Rotographics (I) Q1 FY27 Results (BSE: 539922)
Signal: Margin expansion
The read
The operating inflection is meaningful: EBITDA margin expanded 230bps YoY to 4.8% as EBITDA grew 165.4% against revenue growth of 37.7% and employee plus other expenses declined 40.0%; however, PAT quality is weak because other income of ₹52.28 lakh contributed 83.9% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14.36 Cr | 37.7% | +69.9% |
| EBIT | ₹0.63 Cr | 142.3% | |
| Net profit | ₹0.45 Cr | 125.0% | |
| EPS | ₹0.35 | 133.3% | |
| EBIT margin | 4.8% |
P&L walk
Revenue increased to ₹1,436.43 lakh, +37.7% YoY and +69.9% QoQ, while EBITDA rose to ₹69.00 lakh, +165.4% YoY, aided by lower employee and other-expense intensity; PAT of ₹45.40 lakh also benefited materially from ₹52.28 lakh of other income.
Key positives
- Revenue reached ₹1,436.43 lakh, +37.7% YoY and +69.9% QoQ, extending the business's recent high-growth trajectory.
- EBITDA rose to ₹69.00 lakh, +165.4% YoY versus revenue growth of +37.7%, with EBITDA margin expanding 230bps to 4.8%.
- Employee plus other expenses declined 40.0% YoY to ₹14.21 lakh, supporting the 230bps YoY margin expansion.
Key concerns
- Other income of ₹52.28 lakh represented 83.9% of PBT, making the ₹45.40 lakh PAT less reflective of recurring trading profitability.
- Gross margin compressed 37bps YoY to 2.1% while purchase of stock-in-trade grew 38.3%, leaving limited evidence of pricing power.
Earnings quality: includes non-operating other income
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