Uniparts India Q1 FY27 Results (NSE: UNIPARTS)
Signal: Margin expansion
The read
OPM expanded to 23.6% (+277bps YoY) — 4th consecutive quarter of margin expansion — driven by operating leverage and input cost tailwinds. PAT ₹56.6 Cr (+64% YoY) sits at group level; standalone PAT contributed 41% of consolidated, indicating subsidiaries (US/EU) are major earnings drivers.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹347.38 Cr | 26.9% | -70.3% |
| EBIT | ₹77.97 Cr | 66.8% | |
| Net profit | ₹56.61 Cr | 64.3% | |
| EPS | ₹12.54 | 64.1% | |
| EBIT margin | 23.6% |
P&L walk
Revenue jumped 27% YoY on strong volume recovery; gross margin improved as raw material cost % fell (33.7% vs 37.1% a year ago); EBITDA grew 55% YoY, outpacing revenue by 28pp, driven by operating leverage and input cost tailwinds; PAT grew 64% YoY, tracking operating profit with no exceptional drag.
Key positives
- Revenue growth 26.9% YoY — sharpest in 2 years, driven by volume recovery in off-highway vehicles.
- EBITDA margin 25.8% — highest in 5 quarters, expanding via operating leverage and raw material cost decline.
- PAT growth 64.3% YoY — operating profit translation intact, no exceptional items.
- EPS ₹12.54, +64.1% YoY — clean earnings profile with no dilution.
- Standalone OPM improved to 15.7% from 13.2% a year ago — core domestic business gaining traction.
Key concerns
- QoQ revenue -70.3% reflects typical seasonality from Q4 to Q1; but sequential drop is steep and warrants monitoring.
- Finance costs grew 63.5% YoY — debt levels may be rising; though coverage remains strong at 38.96x.
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