Aptech Q1 FY27 Results (NSE: APTECHT)
Signal: Margin expansion
The read
The operating inflection is margin recovery: consolidated EBITDA margin expanded 361bps YoY to 9.7% after Q4FY26's 2.6%, supported by employee cost falling 1.7% while revenue grew 11.1%; institutional growth is accelerating, but the consolidated PAT/XBRL inconsistency and other income equal to 36.9% of PBT weaken earnings-quality visibility.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹133.75 Cr | +11.1% | +20.5% |
| EBIT | ₹10.68 Cr | N/A | |
| Net profit | ₹0 Cr | N/A | |
| EPS | ₹1.32 | +13.8% | |
| EBIT margin | 9.7% |
P&L walk
Revenue increased to 13374.62 lakh, +11.1% YoY and +20.5% QoQ, while EBITDA margin recovered to 9.7% from 6.1% YoY as employee costs fell 1.7% YoY; the statement reports PAT of 764.55 lakh, but the authoritative XBRL block reports consolidated PAT as 0.
Segments
Institutional was the main momentum driver, with revenue up 37.8% YoY and segment result up 229.4% to 299.72 lakh, while retail revenue grew only 4.8% and retail result declined 9.2% to 1258.64 lakh.
Key positives
- Consolidated EBITDA margin expanded to 9.7%, +361bps YoY and +404bps QoQ, reversing the 2.6% margin reported in Q4FY26.
- Institutional revenue increased 37.8% YoY to 3163.65 lakh and institutional result increased 229.4% to 299.72 lakh.
- Employee benefits expense declined 1.7% YoY to 1770.08 lakh while revenue grew 11.1%, lowering employee cost intensity by 171bps to 13.2%.
- Standalone PAT rose 28.9% YoY to 757.19 lakh and standalone EPS rose 29.7% to ₹1.31.
Key concerns
- Retail, the larger segment, delivered only 4.8% YoY revenue growth and a 9.2% decline in segment result to 1258.64 lakh.
- Consolidated growth is materially ahead of standalone growth: consolidated revenue rose 11.1% YoY versus 5.7% standalone, indicating increased dependence on subsidiaries or other group operations.
- The consolidated statement reports PAT of 764.55 lakh, but the authoritative XBRL block reports PAT as 0, creating a material data-reconciliation issue.
Earnings quality: includes non-operating other income
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