IIRM Holdings Q1 FY27 Results (BSE: 526530)
Signal: Growth decelerated
The read
The operating trajectory improved from the Q2FY26 margin trough: Q1FY27 EBITDA grew 14.1% YoY on 8.2% revenue growth and margin reached 24.9%, broadly holding the 24.76% Q4FY26 level; the key unresolved issue is weak conversion into PAT, up only 1.7% despite EBIT growth of 24.0%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹73.5 Cr | 8.2% | N/A |
| EBIT | ₹14.36 Cr | 24.0% | |
| Net profit | ₹7.77 Cr | 1.7% | |
| EPS | ₹1.15 | 2.7% | |
| EBIT margin | 24.9% |
P&L walk
Consolidated revenue rose 8.2% YoY to ₹73.5 Cr and EBITDA grew faster at 14.1% to ₹18.32 Cr, sustaining a 24.9% margin, but EBIT growth of 24.0% converted into only 1.7% PAT growth to ₹7.77 Cr.
Segments
Although no segment table is disclosed, the consolidated-versus-standalone gap is material: consolidated revenue was ₹73.5 Cr and PAT ₹7.77 Cr versus standalone revenue of ₹1.69 Cr and PAT of ₹0.10 Cr, placing earnings predominantly in subsidiaries.
Key positives
- Consolidated EBITDA was ₹18.32 Cr, up 14.1% YoY versus revenue growth of 8.2%, and EBITDA margin was 24.9%.
- Consolidated EBIT grew 24.0% YoY to ₹14.36 Cr, extending the operating recovery visible after the 20.78% Q3FY26 OPM reported in the prior results series.
- Other income was only ₹0.24 Cr versus PBT of ₹10.36 Cr, so the quarter's profit was not materially dependent on treasury or exceptional income.
Key concerns
- PAT grew only 1.7% YoY to ₹7.77 Cr despite EBIT growth of 24.0% to ₹14.36 Cr, pointing to below-EBIT drag that the filing does not quantify.
- Standalone operations weakened sharply: revenue fell 8.2% YoY to ₹1.69 Cr, EBITDA fell 84.8% to ₹0.14 Cr and PAT fell 85.3% to ₹0.10 Cr.
- Consolidated earnings are highly dependent on subsidiaries, with consolidated PAT of ₹7.77 Cr versus standalone PAT of ₹0.10 Cr.
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