Key Quantitative Figures - Q1 FY27 Performance (YoY Comparison)

  • Operating Revenue: ₹8,860 Mn, up 33.8% from Q1 FY26's ₹6,624 Mn. The company did not accrue any PLI income in Q1 FY27, whereas it had accrued ₹133 Mn in Q1 FY26.
  • EBITDA: ₹550 Mn, up 0.7% from Q1 FY26's ₹546 Mn.
  • EBITDA Margin: 6.21%, down 203 basis points from 8.24% in Q1 FY26.
  • Profit After Tax (PAT): ₹118 Mn, down 48.5% from ₹229 Mn in Q1 FY26.
  • Diluted EPS: ₹1.23, down 48.5% from ₹2.39 in Q1 FY26.
  • Depreciation: ₹166 Mn, up 30.7% YoY.
  • Finance Costs: ₹202 Mn, up 27.0% YoY.
  • Share of Joint Venture Loss: ₹23 Mn, increased from ₹3 Mn in Q1 FY26.
  • Tax Expense: ₹58 Mn, down 31.8% YoY.

Segment-Wise Revenue Analysis (Q1 FY27 vs Q1 FY26)

  • AC (RAC): ₹6,221 Mn, up 43.8% from ₹4,327 Mn.
  • SDA & LDA: ₹1,314 Mn, up 68.9% from ₹778 Mn.
  • Components: ₹853 Mn, down 23.1% from ₹1,109 Mn.
  • Others: ₹472 Mn, up 15.1% from ₹410 Mn.

Expenditure Analysis (Q1 FY27 vs Q1 FY26)

  • Cost of Goods Sold: ₹7,614 Mn, up 36.3%.
  • Employee Expenses: ₹237 Mn, up 19.1%.
  • Other Expenses: ₹458 Mn, up 56.8%.

Strategic Updates & Outlook

  • Diversification: Non-RAC revenue contribution (SDA, LDA, Components) increased from 20% in FY23 to 45% in FY26. For Q1 FY27, the mix was approximately 30% non-RAC, attributed to seasonal peak demand for RAC.
  • Customer Concentration: Top-customer concentration reduced from 72% (FY23) to 38% (FY26).
  • Capital Expenditure: A total planned investment of ₹4,700 Mn is underway across manufacturing locations in Dehradun, Bhiwadi, and Sri City. As of Q1 FY27, ₹2,971 Mn had been spent in FY26, with an additional ₹102 Mn spent in Q1 FY27.
  • Focus Areas: The strategy is focused on scaling growth engines (SDA/LDA), building strategic partnerships, rebuilding margins through operating leverage, and launching new products (air fryers, mixer grinders, vacuum cleaners, etc.).

Historical Financial Snapshot (Consolidated)

  • FY26 Revenue: ₹18,945 Mn; EBITDA: ₹1,139 Mn (6.01% margin); PAT: ₹33 Mn.
  • FY25 Revenue: ₹21,709 Mn; EBITDA: ₹1,576 Mn (7.26% margin); PAT: ₹551 Mn.
  • Balance Sheet (FY26): Total Equity: ₹9,603 Mn; Gross Debt: ₹7,070 Mn; Net Debt/Equity: 0.72x.
  • Returns (FY26): RoCE: 5.2%; RoE: 0.4%.

Capital Market Information

  • Shareholding Pattern (as of June 30, 2026): Promoters held 46.4%.
  • Manufacturing Facilities: Located in Dehradun (Uttarakhand), Bhiwadi (Rajasthan), and Sri City (Andhra Pradesh).

Compliance Officer

Ms. Esha Gupta, Company Secretary and Compliance Officer.