Asgard Alcobev Q1 FY27 Results (BSE: 512025)
Signal: Loss reversed
The read
The business inflected sharply at the consolidated level, with revenue up +150.5% YoY to ₹5,303.83 lakh and derived EBITDA margin up 232bps to 9.69% on a 4,473bps gross-margin expansion, but the thesis remains subsidiary-dependent and diluted at the shareholder level as owner EPS grew only +51.9% versus +207.6% owner profit growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0 Cr | N/A | +44.6% |
| EBIT | ₹0.15 Cr | N/A | |
| Net profit | ₹0.12 Cr | N/A | |
| EPS | ₹0 | N/A | |
| EBIT margin | 9.69% |
P&L walk
Consolidated revenue increased to ₹5,303.83 lakh, +150.5% YoY and +44.6% QoQ, while derived EBITDA margin improved to 9.69% from 7.37% YoY; the margin gain reflects sharply lower raw-material intensity, although employee costs, finance costs and depreciation all grew faster than revenue.
Segments
Although no reportable segment table is provided, the subsidiary drove the group: consolidated total income was ₹5,328.24 lakh and PAT ₹254.05 lakh versus standalone parent revenue of ₹0 lakh and PAT ₹12.12 lakh.
Key positives
- Consolidated revenue increased +150.5% YoY to ₹5,303.83 lakh and +45.2% QoQ, reversing the ₹2,116.22 lakh year-ago base.
- Gross margin expanded to 54.7% from 9.9% YoY as raw-material cost declined to 41.2% of revenue from 90.3%; the filing does not disclose whether this reflects mix, pricing or input-cost changes.
- Derived EBITDA margin improved 232bps YoY to 9.69%, with derived EBITDA growth of +230.2% exceeding revenue growth of +150.5% by 79.7 percentage points.
Key concerns
- Standalone operating revenue remained ₹0 lakh, making the parent dependent on subsidiary earnings and inter-company income.
- Finance costs increased +355.9% YoY to ₹121.48 lakh and depreciation increased +311.4% to ₹161.37 lakh, both materially faster than revenue.
- Basic EPS of ₹0.082 grew only +51.9% YoY versus +289.8% consolidated PAT growth, reflecting the enlarged equity base and minority-interest structure.
Earnings quality: includes non-operating other income
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