Niyogin Fintech Q1 FY27 Results (BSE: 538772)
Signal: Loss widened
The read
The trajectory has split sharply: standalone operating profit improved, with revenue up 15.4% YoY and EBITDA up 57.8% to ₹5.87 Cr, but consolidated revenue fell 19.8% to ₹65.58 Cr and PAT worsened to a ₹2.72 Cr loss; rising GNPA to 8.93%, NNPA to 5.39% and the proposed disposal of a material subsidiary make group simplification and credit-cost control the key inflection points.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹65.58 Cr | -19.8% | N/A |
| EBIT | ₹1.85 Cr | -45.4% | |
| Net profit | ₹-2.72 Cr | -78.9% | |
| EPS | ₹-0.24 | -71.4% | |
| EBIT margin | 0% |
P&L walk
Consolidated revenue from operations was ₹65.58 Cr, down 19.8% YoY; EBITDA was ₹5.51 Cr, down 3.7% with an 8.4% margin, but EBIT fell 45.4% to ₹1.85 Cr and PAT declined 78.9% to a ₹2.72 Cr loss, showing that the group-level problem is below EBITDA and concentrated in subsidiaries and finance/provision lines.
Segments
The consolidated group is materially weaker than the parent: standalone PAT was ₹0.82 Cr, up 36.7% YoY, versus consolidated PAT of ₹-2.72 Cr, down 78.9%, indicating subsidiaries dragged ₹3.54 Cr below standalone profit; Investdirect contributed 12.11% of prior-year consolidated turnover and is proposed for disposal.
Key positives
- Standalone revenue rose 15.4% YoY to ₹29.19 Cr, led by interest income of ₹2,321.28 lakh versus ₹2,013.51 lakh a year earlier.
- Standalone EBITDA increased 57.8% YoY to ₹5.87 Cr and standalone PAT rose 36.7% YoY to ₹0.82 Cr.
- Debt-equity declined to 0.25x from 0.35x sequentially and CAR remained high at 61.18%.
Key concerns
- Consolidated revenue from operations fell 19.8% YoY to ₹65.58 Cr and consolidated PAT deteriorated to a ₹2.72 Cr loss from a ₹1.52 Cr loss.
- GNPA rose to 8.93% from 7.67% YoY and NNPA rose to 5.39% from 2.74%, while provision coverage fell to 39.65% from 66.40%.
- Finance costs increased 68.1% YoY to ₹483.34 lakh on a standalone basis, materially faster than revenue growth of 15.4%.
- Standalone other income of ₹0.62 Cr represented 75.6% of standalone PBT of ₹0.82 Cr, so the positive parent-level profit is partly non-operating.
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