Uniparts India Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Uniparts India Ltd filed with BSE on 12 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
Uniparts India reported Q1 FY27 revenue growth of 27% year-on-year, EBITDA growth of 55% year-on-year, and PAT growth of 64% year-on-year, which management said was better than its annual guidance. Management attributed the performance to strength in the construction equipment segment, higher warehouse-led sales mix, and continued new business wins, while large agricultural equipment remained in a cyclical trough. The company also reported a net cash position of approximately INR190 crores and said it continues to evaluate acquisition opportunities in hydraulics, PTOs and fabrication.
Numbers mentioned
Revenue from operations: INR347 crores (Q1 FY27)
p. 5
“Our revenue from operations for Q1 FY27 stood at INR347 crores, representing 27% year-over-year growth and remaining broadly in line with the guidance we had shared earlier.”
Sandeep Taneja, page 5 of the filed PDF · View the filing
EBITDA: INR90 crores (Q1 FY27)
p. 5
“EBITDA for the quarter was INR90 crores, registering strong 55% growth year-on-year and 10% growth sequentially, reflecting healthy operating leverage and disciplined cost management across the business.”
Sandeep Taneja, page 5 of the filed PDF · View the filing
Profit after tax: INR57 crores (Q1 FY27)
p. 5
“Profit after tax stood at INR57 crores, up 64% year-over-year and 11% quarter-over-quarter, demonstrating strength of our operating performance and profitability profile.”
Sandeep Taneja, page 5 of the filed PDF · View the filing
Operating cash generated: INR44 crores (Q1 FY27)
p. 5
“We generated INR44 crores of operating cash during the quarter, and our 12-month trailing EPS stands at INR39.97, reflecting sustained improvement in earnings over the past year.”
Sandeep Taneja, page 5 of the filed PDF · View the filing
Net working capital: 139 days of trailing 12 months revenue (As of June 30, 2026)
p. 5
“Net working capital stands at 139 days of trailing 12 months revenue as of 30th June, reflecting our near-shoring and warehousing-led business model while remaining broadly under control.”
Sandeep Taneja, page 5 of the filed PDF · View the filing
Net cash position: approximately INR190 crores (End of Q1 FY27)
p. 5
“We ended quarter with net cash position of approximately INR190 crores, underlining the strength of our cash generation capabilities and financial discipline.”
Sandeep Taneja, page 5 of the filed PDF · View the filing
Capital expenditure: INR12 crores (Q1 FY27)
p. 5
“Capital expenditure during the quarter was INR12 crores, in line with ongoing investment plans focused on capacity enhancement, productivity improvement and customer-led growth initiatives.”
Sandeep Taneja, page 5 of the filed PDF · View the filing
Trailing 12-month earnings per share: INR39.97 (Trailing 12 months as of Q1 FY27)
p. 3
“On a trailing 12-month basis, our earnings per share stand at INR39.97, and our ROCE is north of 27%, with ROE at 20%.”
Gurdeep Soni, page 3 of the filed PDF · View the filing
New business order book: over INR225 crores (Trailing 12 months)
p. 4
“On the business development front, our trailing 12-month new business order book remains robust at over INR225 crores with a healthy pipeline.”
Gurdeep Soni, page 4 of the filed PDF · View the filing
Aftermarket business as percentage of revenue: approximately 12% (Q1 FY27)
p. 5
“Finally, our aftermarket business represents approximately 12% of revenue in Q1 of FY27 and was flat year-on-year in absolute terms.”
Gurdeep Soni, page 5 of the filed PDF · View the filing
Warehousing sales share: roughly 56% (Q1 FY27)
p. 15
“In Q1 FY27, our warehousing sales was roughly at about 56%.”
Tanushree Bagrodia, page 15 of the filed PDF · View the filing
Cost of materials: 33.3% (Q1 FY27)
p. 7
“So Viraj, if you look at it, our cost of materials this time is about 33.3%, And I think it's coming at 33.3% largely because there's been a product mix change.”
Tanushree Bagrodia, page 7 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.
Revenue growth — a few percentage points above FY26 growth of 21% · FY27
stated firmly by Tanushree Bagrodia
p. 10
“So Nishita, what we are saying is that we are coming out of the industry that has seen 3 years of a down cycle. The construction industry started recovering mid of last calendar year, and that is flowing through this year.”
