Amagi Media Labs Q1 FY27 Results (NSE: AMAGI)
Signal: Margin expansion
The read
The operating inflection remains intact: consolidated operating margin reached 10.9% versus 4.0% YoY and 12.1% in the immediately preceding quarter, with revenue up 32.4% YoY; however, ₹175.86 million of other income equals 43.5% of PBT and the EPS recovery is diluted by the post-IPO share base.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹436.88 Cr | +32.4% | +10.1% |
| Net profit | ₹33.91 Cr | +760.4% | |
| EPS | ₹1.49 | +547.8% | |
| EBIT margin | 10.9% |
P&L walk
Consolidated revenue increased to ₹4,368.78 million, +32.4% YoY and +10.1% QoQ, while operating profit before depreciation rose to ₹474.30 million from ₹130.94 million, lifting operating margin to 10.9% from 4.0%; finance cost declined to ₹11.37 million, but PAT was also aided by ₹175.86 million of other income.
Segments
The filing identifies a single reportable media-technology segment; the material standalone-versus-consolidated gap shows subsidiaries contributed ₹1,612.42 million of revenue and ₹109.34 million of PAT-equivalent profit.
Key positives
- Consolidated revenue reached ₹4,368.78 million, +32.4% YoY and +10.1% QoQ, maintaining growth above the company's reported 3-year sales CAGR of 29.5%.
- Operating margin expanded to 10.9% from 4.0% YoY as employee cost grew 16.1% and other expenses grew 30.7%, both below the 32.4% revenue growth rate.
- Standalone operating profit before depreciation recovered to ₹272.73 million from a ₹12.30 million operating loss YoY, indicating a significant improvement in the parent operating base.
- Finance costs declined 25.8% YoY to ₹11.37 million, reducing the drag below operating profit.
Key concerns
- Other income of ₹175.86 million represented 43.5% of consolidated PBT, so PAT of ₹339.05 million is less purely operational than the operating-margin recovery suggests.
- Consolidated operating margin of 10.9% was 127bps below the immediately preceding quarter's 12.1%, indicating sequential margin moderation despite 10.1% revenue growth.
- EPS growth of 547.8% lagged PAT growth of 760.4% because the equity base expanded materially after the IPO.
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