Uno Minda Q1 FY27 Results (NSE: UNOMINDA)
Signal: Margin pressure
The read
Revenue growth remains strong at 23.8% YoY, but the P&L is dominated by gross margin compression of 350bps YoY as RM-to-sales jumped to 66.7%. EBITDA margin fell 196bps to 10.4%, and PAT growth stalled at 1.7%. The company is investing in new capacity (4W seating plant, ₹320 Cr approved in July 2026), but near-term earnings are under input cost pressure.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,556.85 Cr | 23.8% | 4.1% |
| EBIT | ₹401.36 Cr | N/A | |
| Net profit | ₹295.83 Cr | 1.7% | |
| EPS | ₹5.12 | 1.2% | |
| EBIT margin | 10.4% |
P&L walk
Consolidated P&L shows volume-driven revenue growth overwhelmed by input cost inflation; EBITDA margin compressed 196bps YoY as RM% surged 350bps, offsetting employee cost efficiency. PAT growth stalled at 1.7% YoY.
Key positives
- Revenue grew 23.8% YoY to ₹5,556.85 Cr, accelerating from 17.8% in Q4FY26.
- Employee cost grew only 15.2% YoY, improving cost efficiency (12.9% of revenue vs 13.9%).
- No exceptional items or audit qualifications in consolidated results.
- Debt-equity remains conservative at 0.32x (standalone), and interest coverage strong.
Key concerns
- Gross margin compressed 350bps YoY as raw material cost % surged to 66.7% from 63.2%.
- EBITDA margin dropped 196bps YoY to 10.4%, breaking a four-quarter trend near 11-12%.
- PAT growth nearly flat at +1.7% YoY, and EPS grew only +1.2%.
- Other income halved to ₹6.31 Cr (from ₹12.03 Cr), reducing bottom-line cushion.
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