Windsor Machines Q1 FY27 Results (NSE: WINDMACHIN)
Signal: Loss narrowed
The read
The operating trajectory improved on a 31.3% YoY revenue increase and a 91.4% narrower consolidated loss, but Q1FY27 marked a margin setback: gross margin contracted 472bps to 26.4%, EBIT margin fell 181bps to 1.1%, and finance cost increased 219.2% to ₹350.32 lakh. Segment profitability remained positive, so the key question is whether raw-material intensity and corporate/finance cost burdens reverse rather than whether demand is present.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹148.87 Cr | +31.3% | -19.4% |
| EBIT | ₹1.71 Cr | -49.0% | |
| Net profit | ₹-0.91 Cr | +91.4% | |
| EPS | ₹-0.1 | +92.0% | |
| EBIT margin | 1.1% |
P&L walk
Revenue grew 31.3% YoY, but gross margin compressed 472bps to 26.4% as raw-material consumption rose to 80.3% of revenue; EBIT fell 49.0% to ₹171.14 lakh, while finance cost rose 219.2% to ₹350.32 lakh and kept PAT negative at ₹91.01 lakh.
Segments
Injection Moulding Machinery remained the main driver at ₹7,572.47 lakh revenue and ₹913.00 lakh segment result, while CNC & VMC contributed ₹232.33 lakh result; consolidated segment results rose 42.9% YoY to ₹1,245.86 lakh but ₹1,074.72 lakh of unallocated corporate costs and ₹350.32 lakh finance cost consumed the operating contribution.
Key positives
- Consolidated revenue reached ₹14,886.73 lakh, up 31.3% YoY, with CNC & VMC revenue at ₹4,621.53 lakh and Injection Moulding revenue at ₹7,572.47 lakh.
- Consolidated segment results increased 42.9% YoY to ₹1,245.86 lakh, led by Injection Moulding's ₹913.00 lakh result.
- Employee plus other operating expenses grew 10.0% YoY versus 31.3% revenue growth, indicating fixed-cost containment even though gross-margin pressure dominated.
- The consolidated PAT loss narrowed from ₹1,053.77 lakh to ₹91.01 lakh YoY, while EPS loss narrowed from ₹1.25 to ₹0.10.
Key concerns
- Gross margin compressed 472bps YoY to 26.4% as raw-material consumption increased to 80.3% of revenue from 51.4%; the filing does not disclose the cause.
- Finance cost rose 219.2% YoY to ₹350.32 lakh and exceeded consolidated EBIT of ₹171.14 lakh.
- Unallocated corporate costs were ₹1,074.72 lakh, absorbing most of the ₹1,245.86 lakh segment result.
- Revenue declined 19.4% sequentially from ₹18,464.49 lakh and segment results declined 40.6% from ₹2,099.18 lakh.
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