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Varroc Engineering Limited reported Q1 FY27 results for the June 2026 quarter on 6 August. Q1 FY27 numbers (consolidated): Revenue: Rs 2,634.2 crore, up 29.9% YoY from Rs 2,027.6 crore, highest post-divestment quarterly revenue EBITDA: Rs 221.9 crore, up 14% YoY; margin 8.4% vs 9.6%, down 120 bps PAT: Rs 77.3 crore, down 26.5% YoY; EPS Rs 5.06 PBT before exceptional items: Rs 113.1 crore, up 38% YoY; base carried a Rs 61.2 crore one-off credit EV-related revenue 15.8% of total, up 87% YoY; EV two-wheeler volumes up 91% Two-wheeler revenue grew 22.8%, three-wheeler 39.1%; PV fell 7.5% and CV fell 16.9% QoQ. New CTO Eric Hamon and a cockpit partnership with Suzhou Tolyy signal the software pivot; FY27 guidance is 20 to 25% growth, target Rs 20,000 crore by FY31. Varroc Engineering [][***** shares closed at Rs 880.55 (10 Sep 2026, 03:55 PM IST), up 58 percent in a year, at the 52-week high of Rs 891. P/E 68.2; PEG 0.25; sector P/E 20. My view: the statutory profit fall is the exceptional item in the base, not operations; PBT before exceptionals grew 38 percent. The 87 percent EV revenue jump and 91 percent volume growth are the proof of concept the market has been pricing. At 68x the market pays for the FY31 ambition; at PEG 0.25, that is cheap on the growth vector if the ambition converts. The 52-week high confirms momentum and removes the margin of safety for a fresh buy. Holders stay; fresh money waits for a pullback to Rs 820 to 840, the August base. Levels: Rs 820 to 840 the near support; Rs 780 to 790 the deeper base; Rs 891 the high.