Uniparts India Q1 FY27 Results (NSE: UNIPARTS)
Signal: Margin expansion
The read
The earnings recovery is broadening beyond the prior low base: Q1FY27 revenue grew 27.0% YoY, EBITDA grew 55.4% and EBITDA margin expanded 460bps to 25.3%, marking the fifth consecutive quarter of YoY margin expansion; the next thesis test is whether Mexico deliveries in Q3 and the INR 225 crore-plus order book convert into sustained growth while large agriculture remains market-subdued.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹347.4 Cr | 27.0% | 2.5% |
| EBIT | ₹78 Cr | 67.0% | |
| Net profit | ₹56.6 Cr | 64.1% | |
| EPS | ₹12.54 | 64.9% | |
| EBIT margin | 25.3% |
P&L walk
Revenue from operations rose to INR 3,474 Mn, +27.0% YoY and +2.5% QoQ, with gross margin expanding to 66.6% from 65.6% YoY and EBITDA margin reaching 25.3% from 20.7%; depreciation was broadly controlled at INR 118 Mn, while PAT rose 64.1% to INR 566 Mn.
Segments
No consolidated segment-results table was disclosed; the operating mix shows OEM at 87.7% of Q1FY27 revenue versus 85.0% in FY26, while aftermarket was approximately 12% of revenue and flat YoY in absolute terms.
Key positives
- Revenue from operations reached INR 3,474 Mn, +27.0% YoY and +2.5% QoQ, with construction equipment momentum and new business additions supporting growth.
- EBITDA rose 55.4% YoY to INR 898 Mn and EBITDA margin expanded 460bps YoY to 25.3%, above the stated long-term margin guidance of 20%.
- Trailing-twelve-month new business order book remained over INR 225 crore, with wins across segments and geographies and particular momentum in large agriculture in Europe.
- Net cash was INR 190 crore despite the INR 101cr special dividend in October 2025, indicating continued cash-generation capacity.
- First customer deliveries from the Mexico warehouse are expected in Q3, adding a near-shoring capability to the global delivery model.
Key concerns
- Aftermarket was approximately 12% of Q1FY27 revenue and flat YoY in absolute terms as tariff-driven price volatility caused customers and channel partners to moderate purchases.
- Large agriculture conditions remain subdued and management said its growth in this segment is entirely due to new business wins rather than market growth.
- Finance cost increased 70.0% YoY to INR 34 Mn, although it remains modest relative to EBIT of INR 780 Mn.
- Western-market small agriculture demand remains measured, with customer buying decisions continuing to be deferred amid economic uncertainty and volatility.
Research and educational content only. Not investment advice.