SPR Auto Technologies Q1 FY27 Results (NSE: SHRIPISTON)
Signal: Margin pressure
The read
The trajectory has shifted from acquisition-led revenue acceleration to margin digestion: revenue growth reached 53.1%, but raw-material intensity rose 910bps to 51.7%, EBITDA growth lagged at 26.6%, and PAT growth slowed to 7.0%; this is the second consecutive quarter of YoY margin contraction after Q4FY26's 300bps decline.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,474.4 Cr | +53.1% | +1.3% |
| EBIT | ₹229.4 Cr | N/A | |
| Net profit | ₹144.4 Cr | +7.0% | |
| EPS | ₹32.78 | +8.0% | |
| EBIT margin | 19.2% |
P&L walk
Consolidated revenue of ₹1474.4 crore grew 53.1% YoY, driven by acquisition-led scale, but EBITDA of ₹282.8 crore grew only 26.6% as raw-material intensity rose to 51.7% from 42.6%; PAT of ₹144.4 crore consequently increased just 7.0%.
Segments
The consolidated-versus-standalone gap is material: consolidated revenue of ₹1474.4 crore and PAT of ₹144.4 crore versus standalone revenue of ₹941.6 crore and PAT of ₹111.9 crore, with subsidiaries or acquired operations adding ₹532.8 crore of revenue and ₹32.5 crore of PAT.
Key positives
- Consolidated revenue increased 53.1% YoY to ₹1474.4 crore, accelerating from 47.4% YoY in Q4FY26 and 20.6% in Q3FY26.
- EBITDA increased 26.6% YoY to ₹282.8 crore despite material-cost pressure, and EBITDA margin recovered 120bps sequentially from approximately 18% in Q4FY26.
- EPS grew 8.0% YoY to ₹32.78, slightly faster than PAT growth of 7.0%, indicating no evident dilution drag.
- Standalone EBITDA margin of 21.4% was 220bps above consolidated margin of 19.2%, showing the parent business remains more profitable than the acquired or subsidiary operations.
Key concerns
- Raw-material intensity rose to 51.7% of revenue from 42.6% a year ago, a 910bps deterioration that compressed EBITDA margin by 105bps to 19.2%.
- Revenue grew 53.1% YoY but PAT grew only 7.0% to ₹144.4 crore, showing weak earnings conversion during the acquisition-led scale-up.
- EBITDA growth of 26.6% trailed revenue growth by 26.5 percentage points, so the current result does not meet the conditions for an operating-leverage thesis.
- Consolidated PAT fell 9.2% sequentially to ₹144.4 crore despite revenue rising 1.3%, indicating that margin recovery from Q4FY26 remains incomplete.
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