Uniparts India Q1 FY27 PAT Up 64% YoY

Revenue from operations for Q1 FY27: ₹347 crores, representing 27% year-over-year growth
EBITDA for the quarter: ₹90 crores, registering 55% growth year-on-year and 10% growth sequentially
Profit after tax (PAT): ₹57 crores, up 64% year-over-year and 11% quarter-over-quarter
EBITDA margin: 25.9% for Q1 FY27
Trailing 12-month EPS: ₹39.97
ROCE: North of 27% (trailing 12-month)
ROE: 20% (trailing 12-month)
Net cash position: ₹190 crores as of June 30, 2026
Operating cash flow generated: ₹44 crores during the quarter
Net working capital: 139 days of trailing 12-month revenue
Capital expenditure: ₹12 crores during the quarter (2.5%-3.5% of revenue)
Material cost: 33.3% of revenue in Q1 FY27

Ludhiana facility restoration: Progressing well and on schedule with customer supply remaining uninterrupted throughout
Mexico operations: On track with first customer deliveries from warehouse expected in Q3 FY27
New business order book: Trailing 12-month new business order book remains robust at over ₹225 crores

Construction Equipment Segment (45% of total revenue)

Continued momentum from second half of calendar year 2025 into Q1 FY27
Driven by infrastructure-led spending in U.S. (technology investments) and government-led investments in Europe
Performing well with growth supported by market recovery and new business additions

Large Agricultural Equipment Segment

Conditions remain subdued across the industry
Leading OEMs indicate calendar year 2026 represents cyclical bottom
Meaningful recovery expected through calendar year 2027
Company's growth in this segment is entirely from new business wins, particularly in Europe

Small Agriculture Equipment Segment

India continues to perform well supported by government subsidy programs and rising adoption in mid-to-higher horsepower categories
New business wins in India have been particularly strong
Western markets show more measured growth with consumer appetite tempered by economic uncertainty
After 3 consecutive years of volume decline, beginning to see recovery in unit volumes

Aftermarket Business

Warehouse sales: Approximately 56% of revenue in Q1 FY27 (compared to 50%-52% in Q1 FY26)
Locally made and locally sold: Approximately 22% of revenue (compared to 25% in Q1 FY26)
Direct exports: Remainder of revenue
Warehouse sales represent highest margin channel, followed by direct exports (base margin of 20%), then locally made and locally sold

FY27 growth: Expected to be a couple of percentage points better than FY26's 21% year-on-year growth
Q2 FY27: Expected to be robust and in line with Q1 performance
Second half FY27: Expected to be better than first half due to agricultural industry recovery
Cycle EBITDA margins: Maintain 20%+ guidance over cycle, with current margins benefiting from operating leverage and channel mix
Mexico revenue FY27: Expected to be mid-single-digit million dollar level

Maintaining net cash position of ₹190 crores
Actively evaluating acquisition opportunities in hydraulics, PTOs, and fabrications
Have evaluated about a dozen targets since IPO
Currently reviewing half a dozen opportunities
Acquisition criteria: ROCE and ROE accretive within 18-30 months, meaningful platform addition, manageable size
Not considering deeply distressed assets
Organic capex requirements: 2.5%-3.5% of total revenue
Demonstrated capital return capability with special dividend of ₹101 crores in October 2025

Below 70 HP three-point linkage: Dominant global market share
Above 70 HP three-point linkage: Single-digit market share representing biggest growth runway
Construction equipment: Working with top 3 global OEMs across geographies
Agricultural equipment: Working with top 5 global agricultural customers

Construction industry: Already recovering, growth started mid-calendar 2025
Small agriculture: Recovery beginning, expected to materialize in calendar year 2027
Large agriculture: Calendar year 2026 represents trough (expected mid-teens decline), recovery expected in FY28