Paramount Communications Ltd-$ — Q1 FY27 earnings call
Summary generated by AI from the official transcript Paramount Communications Ltd-$ filed with BSE on 21 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
Paramount Communications reported Q1 FY27 revenue of INR 529.4 crores, up 17.4% year-on-year but down 7.7% sequentially, with EBITDA margin at 7.1% and operating margin (excluding other income) at 6.6%, up 320 basis points year-on-year. Management attributed the improvement to a normalization of US export tariffs following the Supreme Court's invalidation of IEEPA duties, alongside continued domestic demand in power cables. The company also completed a fresh equity raise of approximately INR 122 crores during the quarter, of which INR 65 crores was earmarked for the new Narmadapuram greenfield plant.
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Numbers mentioned
Revenue from Operations: INR 529.4 crores (Q1 FY27)
p. 5
“Revenue from Operations for Q1 FY27 grew 17.4% YoY, although it declined 7.7% QoQ to INR 529.4 crores as against 450.9 crores in Q1 FY26 and INR 573 crores in Q4 FY26.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
EBITDA including other income: INR 37.8 crores, 7.1% margin (Q1 FY27)
p. 5
“EBITDA including other income was INR 37.8 crores with EBITDA margin at 7.1%, an improvement of 44 basis points over Q4 FY26 and 3 basis points over Q1 FY26.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
Operating profit excluding other income: INR 34.7 crores, 6.6% margin (Q1 FY27)
p. 5
“our operating profit, excluding other income, grew by 129.2% YoY to INR 34.7 crores with operating margin expanding by 320 basis points YoY and 136 basis points QoQ to 6.6%.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
PAT: INR 19.7 crores, 3.7% margin (Q1 FY27)
p. 5
“PAT for the quarter stood at INR 19.7 crores up 3.7% YoY and down 4% QoQ with a PAT margin of 3.7%.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
Earnings per share: INR 0.64 (Q1 FY27)
p. 5
“Earnings per share for the quarter was INR 0.64.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
Exports: INR 155 crores, 29% of revenue (Q1 FY27)
p. 5
“Exports for the quarter stood at INR 155 crores contributing more than 29% of the revenue, up approximately 77% QoQ against the tariff compressed Q4 FY26 in which only INR 87 crores of US exports took place despite the volume being so high overall.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
Domestic revenue: INR 374 crores, 70%+ of revenue (Q1 FY27)
p. 5
“Domestic revenue for the quarter was INR 374 crores contributing 70% plus of the revenue, led once again by our power cable segment, which alone accounted for 57.2% of the Q1 revenues.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
B2B industrial revenue: INR 296 crores, up 92% YoY (Q1 FY27)
p. 6
“Within domestic, our B2B industrial business grew 92% YoY to INR 296 crores, B2C retail and distribution grew 15% to INR 44 crores, and our B2G government and PSU business stood at INR 35 crores reflecting the normal execution timings across the government segments.”
Sanjay Aggarwal, page 6 of the filed PDF · View the filing
Order book: INR 615 crores (as of 30th June 2026)
p. 6
“Our order book as of 30th June '26 stood at INR 615 crores, a healthy uptick from INR 583 crores at the end of March 2026, comprising INR 518 crores of domestic orders and INR 97 crores of exports.”
Sanjay Aggarwal, page 6 of the filed PDF · View the filing
Working capital cycle: 96 days (Q1 FY27)
p. 6
“our cycle stood at 96 days for the quarter, which is an improvement over the 101 days that we got in Q4 FY26 and receivable days improved to 64 days from 79 days at the end of March '26.”
Sanjay Aggarwal, page 6 of the filed PDF · View the filing
Equity raise: INR 122 crores (Q1 FY27)
p. 6
“during the quarter, we successfully completed a fresh equity raise of approximately INR 122 crores, another step in strengthening our balance sheet for the growth phase ahead.”
Sanjay Aggarwal, page 6 of the filed PDF · View the filing
Net worth: INR 894 crores (as of 30th June 2026)
p. 6
“our net worth strengthened from INR 778 crores at the end of March '26 to INR 894 crores as of 30th June '26, with our debt-equity ratio remaining comfortable at 0.15x.”
Sanjay Aggarwal, page 6 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.
EBITDA margin — FY25 levels of margins · Q4 FY27
stated firmly by Sanjay Aggarwal
p. 5
“our first milestone which we had set out in our last call, was to get back to the FY25 level of margins by the Q4 of this current year.”
Sanjay Aggarwal, page 5 of the filed PDF · View the filing
US exports — INR 700 crores to INR 800 crores · FY27
stated conditionally by Sanjay Aggarwal
p. 10
“I am more than sure that we will easily do INR 700 crores to INR 800 crores in exports again this year to the US.”
Sanjay Aggarwal, page 10 of the filed PDF · View the filing
Revenue growth — 15% to 20% · FY27
stated firmly by Sanjay Aggarwal
p. 12
“The current year, we expect to do 15% to 20% roughly in terms of revenue growth because existing plants are, as I said, really up to the neck.”
Sanjay Aggarwal, page 12 of the filed PDF · View the filing
Revenue — INR 5,000 crores · FY31
stated as an aspiration by Sanjay Aggarwal
p. 12
“We have set ourselves a target of crossing INR 5,000 crores in revenues by FY31.”
Sanjay Aggarwal, page 12 of the filed PDF · View the filing
Narmadapuram plant revenue — approximately INR 500 crores · FY28
stated conditionally by Sanjay Aggarwal
p. 6
“We expect the operations at Narmadapuram to partly commence in Q1 FY28 with revenue of approximately INR 500 crores expected for FY28 from Narmadapuram plant, which we hope shall scale up to INR 1,200 crores by FY29 as the plant ramps up.”
