SUPRAJIT Q1 FY27 earnings call.
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Revenue
₹1,070 Cr
verified against source
Revenue YoY
24%
reported change
EBITDA
₹129 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Suprajit Engineering delivered an exceptional Q1 FY27 with consolidated revenue of ₹1,070 crores (+24% YoY) and EBITDA of ₹129 crores (+57% YoY), marking the highest-ever quarterly operating revenue. The standout performer was Global Cables & Mechatronics (GCM), where EBITDA margins more than doubled from 5.8% to 12.6%—a direct validation of the global restructuring undertaken over past quarters. India Cable & Mechatronics (ICM) faced margin compression (down to 13% from 15%) due to raw material inflation and labor cost increases in NCR, but management characterized this as a timing issue with price pass-through negotiations underway. Phoenix Lighting & Electricals disappointed with only 5.4% revenue growth and 45% EBITDA decline due to delayed price increases, though new prices are now effective. The Sensors & Electronics Division impressed with 48% revenue growth and doubled EBITDA on the back of multiple new project ramps, prompting war-footing capacity expansion. The FY27 guidance of double-digit revenue growth and 12-13.5% consolidated EBITDA margin remains intact. Key risks include labor cost pass-through delays, volatile commodity prices, and muted non-automotive demand globally.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed guidance issued in May 2026 press release. Double-digit revenue growth target remains despite Q1 margin pressures in India business.
- Consolidated operational EBITDA margin guidance of 12-13.5% maintained. GCM guided at 10-12%, ICM around 15%, PL around 12%, ED around 10%.
- Management expects wage cost pass-through negotiations with customers to conclude within 1-2 quarters, with margins recovering most of the 100-200bps lost in Q1. Internal cost reduction initiatives underway.
- New prices now effective in PL division after delayed pass-through in Q1. Management expects recovery going forward with US retailer business ramping up significantly.
Risks flagged
- Significant wage increases in NCR region (due to labor unrest and elections) are being strongly debated with customers. Some have agreed, others are dilly-dallying. Recovery expected in 1-2 quarters but represents a new cost pressure for a labor-intensive business.
- PL revenue grew only 5.4% with EBITDA declining 45%—the weakest division. Middle East sales remain soft, and the business depends on successful execution of new price increases and US retailer expansion.
- GCM relies on legacy contracts winding down while new project ramps are critical. European competitor insolvency creates both opportunity and uncertainty—clarity expected in 3-6 months.
- Management declined to provide specific content-per-vehicle improvement targets over 3-5 years, citing too many variables. EV transition story remains long-term with limited near-term quantifiable targets.
Key quotes
- GCM continues to work with our customers and also with some of the governments for a fair recovery of the tariffs particularly in USA and uh we have certain VAT back recoveries in China, Canada and Germany which was a part of the acquisitions.
- This quarter was very strong for new business wins also and we have recorded business wins across India, Mexico, China which I think is showing the customers' various preferences particularly with the kind of global footprint that we have today.
- What we are doing is we're relocating the plant uh except a part of it and then completely rebuilding and coming out with a multi-story electronics division. I think the original plan at which we said that okay we probably this place is okay for some say let's say 250 crores of business but now we are seeing much higher traction.
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