Shivalik Bimetal Q1 FY27 Results (NSE: SBCL)
Signal: Growth reaccelerated
The read
Q1FY27 marks a renewed growth inflection after Q4FY26's 22% operating margin: consolidated revenue accelerated to ₹18,219.64 lakh, +33.4% YoY, EBITDA margin expanded to 25.6% from an estimated 25.0%, and PAT rose 44.9% to ₹3,300.68 lakh; however, the 120bps gross-margin compression and material-cost intensity rising to 71.2% show that the margin improvement is not input-cost-led and should be monitored for mix or operating-cost durability.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹182.2 Cr | +33.4% | +12.0% |
| EBIT | ₹42.61 Cr | +38.1% | |
| Net profit | ₹33.01 Cr | +44.9% | |
| EPS | ₹5.73 | +44.7% | |
| EBIT margin | 25.6% |
P&L walk
Consolidated revenue increased to ₹18,219.64 lakh, +33.4% YoY and +12.0% QoQ, with EBITDA rising +36.5% YoY to ₹4,656 lakh and margin expanding to 25.6%; PAT growth of +44.9% was additionally supported by the joint venture's ₹227.31 lakh profit, while gross margin compressed 120bps YoY as material costs rose faster than revenue.
Segments
The group materially outperformed the parent: consolidated revenue grew 33.4% YoY to ₹18,219.64 lakh versus standalone growth of 12.9% to ₹13,180.81 lakh, while the joint venture contributed ₹227.31 lakh of profit versus ₹55.79 lakh a year earlier.
Key positives
- Consolidated revenue reached ₹18,219.64 lakh, +33.4% YoY and +12.0% QoQ, materially above the ₹13,659.68 lakh year-ago base.
- EBITDA increased 36.5% YoY to ₹4,656 lakh versus revenue growth of 33.4%, with EBITDA margin expanding 60bps to 25.6%.
- The joint venture's contribution rose to ₹227.31 lakh from ₹55.79 lakh YoY, supporting consolidated PAT growth of 44.9%.
- EPS rose 44.7% YoY to ₹5.73 and tracked PAT growth, with no material dilution indicated.
Key concerns
- Consolidated gross margin declined 120bps YoY to 43.4% as raw material cost rose to 71.2% of revenue from 57.6%; the filing does not disclose whether this reflects mix, pricing or input-cost movement.
- Standalone revenue grew only 12.9% YoY to ₹13,180.81 lakh, well below consolidated growth of 33.4%, increasing reliance on subsidiaries and the joint venture for group momentum.
- Finance costs rose 27.7% YoY to ₹129.63 lakh, faster than revenue growth, although the absolute burden remains modest.
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