EPACK Durable LimitedQ1 FY27 Results & Financial Update
EPACK Durable Limited: Q1 FY27 consolidated results and company financials – revenue ₹886.02 Cr, PAT ₹11.82 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore EPACK Durable Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
EPACK Durable Limited delivered a record quarterly operating revenue of INR 886.02 crore for the quarter ended June 30, 2026, benefiting from robust seasonal peak demand for room air conditioners and broad-based growth across small and large domestic appliances.
According to the accompanying investor presentation, consolidated operating revenue expanded by 33.8% year-on-year to INR 8,860 million (INR 886.0 crore), driven by a 43.8% surge in RAC revenues and a 68.9% increase in the SDA & LDA segment.
Despite top-line expansion, profitability faced severe headwinds as input costs, higher other operating expenses, and a sector-wide compression in margins restricted EBITDA to INR 550 million, up 0.7% year-on-year, with the EBITDA margin contracting by 203 basis points to 6.21%.
Profit after tax (PAT) for the quarter stood at INR 11.82 crore (INR 118 million), representing a 48.5% year-on-year decline in company disclosures, pressured by elevated depreciation and amortisation charges up 30.7% and higher finance costs up 27.0% resulting from ongoing capital expenditure and facility scaling.
The statutory financials reflect no Production Linked Incentive (PLI) income recognised during Q1 FY27, contrasting with prior periods when incentives contributed to earnings, while joint venture operations recorded an increased share of net loss amounting to INR 2.29 crore.
The company's customer concentration has structurally improved over time, with the top two customer concentration easing to 38% in Q1 FY27 from 72% in FY23, demonstrating a broadening client base across its 72+ trusted customers and 19 product categories.
Statutory auditors issued a qualified review conclusion regarding an overdue trade receivable balance of INR 19.61 crore from a single customer under legal dispute, for which management has recognized no provisioning, asserting a high probability of recovery based on contract validity and long-standing business relationships.
01 · Business model
What does EPACK Durable do?
EPACK Durable Limited operates as a leading Original Design Manufacturer (ODM) and Original Equipment Manufacturer (OEM) partner for room air conditioners (RAC) in India, alongside expanding footprints across small domestic appliances (SDA), large domestic appliances (LDA), and critical component manufacturing.
The company maintains a diversified manufacturing footprint spanning five locations—including facilities in Dehradun, Bhiwadi, Sri City, and Sri City (EMTPL), complemented by a joint venture in Bhiwadi (Epavo Electricals)—supported by three NABL-certified R&D laboratories.
EPACK's product and component portfolio covers indoor units, outdoor units, window air conditioners, air coolers, washing machines, induction cooktops, air fryers, water dispensers, mixer grinders, vacuum cleaners, and essential components such as heat exchangers, copper tubing, PCBAs, sheet metal, and plastic moulding.
The business model leverages deep backward integration to supply major consumer brands on a contract manufacturing basis, benefiting from seasonal demand peaks during the April-to-June quarter.
02 · Historical context
What shaped the business before this quarter
The company completed its initial public offering of 27,828,351 equity shares at INR 230 per share, listing on NSE and BSE on January 30, 2024, with all IPO proceeds fully utilised as of March 31, 2026.
During FY26, the company applied for transition from RIPS 2019 to RIPS 2024 in Rajasthan, receiving entitlement certificates under the thrust sector category for 10 years and recognising incentive income based on management assessment.
During FY26, the company reversed INR 32.42 crore of PLI income previously accrued across nine months because incremental sales thresholds were not met for the financial year 2025-26.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹886.02 Cr |
| Total income | ₹887.72 Cr |
| Profit before tax | ₹19.89 Cr |
| Profit after tax | ₹11.82 Cr |
| EPS | ₹1.23 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
RAC revenues reached INR 622.1 crore in Q1 FY27, growing 43.8% year-on-year, underpinned by strong peak-season demand during the April-June quarter and customer share gains.
The SDA & LDA segment recorded revenues of INR 131.4 crore, marking a 68.9% year-on-year increase propelled by strong traction in air-fryers and washing machines.
Component segment revenue contracted 23.1% year-on-year to INR 85.3 crore against a high base from the prior year, while the 'Others' category grew 15.1% to INR 47.2 crore.
What drove margins
Cost of materials consumed and overall cost of goods sold rose to INR 761.4 crore, up 36.3% year-on-year, outpacing revenue growth and exerting pressure on gross margins.
Other operating expenses rose 56.8% year-on-year to INR 45.8 crore, reflecting heightened operational activity and facility scale-up across new manufacturing locations.
