Varroc Engineering share price surged over 11% after the company reported its Q1 results. The stock rallied as much as 11.65% to touch a fresh 52-week high of Rs 822.00 apiece on the BSE.
Auto component maker, Varroc Engineering reported a net profit of Rs 77.3 crore in the first quarter of FY27, down 26.5% from Rs 105.1 crore in the year-ago period.
The company's revenue in Q1FY27 grew 29.9% to Rs 2,634.2 crore from Rs 2,027.6 crore, year-on-year (YoY).
At the operational front, EBITDA during the June quarter increased 14.0% to Rs 221.9 crore from Rs 194.6 crore, while EBITDA margins contracted to 8.4% from 9.6%, YoY.
ALSO READ: Siemens Energy India Share Price Jumps Over 10% After Q3 Results. Should You Buy, Sell or Hold?
“In Q1 FY27, we saw strong growth across all the automotive segments on YoY basis. On YoY basis, 2-wheeler grew by 22.8%, 3-wheeler grew by 39.1%, Passenger Vehicles (PV) grew by 16.8% & Commercial Vehicles (CV) grew by 15.2%. Electric Vehicles (EV) two-wheeler volume on YoY grew by 91%,” said Tarang Jain, CMD, Varroc Engineering.
Electric Vehicles (EV) two-wheeler volume on YoY grew by 91%, he added.
Technical Outlook
Varroc Engineering share price has witnessed a breakout from a Cup and Handle pattern on the weekly timeframe, supported by a healthy rise in volumes, adding credibility to the breakout, noted Sudeep Shah - Head of Technical and Derivatives Research at SBI Securities.
“The RSI is in a rising mode, indicating strengthening bullish momentum, while the ADX is steadily rising, signalling an improvement in trend strength. Additionally, the MACD line has crossed above the signal line, accompanied by rising green histogram bars, further reinforcing the positive bias,” he added.
According to him, the Rs 710 – 700 zone is likely to act as an immediate support for the stock, and it is expected to extend its uptrend as long as it sustains above this zone.
Varroc Engineering Share Price Performance
Varroc Engineering share price has rallied 22% in one month and has surged 40% in three months. The stock has gained 43% over the past one year, and has delivered multibagger returns of 140% in five years.
At 10:55 AM, Varroc Engineering share price was trading 8.18% higher at Rs 796.45 apiece on the BSE.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