Tanushree Bagrodia, page 10 of the filed PDF · View the filing
EBITDA margin — 20% plus over the cycle · FY27 and over the cycle
stated firmly by Tanushree Bagrodia
p. 8
“We are going to deliver FY27 also very comfortably over the 20% plus margin, right?”
Tanushree Bagrodia, page 8 of the filed PDF · View the filing
Mexico warehouse revenue — mid-single-digit million dollar level · FY27
stated firmly by Tanushree Bagrodia
p. 11
“For FY27, we believe that this revenue should be in mid-single-digit million dollar level.”
Tanushree Bagrodia, page 11 of the filed PDF · View the filing
Warehousing sales share — 52% to 55%, 56% · next 12 to 18 months
stated as an aspiration by Tanushree Bagrodia
p. 11
“So over a period of time, I think our warehousing sales will remain in the range of, let's say, about 52% to 55%, 56%. And I think that's where we foresee this to remain in the next, let's say, 12 to 18 months.”
Tanushree Bagrodia, page 11 of the filed PDF · View the filing
Q2 FY27 revenue — in line with Q1 · Q2 FY27
stated firmly by Tanushree Bagrodia
p. 12
“So Q2 looks very robust, and I think Q2 should be in line with Q1.”
Tanushree Bagrodia, page 12 of the filed PDF · View the filing
Second half versus first half performance — H2 FY27
stated conditionally by Tanushree Bagrodia
p. 11
“I think, Saumil, given that the ag industry recovery is going to happen in the second half, I think that's a fairly obvious and a fairly visible outcome for us at this point in time.”
Tanushree Bagrodia, page 11 of the filed PDF · View the filing
Fabrication vertical scale-up — a meaningful vertical · next 18 to 24 months
stated as an aspiration by Tanushree Bagrodia
p. 10
“We do believe that the fabrication vertical will become a meaningful vertical. In the next 18 to 24 months, we believe this vertical will be a meaningful vertical.”
Tanushree Bagrodia, page 10 of the filed PDF · View the filing
Capital expenditure as percentage of revenue — 2.5% to 3.5% of total revenue
stated firmly by Tanushree Bagrodia
p. 10
“I think overall, if you see, even after having done that, today, our capex requirements as a business are roughly about 2.5% to 3.5% of our total revenue.”
Tanushree Bagrodia, page 10 of the filed PDF · View the filing
Aftermarket business normalization — return to growth · next 12 months
stated conditionally by Tanushree Bagrodia
p. 12
“The tariffs have reduced. So that's one aspect that should bring in some relief. And I think over the next 12 months, we do expect this to normalize.”
Tanushree Bagrodia, page 12 of the filed PDF · View the filing
Material cost range — 34% to 37%
stated firmly by Tanushree Bagrodia
p. 12
“I think what we've always maintained is that our material cost should be in the range of 34% to 37%, and that's typical of our business.”
Tanushree Bagrodia, page 12 of the filed PDF · View the filing
Full year guidance — FY27
stated as an aspiration by Gurdeep Soni
p. 15
“And that gives us confidence that we will improve on our earlier guidance for the full fiscal as we look at the quarters ahead.”
Gurdeep Soni, 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 construction is now 45% of revenue and the growth drivers are multi-quarter, but the mix will rebalance as ag recovers.
Answered by Tanushree Bagrodia
Asked by Ashutosh Tiwari: Whether the higher construction equipment share of revenue can be maintained structurally.
p. 5
“The structural drivers of this, which is the new business wins, the construction industry recovery and the wallet expansion are all multi-quarter in nature.”
Tanushree Bagrodia, page 5 of the filed PDF · View the filing
Management said margins are similar across products but differ by delivery channel, with warehouse sales the highest margin.
Answered by Tanushree Bagrodia
Asked by Ashutosh Tiwari: Whether construction equipment carries higher margins than tractors.
p. 6
“So Ashutosh, our margins actually across products are fairly similar. I think where we have a differentiated margin profile is our delivery channel.”
Tanushree Bagrodia, page 6 of the filed PDF · View the filing
Management said about a dozen targets have been evaluated since IPO, several deals fell through, and about half a dozen opportunities are currently being examined.
Answered by Tanushree Bagrodia
Asked by Saishivam Shah: Timeline for the long-discussed PTO and fabrication acquisitions to materialize.
p. 6
“The truth of the matter is that we have evaluated about a dozen targets since IPO across hydraulic fabrication and PTO.”
