EPACK Durable Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript EPACK Durable Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
EPACK Durable reported Q1 FY27 revenue of Rs 886 crore, up around 34% year-on-year, with EBITDA of Rs 55 crore and net profit of Rs 11.8 crore. Management said the current quarter carried no PLI income, versus Rs 13.31 crore accrued in the year-ago quarter, which affected the margin comparison. Management described RAC growth of 44% with volume and value contributions, small and large domestic appliance growth of 68%, and progress on the Hisense partnership including planned front-load washing machine production by end of October.
Numbers mentioned
Revenue from operations: INR886 crores (Q1 FY27)
p. 3
“For the first quarter under review, revenue from operations stood at IN R886 crores, which grew by around 34% on a year-on-year basis.”
Rajesh Kumar Mittal, page 3 of the filed PDF · View the filing
EBITDA: INR55 crores (Q1 FY27)
p. 3
“The EBITDA for the quarter was INR55 crores, increased by around 0.70% on a year-on-year basis.”
Rajesh Kumar Mittal, page 3 of the filed PDF · View the filing
EBITDA margin: 6.21% (Q1 FY27)
p. 3
“The EBITDA margin reported at 6.21% as against 8.24%.”
Rajesh Kumar Mittal, page 3 of the filed PDF · View the filing
Net profit: INR11.8 crores (Q1 FY27)
p. 3
“The net profit was INR11.8 crores.”
Rajesh Kumar Mittal, page 3 of the filed PDF · View the filing
PLI income accrued: INR13.31 crores (Q1 FY26)
p. 3
“However, the company had accrued the PLI income of INR13.31 crores during the first quarter of financial year 2026.”
Rajesh Kumar Mittal, page 3 of the filed PDF · View the filing
Underlying EBITDA margin ex-PLI: 6.4% (Q1 FY26)
p. 3
“If you strip that INR13.3 crores out of both the revenue and EBITDA base for financial year 2026, last year, underlying EBITDA margin was closer to 6.4% and not 8.24%.”
Rajesh Kumar Mittal, page 3 of the filed PDF · View the filing
RAC growth: 44% (Q1 FY27)
p. 6
“Tanay, so first of all, in terms of breakup, the total growth for RAC reported is 44%, approximately 30% of which is volume growth and 12% to 15% is typically the value growth in terms of the increased AOPs and the pass-on of commodities.”
Ajay DD Singhania, page 6 of the filed PDF · View the filing
Small and large domestic appliances growth: 68% (Q1 FY27 vs Q1 FY26)
p. 11
“So the growth of domestic appliances for the last quarter is 68%. So there has been a growth of 68% in the small and large domestic appliances as compared to Q1 of FY26.”
Ajay DD Singhania, page 11 of the filed PDF · View the filing
Hisense AC volume: 60,000 air conditioners (Jan to June (H1 CY))
p. 4
“Through the season of up to June, which is Jan to June, we produced close to 60,000 air conditioners under this partnership.”
Ajay DD Singhania, page 4 of the filed PDF · View the filing
Hisense revenue: approximately INR65 crores (Q1 FY27)
p. 4
“It contributed approximately INR65 crores of revenue in just quarter 1 of this financial year.”
Ajay DD Singhania, page 4 of the filed PDF · View the filing
Number of customers and product categories: 72 customers across 19 product categories (Q1 FY27)
p. 4
“We now serve more than 72 customers across 19 product categories, thereby sharply reducing our customer concentration and materially derisking our revenue base even as absolute revenue from these customers has grown significantly.”
Ajay DD Singhania, page 4 of the filed PDF · View the filing
Capex booked in quarter: INR10 crores (Q1 FY27)
p. 9
“For Q1 ended, there hasn't been any significant capex. Roughly INR10 crores is what has been booked.”
Ajay DD Singhania, page 9 of the filed PDF · View the filing
Andhra Pradesh MoU investment commitment: INR1,085 crores (5 years from January 2024)
p. 18
“the MoU is about the investments we have committed over next 5 years, starting -- which is effective till -- so that's amounting of INR1,085 crores beginning --starting the investment recognized is from beginning of January '24.”
