*Varroc Engineering Ltd.* | *CMP* Rs. 499 | *M Cap* Rs. 7624 Cr | *52 W H/L* 717/365 (Nirmal Bang Retail Research) *Result is in-line with expectations* Revenue from Operations came at Rs. 2099.2 Cr (1.2% QoQ, 6.3% YoY) vs expectation of Rs. 2195.5 Cr, QoQ Rs. 2075.3 Cr, YoY Rs. 1974.9 Cr EBIDTA came at Rs. 213.4 Cr (12.3% QoQ, -2.4% YoY) vs expectation of Rs. 216.8 Cr, QoQ Rs. 190 Cr, YoY Rs. 218.7 Cr EBITDA Margin came at 10.2% vs expectation of 9.9%, QoQ 9.2%, YoY 11.1% Adj. PAT came at Rs. 77 Cr vs expectation of Rs. 78.1 Cr, QoQ Rs. 43.5 Cr, YoY Rs. 56.9 Cr Quarter EPS is Rs. 5 Stock is trading at P/E of 19.7x FY26E EPS