Tanushree Bagrodia, page 6 of the filed PDF · View the filing
Management quantified a small inventory gain of about INR1 crore, attributing the bulk of the cost of materials figure to product mix change.
Answered by Tanushree Bagrodia
Asked by Viraj Kacharia: Contribution of FX and inventory gains to the quarter's cost of materials.
p. 7
“There has been a small inventory gain that you will see on the face of the financials, and that's roughly about INR1 crore.”
Tanushree Bagrodia, page 7 of the filed PDF · View the filing
Management maintained the 20% plus cycle guidance, noting current levels depend on industry recovery, warehousing mix and currency.
Answered by Tanushree Bagrodia
Asked by Sunil Jain: Whether cycle EBITDA margin guidance of 21% could move up given current run-rate above that level.
p. 8
“We, actually are confident that 20% plus is what we will deliver. We are focusing on executing with that what is in our control.”
Tanushree Bagrodia, page 8 of the filed PDF · View the filing
Management explained the large ag market is concentrated in Western countries, share growth requires OEM validation cycles, and new business awards from FY26 are now flowing into the P&L.
Answered by Tanushree Bagrodia
Asked by Anubhav Mukherjee: Reasons for lower historical market share in large agricultural equipment and plans to grow it.
p. 9
“We've been putting in concerted efforts into that. And that's how what you've seen is that in FY26, we actually won some very good new large ag business awards, which have now started flowing into our P&L.”
Tanushree Bagrodia, page 9 of the filed PDF · View the filing
Management described an existing investment in a small and medium fabrication facility as an organic growth avenue while acquisitions are pursued.
Answered by Tanushree Bagrodia
Asked by Resham Jain: Organic capital allocation plans if inorganic acquisitions do not materialize.
p. 9
“2.5 years ago, we actually invested in a new facility for small and medium-sized fabrication. This is a business that we are now developing.”
Tanushree Bagrodia, page 9 of the filed PDF · View the filing
Management said manufacturing will remain in India initially with warehouse-managed sales from Mexico, with a possible Phase 2 for local manufacturing.
Answered by Tanushree Bagrodia
Asked by Saumil Shah: Business potential and structure of the Mexico facility.
p. 11
“So Saumil, our Mexico business currently is structured that most of our manufacturing will happen in India. We will export from India, and we'll do warehouse managed sales to customers from there.”
Tanushree Bagrodia, page 11 of the filed PDF · View the filing
Management gave warehousing, locally made/sold, and direct export shares for both periods.
Answered by Tanushree Bagrodia
Asked by Ajit Sethi: Channel mix contribution to revenue for Q1 FY26 versus Q1 FY27.
p. 15
“In Q1 FY27, our warehousing sales was roughly at about 56%. And in Q1 FY26, I think it was roughly about 50% to 52%.”
Tanushree Bagrodia, page 15 of the filed PDF · View the filing
Risks flagged
Input cost and supply chain pressure from the West Asia situation
p. 3
“The ongoing West Asia situation has continued to exert pressure on input costs and supply chains.”
Gurdeep Soni, page 3 of the filed PDF · View the filing
Subdued large agricultural equipment demand at a cyclical bottom
p. 4
“Leading OEMs have indicated that current year 2026 represents the cyclical bottom with a more meaningful recovery expected through calendar year 2027.”
Gurdeep Soni, page 4 of the filed PDF · View the filing
Tariff-driven demand deferral in the aftermarket business
p. 5
“The tariff-driven price volatility has led to some demand skewing, as higher prices caused customers and channel partners to moderate their purchasing.”
Gurdeep Soni, page 5 of the filed PDF · View the filing
Weak Western small agriculture consumer demand due to economic uncertainty
p. 4
“Consumer appetite for big-ticket equipment purchases has been tempered by the economic uncertainty and volatility, leading to continued deferral of buying decisions.”
Gurdeep Soni, page 4 of the filed PDF · View the filing
Large ag industry expected to decline further in calendar 2026
p. 8
“We expect mid-teens decline in the large ag industry this year.”
Tanushree Bagrodia, page 8 of the filed PDF · View the filing
Aftermarket demand deferral driven by tariffs and inflation from the West Asia crisis
p. 12
“largely the tariffs and the inflation right now, which has been caused by the West Asia crisis.”
Tanushree Bagrodia, page 12 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.