Ajay DD Singhania, page 18 of the filed PDF · View the filing
SDA and LDA revenue: INR130 crores (Q1 FY27)
p. 13
“SDA, LDA from approx INR80 crores last year has grown to INR130 crores.”
Ajay DD Singhania, page 13 of the filed PDF · View the filing
RAC revenue: approximately INR660 crores (Q1 FY27)
p. 13
“The total revenue out of INR886 crores, approximately INR660 crores is something which comes from RAC and the balance is non-AC which is a mix of SDA, LDA and the components.”
Ajay DD Singhania, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
AC industry growth — around 20% · FY27
stated as an aspiration by Ajay DD Singhania
p. 9
“But yes, for AC, we are very confident that this year, the industry is expected to grow at around 20%. So we would definitely surpass the industry growth as we have done it in Q1.”
Ajay DD Singhania, page 9 of the filed PDF · View the filing
PLI discount reversal — complete reversal of PLI discount passed to brands · by end of FY27
stated firmly by Ajay DD Singhania
p. 9
“And we are looking at almost completely reversing the PLI discount passed on to the brand customers by the end of the year.”
Ajay DD Singhania, page 9 of the filed PDF · View the filing
Overall plant utilization (3 plants) — more than 60% · FY27
stated as an aspiration by Ajay DD Singhania
p. 11
“So we are looking at overall utilization of all 3 plants put together at more than 60%.”
Ajay DD Singhania, page 11 of the filed PDF · View the filing
Sri City plant utilization — around 55% to 60% · FY27
stated as an aspiration by Ajay DD Singhania
p. 12
“And the overall annual utilization definitely achieving around 55% to 60% is 1 figure that we are targeting at.”
Ajay DD Singhania, page 12 of the filed PDF · View the filing
Front load washing machine mass production — end of October
stated firmly by Ajay DD Singhania
p. 14
“So front load is something end of September and October is what we are targeting to start the mass production.”
Ajay DD Singhania, page 14 of the filed PDF · View the filing
Additional capex for balance of year — INR60 crores to INR70 crores · balance of FY27
stated firmly by Ajay DD Singhania
p. 9
“So we are estimating a total additional capex of around INR60 crores to INR70 crores for the balance of the year.”
Ajay DD Singhania, page 9 of the filed PDF · View the filing
Q2/Q3 losses turnaround — stop bleeding situation in Q2 and Q3 · next 4 to 6 quarters
stated as an aspiration by Ajay DD Singhania
p. 15
“So 4 to 6 quarters, definitely, we believe we should be in a situation wherein we can completely stop this bleeding situation.”
Ajay DD Singhania, page 15 of the filed PDF · View the filing
Hisense cumulative 5-year revenue — INR8,000 crores · next 5 years from FY26-27
stated as an aspiration by Ajay DD Singhania
p. 19
“Mr. Ganesh, yes, expected revenue from Hisense was INR8,000 crores in 5 years.”
Ajay DD Singhania, page 19 of the filed PDF · View the filing
Depreciation level — no significant increase over current level · next 3 quarters
stated firmly by Ajay DD Singhania
p. 15
“Pratap, in terms of depreciation, yes, the current depreciation for Q1, we don't see any significant increase over the next 3 quarters.”
Ajay DD Singhania, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said growth was split roughly between volume and value/price increases
Answered by Ajay DD Singhania
Asked by Tanay Shah: Breakup of RAC growth between volume and value
p. 6
“So a breakup of 44% is 30% volume growth and 14% value growth.”
Ajay DD Singhania, page 6 of the filed PDF · View the filing
Management said forex loss was the key factor impacting margins beyond commodity cost pass-through
Answered by Ajay DD Singhania
Asked by Tanay Shah: What impacted margins besides commodity pass-through
p. 7
“What impacted us most for the last quarter was especially the forex exchange rate.”
