Citizen Solar Q1 FY27 Results (BSE: 538786)
Signal: Growth decelerated
The read
The key inflection is the return to ₹76.77 Cr of revenue and ₹5.77 Cr of PAT after the amalgamation, but the 5586.7% revenue and 19133.3% PAT growth rates are coming off an extremely small restated base; the 11.2% EBITDA margin and future quarterly consistency matter more than the headline growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹76.77 Cr | 5586.7% | N/A |
| EBIT | ₹8.01 Cr | 26600.0% | |
| Net profit | ₹5.77 Cr | 19133.3% | |
| EPS | ₹4.11 | 8120.0% | |
| EBIT margin | 11.2% |
P&L walk
Standalone revenue was ₹76.77 Cr, EBITDA was ₹8.61 Cr at an 11.2% margin, EBIT was ₹8.01 Cr and PAT was ₹5.77 Cr; the extreme YoY growth reflects the very small comparative base following amalgamation restatement, while other income of ₹0.14 Cr was immaterial to PBT of ₹7.07 Cr.
Key positives
- Revenue reached ₹76.77 Cr, up 5586.7% YoY, and EBITDA reached ₹8.61 Cr, up 28600.0% YoY, indicating a substantial scale-up versus the restated comparative base.
- EBITDA margin was 11.2% and EBIT was ₹8.01 Cr, while PAT of ₹5.77 Cr was primarily operational because other income was only ₹0.14 Cr against PBT of ₹7.07 Cr.
- The statutory auditors issued an unqualified opinion and the results were approved after audit committee review.
Key concerns
- The 5586.7% revenue and 19133.3% PAT growth rates are distorted by the very small comparative base after amalgamation restatement; sustainability is not yet demonstrated.
- EPS grew 8120.0% versus PAT growth of 19133.3%, creating a PAT-to-EPS divergence that needs reconciliation.
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