Almondz Global Q1 FY27 Results (NSE: ALMONDZ)
Signal: Margins at cyclical peak
The read
Consolidated Q1FY27 shows strong revenue growth (+40.7% YoY) and PAT surge (+81.6% YoY), driven by equity market gains and infra advisory. Operating leverage is evident as employee costs grew slower than revenue (37.1% vs 40.7%), though other expenses rose faster (89.9%). The standalone entity swung from loss to profit aided by fair value gains. Overall, the group's diversified model (broking + advisory + associate income) is delivering robust returns with P/E of 7.86x vs industry 20.44x.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹44.5 Cr | 40.69% | -38.34% |
| EBIT | ₹8 Cr | 114.48% | |
| Net profit | ₹12.53 Cr | 81.59% | |
| EPS | ₹0.69 | 68.29% | |
| EBIT margin | 0% |
P&L walk
Revenue grew 40.7% YoY to ₹44.50 Cr, driven by infra advisory (₹28.53 Cr vs ₹22.43 Cr) and debt & equity operations (₹9.01 Cr vs ₹4.85 Cr). Employee costs rose 37.1% YoY to ₹12.46 Cr, steady as % of revenue. Other expenses jumped 89.9% YoY to ₹8.05 Cr. Pre-provision operating profit (EBIT) surged 114.5% YoY to ₹8.00 Cr. PAT at ₹12.53 Cr (+81.6% YoY) includes ₹4.70 Cr share of profit from associates; basic EPS improved to ₹0.69 from ₹0.41.
Segments
Infra Activities consultancy fee segment is the largest revenue contributor (₹28.53 Cr, +27.2% YoY) and second-largest profit contributor (₹2.49 Cr). Debt & equity market operations posted strong profit growth (₹5.32 Cr vs ₹2.96 Cr YoY). Wealth Advisory / Broking remained stable. Healthcare activities had nil revenue and no losses this quarter.
Key positives
- Consolidated revenue grew 40.7% YoY to ₹44.50 Cr, the highest Q1 in at least 3 quarters.
- Consolidated PAT jumped 81.6% YoY to ₹12.53 Cr, with margin expansion at segment level.
- Standalone PAT at ₹4.81 Cr vs ₹1.23 Cr YoY, driven by fair value gains of ₹7.55 Cr.
- Share of profit from equity accounted investees contributed ₹4.70 Cr, up 8.3% YoY.
- Operating profit (EBIT) surged 114.5% YoY to ₹8.00 Cr, indicating operating leverage.
- P/E of 7.86x is a deep discount to industry P/E of 20.44x, with strong YoY growth trajectory.
Key concerns
- Other expenses surged 89.9% YoY and rose to 18.1% of revenue from 13.4% a year ago, indicating cost creep.
- Employee costs as % of revenue increased to 28.0% from 28.7% YoY but rose from 15.4% in Q4FY26, partly seasonal.
- QoQ revenue declined 38.3% from Q4FY26 (₹72.19 Cr to ₹44.50 Cr), common seasonal pattern in broking/advisory.
- Zero dividend yield offers no income return for shareholders.
Research and educational content only. Not investment advice.