Ajay DD Singhania, page 7 of the filed PDF · View the filing
Management said depreciation is broadly aligned with the rest of the year with no significant capex upside
Answered by Ajay DD Singhania
Asked by Nishita: Whether Q1 depreciation and finance cost levels are the base for the full year
p. 8
“So it has increased as compared to Q4 because the new capacities have been put to use. So there isn't any significant capex in pipeline or CWIP pipeline for the rest of the year.”
Ajay DD Singhania, page 8 of the filed PDF · View the filing
Management attributed the rise to higher working capital requirement from business growth
Answered by Rajesh Kumar Mittal
Asked by Nishita: Reason for increase in finance cost
p. 8
“Finance cost has also gone up slightly because there is a requirement with respect to the scale of the operations.”
Rajesh Kumar Mittal, page 8 of the filed PDF · View the filing
Management said the increase was primarily due to a forex loss
Answered by Rajesh Kumar Mittal
Asked by Pratap Maliwal: Reason for large rise in other expenses this quarter
p. 15
“Increase in other expenses, as already mentioned why because in this current quarter, there is a forex loss, which has been in the books that is around INR6 crores to INR7 crores.”
Rajesh Kumar Mittal, page 15 of the filed PDF · View the filing
Management said the entire growth came from new rated products and believed old-rated inventory had largely been liquidated at the channel level
Answered by Ajay DD Singhania
Asked by Karan Gupta: Whether growth is entirely from new BEE-rated products and channel inventory status
p. 16
“So yes, the entire growth both for last quarter as well as the Q1 quarter is attributed to the new rated product.”
Ajay DD Singhania, page 16 of the filed PDF · View the filing
Management said SDA and LDA carry higher gross margin than AC by 1.5 to 2 percentage points
Answered by Ajay DD Singhania
Asked by Karan Gupta: Margin profile of SDA/LDA versus AC
p. 17
“So SDA, LDA is comparatively more than that of AC by almost, let's say, 1.5 to 2 basis points.”
Ajay DD Singhania, page 17 of the filed PDF · View the filing
Management confirmed EBITDA margin excluding PLI and said FY27 is the last year of PLI eligibility for the company
Answered by Ajay DD Singhania
Asked by Ganesh: Current EBITDA margin excluding PLI and PLI eligibility timeline
p. 19
“So Ganesh, the current EBITDA without PLI is closer to 6.5%.”
Ajay DD Singhania, page 19 of the filed PDF · View the filing
Management said the scheme refunds roughly half of total capex as investment subsidy over ten years
Answered by Ajay DD Singhania
Asked by Ganesh: Details on Andhra Pradesh state incentive scheme
p. 18
“So there is a state government scheme, which refunds closer to 50% of the total capex as investment subsidy over 10 years.”
Ajay DD Singhania, page 18 of the filed PDF · View the filing
Risks flagged
Forex exchange rate losses impacting margins
p. 7
“What impacted us most for the last quarter was especially the forex exchange rate. So that is 1 line item we'd like to flag, which like the forex loss is something which has impacted us largely.”
Ajay DD Singhania, page 7 of the filed PDF · View the filing
Elevated inventory requirements due to BIS and QCO regulatory changes on compressors and copper
p. 7
“So like at times, we have known that the compressor PLI or the QCO getting amended and then again, the copper QCO getting amended.”
Ajay DD Singhania, page 7 of the filed PDF · View the filing
Seasonality causing Q2 and Q3 to be loss-making quarters due to heavy dependence on air conditioners
p. 14
“So yes, Q2 and Q3 historically has been the loss-making quarters because of heavy dependence on air conditioners.”
Ajay DD Singhania, page 14 of the filed PDF · View the filing
Near-term profitability held back by investment cycle and increased input costs
p. 4
“Our read on quarter is straightforward. We are winning share, scaling the top line strongly and near-term profitability is being held back by the investment cycle and increase in input costs rather than by weakening in demand or competitiveness.”
Ajay DD Singhania, page 4 of the filed PDF · View the filing
Time lag between cost increases and passing them on to customers
p. 6
“Where there is always a time lag between passing the price increase and when it actually impacts, especially in the turbulence of the global supply chain and the global scenario, especially impacting March, April.”
Ajay DD Singhania, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.