Uniparts records Rs 378.5 crore revenue despite farm slump

Uniparts India Limited recorded its highest quarterly revenue in Q2 FY27, reporting Rs 378.5 crore of revenue from operations, up 36.7% year on year and 9.0% sequentially, while relevant large-agriculture tractor volumes fell roughly 17%; construction growth and new customer programmes provided the stated support.

How did Uniparts set a revenue record in Q2 FY27?

Uniparts set its quarterly revenue record through Rs 378.5 crore of Q2 FY27 revenue from operations, compared with Rs 276.8 crore in Q2 FY26 and Rs 347.4 crore in Q1 FY27. Management described Q2 FY27 as the company’s highest-revenue quarter and said construction was recovering strongly while agriculture was still working its way back.

Consolidated total income was Rs 383.7 crore, up 35.7% year on year from Rs 282.7 crore and 8.0% from Rs 355.2 crore in Q1 FY27. Other income was Rs 5.2 crore, meaning revenue from operations accounted for most of total income and its increase during the quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose year on year but declined slightly from Q1 FY27, while profit after tax (PAT) followed the same pattern. The comparison shows sales rose Rs 31.1 crore sequentially, whereas EBITDA fell Rs 1.2 crore and PAT declined Rs 2.2 crore.

Which Uniparts segments drove Q2 FY27 growth?

Construction was the fastest-growing specifically disclosed Uniparts segment, with sales rising 49% year on year in Q2 FY27. Management linked North American demand to data centres, power generation and artificial-intelligence-related infrastructure, while citing infrastructure and green-energy projects in Europe.

The presentation said the world’s largest construction-equipment manufacturer reported about 18% year-on-year construction-equipment sales growth and a record order backlog. Uniparts’ 49% segment growth exceeded that external 18% reference, although the company did not disclose construction revenue in rupees or its contribution to the Rs 378.5 crore revenue-from-operations total.

Small-agriculture sales increased 25% year on year after three years of continuous decline in that cycle, according to management. Its industry outlook was flat to up 5% in the US and Canada, flat in Europe, down 15% to 20% in South America where Uniparts has little exposure, and up an estimated 4% to 6% in India.

Why did Uniparts grow large-agriculture revenue as the market fell?

Uniparts grew large-agriculture revenue 10% year on year in Q2 FY27 despite roughly 17% lower industry volumes for tractors above 100 horsepower and four-wheel-drive tractors. Management said the segment’s growth came entirely from new business rather than from a recovery in the farm-equipment cycle.

The disclosed mechanism is customer-programme conversion: awards move through sampling, testing and approval before regular production starts. Management said a large part of its business-development effort is directed at large agriculture, and that programmes progressing through these stages are expected to contribute meaningfully as they ramp up.

New-business awards exceeded Rs 225 crore and were concentrated largely in construction and large agriculture. They span geographies and Uniparts’ three product platforms: three-point linkage systems, precision-machined parts and fabrications; management said awards secured in recent quarters were ramping as planned.

What changed in Uniparts’ aftermarket business?

Uniparts’ aftermarket business represented 16.5% of Q2 FY27 revenue, compared with 12.4% in Q1 FY27 and 14.7% in Q2 FY26. Management said absolute aftermarket sales rose by more than 50% year on year, increasing the segment’s share of the company’s revenue mix.

Management had attributed an earlier pause in aftermarket buying to inflation and said purchasing normalised through FY27 by Q2. It also cautioned that aftermarket purchases are discretionary and can vary quarter to quarter, while the presentation does not disclose the segment’s rupee revenue.

What do Uniparts’ Q2 FY27 margins show?

Uniparts reported a 23.1% EBITDA margin in Q2 FY27, up from 22.6% in Q2 FY26 but below 25.3% in Q1 FY27. EBITDA was Rs 88.6 crore, 38.6% higher year on year but 1.3% below the preceding quarter, despite the 9.0% sequential increase in revenue from operations.

Gross profit margin was 65.7%, versus 69.4% in Q2 FY26 and 66.6% in Q1 FY27. Operating EBITDA, which Uniparts defines as EBITDA less other income, was Rs 83.4 crore, up 43.7% year on year and 1.8% sequentially, with a 22.0% operating EBITDA margin.

PAT increased 38.2% year on year to Rs 54.4 crore, while its margin rose to 14.2% from 13.9% a year earlier but fell from 15.9% in Q1 FY27. Finance cost was Rs 3.8 crore against Rs 2.4 crore in Q2 FY26, and tax expense was Rs 18.5 crore against Rs 11.1 crore.

Conclusion

Uniparts’ Q2 FY27 record was driven by uneven segment conditions rather than a broad farm-market rebound. Construction sales grew 49%, small-agriculture sales rose 25%, large-agriculture revenue increased 10% despite a roughly 17% industry-volume decline, and aftermarket reached 16.5% of revenue.

The next disclosed milestones are the conversion of more than Rs 225 crore of new-business awards into production, the planned restoration of the Ludhiana finishing shop by the end of the calendar year, and the first Mexico customer dispatch during the month of the presentation. Management’s expectation that approved large-agriculture programmes will contribute meaningfully remains dependent on their production ramp-up.