R R Kabel Q1 FY27 Results (NSE: RRKABEL)
Signal: Margin expansion
The read
Q1FY27 marks a record quarter: revenue ₹31,682 Mn (+54% YoY), EBITDA ₹2,853 Mn (+99% YoY), PAT ₹2,052 Mn (+129% YoY). W&C remains the growth engine, while FMEG crosses a key profitability milestone. The exceptional gain of ₹138 Mn (positive) boosted PBT, but underlying performance was also strong. Margin trajectory continues to improve, with EBITDA margin at 9.0% (+205bps YoY).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,168.2 Cr | 54% | 7% |
| EBIT | ₹285.3 Cr | 99% | |
| Net profit | ₹205.2 Cr | 129% | |
| EBIT margin | 9.0% |
P&L walk
Revenue surged 54% YoY to ₹31,682 Mn, driven by strong volume growth in W&C (+57% YoY) and continued FMEG expansion. EBITDA margin expanded 205bps YoY to 9.0% on improved product mix, cost management, and operating leverage. PAT grew 129% YoY to ₹2,052 Mn, but included a ₹138 Mn exceptional gain (positive); underlying PAT before exceptional items grew 118% YoY. The FMEG segment achieved operational breakeven for the first time.
Segments
W&C segment revenue grew 57% YoY, segment profit up 105% YoY with margin expansion of 232bps; FMEG achieved operational breakeven, driven by premium products and distribution expansion, though exact revenue figures not disclosed.
Key positives
- Highest ever quarterly revenue of ₹31,682 Mn, up 54% YoY
- EBITDA doubled to ₹2,853 Mn, margin expanded 205bps YoY to 9.0%
- PAT more than doubled to ₹2,052 Mn, PAT margin up 212bps to 6.5%
- W&C segment grew 57% YoY with profit up 105% and margin expansion of 232bps
- FMEG segment achieved operational breakeven, a key milestone
Key concerns
- PAT includes a ₹138 Mn exceptional gain (one-off), inflating reported growth; underlying PBT before exceptional items grew 118% YoY, still strong but less pronounced
- QoQ revenue growth of 7% moderated from earlier quarters, though seasonal factors may apply
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