Sanjay Aggarwal, page 6 of the filed PDF · View the filing
Debt-equity ratio — below 0.3x · after Narmadapuram phase 1
stated firmly by Shambhu Agarwal
p. 8
“our target is to keep the debt-equity ratio below 0.3x only, not to put extra burden on the company towards interest or repayment.”
Shambhu Agarwal, page 8 of the filed PDF · View the filing
Working capital cycle — 90 to 100 days
stated firmly by Shambhu Agarwal
p. 17
“company is making all the efforts to keep its working capital cycle between 90 to 100 days.”
Shambhu Agarwal, page 17 of the filed PDF · View the filing
Narmadapuram construction completion — six to seven months
stated firmly by Sanjay Aggarwal
p. 8
“We expect the construction process, the major construction part to be accomplished within a period of six to seven months which is the time frame that we have on our internal charts.”
Sanjay Aggarwal, page 8 of the filed PDF · View the filing
132 KV cable approvals — by end of FY29
stated as an aspiration by Sanjay Aggarwal
p. 15
“one should expect that by the end of FY28 we should start having some approvals in hand and by FY29 we should have all the approvals.”
Sanjay Aggarwal, 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 attributed the improvement to normalization of US exports following removal of IEEPA tariffs, a favorable domestic product mix skewed toward higher-margin B2B power cables, and export revenue recovery to 29%+ of revenue.
Answered by Sanjay Aggarwal
Asked by Suraj: What is driving the 320bps margin improvement and can it be sustained through FY27?
p. 7
“The factors that we can say broadly that will contribute to increasing these margins by 300 basis points plus roughly, should be the normalization of US exports, which has already happened after the US Supreme Court invalidated the IEEPA punitive duties”
Sanjay Aggarwal, page 7 of the filed PDF · View the filing
Management said machinery has been ordered well in advance and construction is on schedule with no major overruns expected.
Answered by Sanjay Aggarwal
Asked by Bhavya: What is the status of the Narmadapuram capex and are there any cost or time overruns?
p. 8
“We have ordered most of the crucial machinery quite well in advance and we expect that to come absolutely on time that we need it to be.”
Sanjay Aggarwal, page 8 of the filed PDF · View the filing
Management said roughly INR 30 crores plus has been spent on Narmadapuram so far, funded through equity raised and internal accruals, with a term loan planned later.
Answered by Sanjay Aggarwal
Asked by Bhavya: How much capex has been incurred on Narmadapuram to date and how is it funded?
p. 8
“We have roughly spent around INR 30 crores+ on the Narmadapuram project, although we have been spending on capex on our existing plants also.”
Sanjay Aggarwal, page 8 of the filed PDF · View the filing
Management explained they are deliberately keeping the order book smaller due to caution after last year's tariff disruption and a policy of not accepting long-duration firm price orders.
Answered by Sanjay Aggarwal
Asked by Prathamesh Sawant: Why hasn't the export order book grown as strongly as export revenue?
p. 9
“we are happy to keep our order book at a lower level right now, as we gain more and more confidence, we will try and increase it, because there is no pressure on us to have a larger order book.”
Sanjay Aggarwal, page 9 of the filed PDF · View the filing
Management estimated a roughly 4% year-on-year increase in metal throughput, with last year's figure around 29,000 tons.
Answered by Sanjay Aggarwal
Asked by Jigar Jani: What was the metal throughput this quarter versus last year?
p. 13
“I think this quarter, we on a year-to-year basis, I think we have some around 4% metal throughput increase.”
Sanjay Aggarwal, page 13 of the filed PDF · View the filing
Management said the plant is expected to generate INR 1,200 crores at an initial 4x asset turn, potentially rising to 5.5x-6x after a second phase of expansion.
Answered by Sanjay Aggarwal
Asked by Nikhil Kanodia: What is the expected peak revenue potential and asset turn multiple for Narmadapuram?
p. 15
“we are looking at something like INR 1,200 crores at 75% capacity utilization. As one goes forward, small additions are going to give us revenue. So, end of the day, we expect to be steady at something like 5.5x, 6x multiples.”
Sanjay Aggarwal, page 15 of the filed PDF · View the filing
Management said the company does not accept firm price orders beyond three to four months and books metal the next working day after receiving an order, largely eliminating metal price risk.
Answered by Sanjay Aggarwal
Asked by Saloni Shah: What percentage of the order book is protected against aluminium price volatility?
p. 17
“we do not accept any firm price orders beyond three to four months delivery. And we book our metal the very next working day, after we receive an order. So practically, at least in theory there is zero risk.”
Sanjay Aggarwal, page 17 of the filed PDF · View the filing
Risks flagged
Metal price volatility and global trade uncertainty affecting the wires and cables industry
p. 3
“The wires and cables industry continues to operate against a backdrop of metal price volatility and global trade uncertainty.”
Sanjay Aggarwal, page 3 of the filed PDF · View the filing
Firm price orders beyond three to four months carry hedging difficulty and risk
p. 11
“on a firm price, if we accept long duration orders, it is A not very easy to hedge and B hedging also carries its own risks.”
Sanjay Aggarwal, page 11 of the filed PDF · View the filing
Competitive disadvantage versus other exporting countries during the tariff period
p. 16
“There was a huge pipeline of orders which customers had given to me, which I had started manufacturing, which were lying finished in my factory and the biggest part was goods on the ship at sea.”
Sanjay Aggarwal, page 16 of the filed PDF · View the filing
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