Ram Ratna Wires Q1 FY27 Results (NSE: RAMRAT)
Signal: Growth reaccelerated
The read
Q1FY27: Revenue jumped 88.6% YoY to ₹1,853 Cr, the highest quarterly growth, driven by massive scaling of copper tubes. PAT grew 127.7% but EPS growth was dampened by 1:1 bonus share; gross margin contracted 90bps due to higher copper costs, limiting EBITDA margin expansion to 28bps.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,853.28 Cr | 88.6% | -64.2% |
| EBIT | ₹79.16 Cr | 106.7% | |
| Net profit | ₹35.21 Cr | 127.7% | |
| EPS | ₹3.77 | 127.1% | |
| EBIT margin | 5% |
P&L walk
Revenue growth of 88.6% YoY was volume-led, with copper tubes tripling; EBITDA margin expanded 28bps to 5% despite gross margin contraction of 90bps, as employee and depreciation costs grew slower than revenue.
Segments
Copper tubes & pipes segment revenue surged 256.7% YoY to ₹489.98 Cr, contributing over half of the incremental revenue; winding wires grew 64.1% YoY; the 'others' segment (subsidiary Tefabo) was flat and contributed a small loss.
Key positives
- Revenue growth of 88.6% YoY, the fastest in recent quarters
- Copper tubes & pipes segment revenue nearly tripled to ₹489.98 Cr
- PAT grew 127.7% YoY, driven by strong volume growth
Key concerns
- Gross margin contracted 90bps YoY to 8.9% due to higher raw material cost (copper)
- Potential EPR cost uncertainty from new waste rules – impact not yet determinable
Research and educational content only. Not investment advice.