Precision Camshafts Ltd Q1FY26 concall decoded: – Camshafts, EV dreams, and European nightmares
Opening Hook
Automakers in Europe are cutting volumes faster than Netflix cancels shows, but back home, Precision Camshafts (PCL) just pulled off a neat trick: swinging from a ₹34 crore loss last quarter to a ₹25.6 crore net profit in Q1FY26 (company concall). That’s the kind of U-turn Maruti drivers dream of on Mumbai’s Western Express Highway. Why it matters? Because while its European subsidiaries are gasping, India’s EV retrofits and OEM camshaft business are holding the engine steady. Stick around—things get spicier two scrolls down.
At a Glance
Income ₹221 cr (consol) – Up 11% QoQ, no turbo lag.
EBITDA ₹41 cr – Margin 18.5%, better tuned than most scooters.
PAT ₹18.8 cr – A sharp reversal from losses.
MEMCO profit ₹7 lakh – Still sputtering, but moving.
EMOSS revenue ₹16 cr – Flat, but EV orders trickle in.
MFT in Europe – Liquidity warning lights flashing.
Management’s Key Commentary
“Net profit of ₹25.6 crore this quarter versus a loss of ₹34 crore last quarter.” Translation: We fixed the carburetor and added a little jugaad.
“MEMCO added new customers and grew to ₹13 crore revenue.” Translation: Baby steps, but at least it’s not stalling.
“EMOSS faces delays as customers defer decisions.” Translation: Europe still ghosting us.
“New orders for diesel-to-EV conversions in Pune and Nagpur.” Translation: Retro-fitting old workhorses into Insta-friendly EVs.
“MFT in Europe faces liquidity crunch as demand dropped 30%.” Translation: That subsidiary is idling dangerously close to a tow truck.
“Standalone income grew 11% QoQ, EBITDA margin 26%.” Translation: The core camshaft engine is still firing smoothly.
