SEAMEC Ltd Q1 FY27 Results (NSE: SEAMECLTD)
Signal: Margin expansion
The read
The operating trajectory remains strong after the recent rebound, with revenue up 40.8% YoY and EBITDA margin at 48.5%, but PAT growth of 7.2% is less durable because other income contributed 22.3% of PBT; the key inflection is the overseas segment's return to ₹2,664 lakh profit, while domestic profitability contracted 50.3%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹296.92 Cr | 40.8% | -9.2% |
| EBIT | ₹94.01 Cr | 13.9% | |
| Net profit | ₹81.22 Cr | 7.2% | |
| EPS | ₹31.95 | 7.2% | |
| EBIT margin | 48.5% |
P&L walk
Revenue increased to ₹29,692 lakh, +40.8% YoY but -9.2% QoQ; EBITDA rose 23.3% YoY with margin expanding to 48.5%, while PAT rose only 7.2% to ₹8,134 lakh because other income of ₹1,997 lakh represented 22.3% of PBT.
Segments
The overseas segment was the main momentum driver, with revenue up 253.1% YoY to ₹6,966 lakh and result turning positive at ₹2,664 lakh from a loss of ₹2,211 lakh, while domestic result fell 50.3% to ₹4,316 lakh; consolidated PAT of ₹8,134 lakh was only ₹17 lakh above standalone PAT.
Key positives
- Consolidated revenue increased 40.8% YoY to ₹29,692 lakh, supported by overseas revenue growth of 253.1% to ₹6,966 lakh.
- EBITDA margin expanded 250bps YoY to 48.5%, despite revenue declining 9.2% QoQ.
- Overseas segment result turned around from a loss of ₹2,211 lakh to a profit of ₹2,664 lakh.
- EPS grew 7.2% YoY to ₹31.95 and tracked PAT, indicating no material dilution.
Key concerns
- Domestic segment result declined 50.3% YoY to ₹4,316 lakh despite domestic revenue growth of 18.9%, indicating a sharp deterioration in segment profitability.
- EBITDA growth of 23.3% lagged revenue growth of 40.8%, while operating expenses rose 63.4% YoY to ₹11,337 lakh.
- Depreciation increased 46.2% YoY to ₹4,989 lakh, faster than revenue growth, with no asset-base disclosure to confirm whether this reflects productive capex coming online.
Earnings quality: includes non-operating other income
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