Triton Valves Q1 FY27 Results (NSE: TRITONV)
Signal: Growth reaccelerated
The read
Q1FY27 marks a third consecutive YoY quarter of EBITDA-margin expansion, reaching 6.7% from 6.3% in Q1FY26, but the trajectory is less clean than the 535.7% PAT growth suggests: gross margin compressed about 180bps, standalone revenue rose only 4.2%, and the consolidated tax benefit of ₹427.87 lakh materially inflated earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹186.6 Cr | 38.5% | +17.1% |
| EBIT | ₹9.39 Cr | 61.1% | |
| Net profit | ₹9.79 Cr | 535.7% | |
| EPS | ₹19.11 | 49.2% | |
| EBIT margin | 6.7% |
P&L walk
Consolidated revenue increased 38.5% YoY to ₹18,659.50 lakh, while EBITDA increased 40.4% YoY to ₹12.41 Cr and margin expanded to 6.7%; however, gross margin compressed about 180bps as raw-material and inventory cost rose to 75.8% of revenue, and PAT growth to ₹978.92 lakh was amplified by a ₹427.87 lakh deferred-tax benefit.
Segments
The group-level expansion is not representative of the parent: consolidated revenue grew 38.5% YoY to ₹18,659.50 lakh versus standalone growth of 4.2% to ₹10,760.90 lakh, with the Automotive segment at ₹10,371.58 lakh and Climate Control declining 38.4% YoY to ₹389.41 lakh.
Key positives
- Consolidated revenue increased 38.5% YoY to ₹18,659.50 lakh, accelerating from 11.9% YoY in Q4FY26.
- EBITDA grew 40.4% YoY to ₹12.41 Cr versus revenue growth of 38.5%, while EBITDA margin expanded 41bps YoY to 6.7%.
- Finance costs declined 7.0% YoY to ₹324.43 lakh despite 38.5% revenue growth.
- The new conversion model with TVFT, effective April 1, 2026, is intended to improve inventory management, supply-chain visibility and planning and mitigate brass-price volatility.
Key concerns
- Gross margin compressed approximately 180bps YoY to 24.2% as raw-material and inventory cost rose to 75.8% of revenue; the filing does not disclose the cause.
- Standalone revenue grew only 4.2% YoY to ₹10,760.90 lakh, substantially below consolidated growth of 38.5%, indicating that group momentum is concentrated outside the parent entity.
- PAT growth is tax-assisted: the consolidated deferred-tax benefit was ₹427.87 lakh against PBT of ₹615.04 lakh.
- Climate Control revenue declined 38.4% YoY to ₹389.41 lakh.
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