Vashu Bhagnani Q1 FY27 Results (BSE: 532011)
Signal: Growth reaccelerated
The read
The quarter shows a revenue recovery to ₹2.52 Cr, +72.6% YoY, but a sharp operating deterioration: EBITDA fell 55.6% to ₹0.44 Cr and margin contracted to 17.5%; with other income at ₹0.32 Cr or 82.1% of PBT, the 62.1% PAT decline points to weak underlying earnings quality rather than a durable growth inflection.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2.52 Cr | 72.6% | N/A |
| EBIT | ₹0.44 Cr | -55.1% | |
| Net profit | ₹0.36 Cr | -62.1% | |
| EPS | ₹0.06 | -64.7% | |
| EBIT margin | 17.5% |
P&L walk
Consolidated revenue increased to ₹2.52 Cr, +72.6% YoY, but EBITDA declined 55.6% to ₹0.44 Cr and EBITDA margin fell to 17.5%; PAT declined 62.1% to ₹0.36 Cr because other income of ₹0.32 Cr represented 82.1% of PBT.
Segments
Consolidated revenue of ₹2.52 Cr materially exceeded standalone revenue of ₹0.17 Cr, while consolidated PAT of ₹0.36 Cr exceeded standalone PAT of ₹0.19 Cr, indicating that subsidiaries or other group entities are material to reported earnings.
Key positives
- Consolidated revenue increased 72.6% YoY to ₹2.52 Cr, reversing the 84.4% YoY decline reported in Q1FY26.
- Consolidated PAT remained positive at ₹0.36 Cr despite EBITDA declining 55.6% YoY to ₹0.44 Cr.
Key concerns
- EBITDA fell 55.6% YoY to ₹0.44 Cr even as revenue grew 72.6% YoY, reducing EBITDA margin to 17.5%.
- Other income of ₹0.32 Cr contributed 82.1% of consolidated PBT of ₹0.39 Cr, making reported profit materially dependent on non-operating income.
- Standalone revenue declined 34.6% YoY to ₹0.17 Cr, showing that the consolidated revenue growth did not come from the parent entity.
Earnings quality: includes non-operating other income
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