Spice LoungeFood Q1 FY27 Results (BSE: 539895)

14 Aug 2026 · Analysis by Alpha Inflection

Signal: Loss reversed

The read

The key inflection is a second consecutive quarter of reported margin expansion after Q2FY26 and Q3FY26 contraction: consolidated EBITDA margin reached 15.9%, up 1194bps YoY and above Q4FY26's 13.27%, with revenue up 24.3% to ₹40.14 crore and PAT turning positive at ₹4.81 crore; however, the ₹2.37 crore standalone revenue and ₹0.05 crore PAT show that the group-level trajectory depends heavily on subsidiaries or other consolidated entities.

P&L walk

Consolidated revenue rose to ₹40.14 crore, +24.3% YoY, while EBITDA increased 349.3% to ₹6.38 crore and margin expanded to 15.9%; EBIT and PAT both turned positive from losses, with other income of ₹0.29 crore not driving the result.

Segments

There is no segment table, but the ₹40.14 crore consolidated revenue versus ₹2.37 crore standalone revenue and consolidated PAT of ₹4.81 crore versus standalone PAT of ₹0.05 crore show that earnings are overwhelmingly generated outside the parent entity.

Key positives

• Consolidated revenue reached ₹40.14 crore, +24.3% YoY, reversing the Q3FY26 revenue decline of 37.3% YoY.
• EBITDA increased 349.3% YoY to ₹6.38 crore and EBITDA margin expanded to 15.9% from 3.96% in Q1FY26, a 1194bps improvement.
• Consolidated PAT turned positive at ₹4.81 crore from a ₹1.18 crore loss, with other income of only ₹0.29 crore and therefore not the primary earnings driver.

Key concerns

• Standalone EBITDA declined 43.5% YoY to ₹0.13 crore and standalone PAT declined 70.6% to ₹0.05 crore despite standalone revenue growth to ₹2.37 crore.
• The large gap between consolidated PAT of ₹4.81 crore and standalone PAT of ₹0.05 crore makes earnings quality and subsidiary-level contribution important to monitor.
• The filing does not disclose the volume, price, mix or cost drivers behind the 1194bps consolidated EBITDA-margin expansion.

View original filing

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