Depreciation and amortisation expenses increased 30.7% year-on-year to INR 16.61 crore, while finance costs rose 27.0% to INR 20.22 crore due to capital expenditures on manufacturing plants.
05 · Demand, customers & order book
Where demand is coming from
Top-2 customer concentration stood at 38% in Q1 FY27 compared to 72% in FY23, reflecting a more diversified revenue base across 72+ trusted customers.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with Ind AS 108, the Managing Director & CEO (Chief Operating Decision Maker) evaluates performance and allocates resources on a single-unit basis, treating consumer durable manufacturing as the sole reportable business segment.
Geography and market mix
The group operates primarily within India, serving domestic appliance brands and qualifying as a single geographical segment.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Installed capacities include 1.60 million units for indoor units (IDU), 2.05 million units for outdoor units (ODU), 0.62 million units for window air conditioners, 0.60 million units for air coolers, 0.65 million units for washing machines, and 2.00 million units for induction stoves.
Projects, capex and execution
Out of a planned INR 4,700 million strategic capital investment programme targeting localization and future capacity, the company spent INR 2,971 million through FY26 and an additional INR 102 million in Q1 FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company expanded its product lineup in Q1 FY27 by adding tower fans alongside existing offerings in air fryers, mixer grinders, nutri blenders, infrared cooktops, dry vacuum cleaners, and coffee makers.
09 · Reported developments
What changed operationally
Achieved highest-ever quarterly revenue of INR 8,860 million (INR 886.02 crore) driven by RAC peak-season momentum and strong SDA/LDA growth.
Recognised incentive income of INR 1.84 crore during the current period under the Rajasthan Investment Promotion Scheme (RIPS) 2024 thrust sector policy.
10 · Pressure points & risks
What is not going smoothly
Auditors qualified their review report regarding an overdue and disputed trade receivable balance of INR 1,961.00 lakhs from a single customer with no provisions recognised.
PAT declined 48.5% year-on-year to INR 11.82 crore due to higher finance costs, increased depreciation, and a wider joint venture net loss of INR 2.29 crore.
11 · Items worth noticing
The line items that can distort a quick read
No Production Linked Incentive (PLI) income was accrued or recognised during Q1 FY27, following the reversal of INR 32.42 crore of accrued PLI income during FY26 due to unachieved sales thresholds.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Internal Auditor Appointment
The Board of Directors approved the re-appointment of M/s Ernst & Young LLP as the Internal Auditor of the Company for the financial year 2026-27.
13 · Previous-quarter changes
What changed since the previous quarter
Operating revenue increased sequentially from INR 591.05 crore in Q4 FY26 to INR 886.02 crore in Q1 FY27, reflecting the seasonal peak of the room air conditioner business.
14 · Key Q&A
The quarter, answered directly
What does EPACK Durable do?
EPACK Durable Limited operates as a leading Original Design Manufacturer (ODM) and Original Equipment Manufacturer (OEM) partner for room air conditioners (RAC) in India, alongside expanding footprints across small domestic appliances (SDA), large domestic appliances (LDA), and critical component manufacturing.
What is the clearest takeaway from Q1 FY27?
EPACK Durable Limited delivered a record quarterly operating revenue of INR 886.02 crore for the quarter ended June 30, 2026, benefiting from robust seasonal peak demand for room air conditioners and broad-based growth across small and large domestic appliances.
What drove revenue or demand?
RAC revenues reached INR 622.1 crore in Q1 FY27, growing 43.8% year-on-year, underpinned by strong peak-season demand during the April-June quarter and customer share gains.
What mattered most for margins or profitability?
Cost of materials consumed and overall cost of goods sold rose to INR 761.4 crore, up 36.3% year-on-year, outpacing revenue growth and exerting pressure on gross margins.
What changed operationally beyond the headline numbers?
Installed capacities include 1.60 million units for indoor units (IDU), 2.05 million units for outdoor units (ODU), 0.62 million units for window air conditioners, 0.60 million units for air coolers, 0.65 million units for washing machines, and 2.00 million units for induction stoves.
What are the main pressure points disclosed for the quarter?
Auditors qualified their review report regarding an overdue and disputed trade receivable balance of INR 1,961.00 lakhs from a single customer with no provisions recognised.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Disputed Receivables Recovery: Monitor legal and recovery actions regarding the INR 19.61 crore disputed overdue trade receivable and any subsequent auditor assessment.
- 02
Capex Commissioning and Leverage: Track the operational commissioning of ongoing capital expenditure projects at Dehradun and Sri City facilities and their impact on fixed-cost absorption and margin recovery.
- 03
RIPS Portal Activation: Watch for the implementation and activation of the Rajasthan government portal required for submitting claims under the RIPS 2024 incentive scheme.
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