Evexia Lifecare Q1 FY27 Results (BSE: 524444)
Signal: Margin pressure
The read
The key inflection is renewed revenue growth of 39.8% YoY after Q2FY26's 3.7% decline and Q3FY26's 16.3% growth, but the trajectory remains low quality: gross margin compressed 567bps YoY to 2.6%, EBITDA margin fell 268bps to 2.2%, and PAT declined 33.9% to ₹41.98 lakh; the 26.3%-of-PBT contribution from other income further weakens earnings quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹30.89 Cr | +39.8% | -16.0% |
| EBIT | ₹0.57 Cr | N/A | |
| Net profit | ₹0.42 Cr | -33.9% | |
| EPS | ₹0 | -33.3% | |
| EBIT margin | 2.2% |
P&L walk
Consolidated revenue increased to ₹3,089.21 lakh, +39.8% YoY, but gross margin compressed to 2.6% from 8.2% and EBITDA margin fell to 2.2% from 4.9%; PAT declined to ₹41.98 lakh from ₹63.48 lakh despite ₹15.14 lakh of other income.
Segments
Consolidated revenue of ₹3,089.21 lakh exceeded standalone revenue of ₹2,965.91 lakh by ₹123.30 lakh, while consolidated PAT of ₹41.98 lakh was only ₹0.49 lakh above standalone PAT, indicating limited profit contribution from subsidiaries; the new EV division contributed just ₹2.72 lakh of revenue.
Key positives
- Consolidated revenue increased to ₹3,089.21 lakh, +39.8% YoY, reversing the -3.7% YoY decline in Q2FY26 and extending Q3FY26's +16.3% growth.
- The company launched Go EVEXIA for EV rental and mobility solutions; initial revenue was ₹2.72 lakh in Q1FY27, establishing a new revenue stream albeit at only 0.1% of consolidated revenue.
- Finance costs remained low at ₹0.91 lakh, or approximately 0.03% of revenue, despite rising 31.9% YoY.
Key concerns
- Gross margin compressed 567bps YoY to 2.6% as raw-material, stock-in-trade and inventory costs rose to 97.5% of revenue from 91.8%; the filing does not disclose the cause.
- EBITDA margin fell 268bps YoY to 2.2% despite revenue growth, showing that incremental sales are not converting into operating profit.
- PAT declined 33.9% YoY to ₹41.98 lakh while consolidated other income of ₹15.14 lakh represented 26.3% of PBT.
- The EV division contributed only ₹2.72 lakh of revenue in its launch quarter, so its long-term growth potential is not yet evidenced by material scale.
Earnings quality: includes non-operating other income
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