR Auto Compon. Q1 FY27 Results (NSE: NDRAUTO)
Signal: Steady quarter
The read
The trajectory remains constructive: revenue accelerated to 19.6% YoY from 14.9% in Q2FY26 and 18.9% in Q3FY26, while EBITDA margin reached 11.4% after the prior quarter's 11.0% level; however, the 3.3% QoQ revenue decline and 26.1% fall in associate/JV profit temper the quality of the quarter's 20.7% PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹221.45 Cr | +19.6% | -3.3% |
| EBIT | ₹18.96 Cr | +32.1% | |
| Net profit | ₹16.4 Cr | +20.7% | |
| EPS | ₹6.9 | +20.6% | |
| EBIT margin | 11.4% |
P&L walk
Consolidated revenue increased 19.6% YoY to ₹22,145.27 lakh, gross margin was broadly stable at 26.6%, EBITDA margin expanded to 11.4%, and PAT grew 20.7% to ₹1,640.34 lakh, although associate and joint-venture contribution fell 26.1% to ₹178.32 lakh.
Segments
The group has one reporting segment, so no segment-level momentum split is disclosed; consolidated PAT of ₹1,640.34 lakh exceeded standalone PAT of ₹1,472.18 lakh, although associate and JV contribution fell 26.1% YoY to ₹178.32 lakh.
Key positives
- Consolidated revenue rose 19.6% YoY to ₹22,145.27 lakh, accelerating from 14.9% YoY in Q2FY26 and 18.9% in Q3FY26.
- Derived EBITDA grew 27.6% YoY to ₹2,534.68 lakh versus revenue growth of 19.6%, with EBITDA margin expanding 72bps to 11.4%.
- Raw material and component cost declined to 72.3% of revenue from 73.4% a year ago, while gross margin remained broadly stable at 26.6%.
- Standalone PAT grew 31.6% YoY to ₹1,472.18 lakh and standalone EPS rose 31.7% to ₹6.19, showing stronger parent operating performance than the consolidated PAT growth of 20.7%.
Key concerns
- Consolidated revenue declined 3.3% QoQ to ₹22,145.27 lakh, interrupting the recent sequential growth trajectory.
- Share of profit from associates and joint ventures fell 26.1% YoY to ₹178.32 lakh and 43.0% QoQ, reducing the contribution from non-parent operations.
- Depreciation increased 34.2% YoY to ₹638.46 lakh, but the filing does not disclose the fixed-asset or CWIP base needed to assess whether this reflects productive capex.
- The company granted 66,641 stock options at an exercise price of Rs. 500.50/-; dilution is not yet reflected in current EPS but should be tracked as vesting begins not earlier than 2 years from grant.
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