Arisinfra Solu. Q1 FY27 Results (NSE: ARIS)

5 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth decelerated

The read

The key inflection is consolidated EBITDA margin reaching 12% versus 9% in Q1FY26, alongside gross-margin expansion of 155bps to 17.33%; however, the trajectory is not yet purely operating-led because Q1 revenue fell 15.30% QoQ, PAT fell 7.48% QoQ, and standalone PAT of ₹74.60 million was supported by other income equal to 85.1% of PBT.

P&L walk

Consolidated revenue increased to ₹2,908.09 million, +37.12% YoY but -15.30% QoQ; gross margin expanded to 17.33% from 15.78% as purchases fell to 82.68% of revenue from 84.40%, while EBITDA margin was 12% and PAT rose to ₹200.31 million from ₹51.12 million YoY but fell 7.48% QoQ.

Key positives

• Consolidated revenue reached ₹2,908.09 million, +37.12% YoY, accelerating from +11.6% in Q1FY26 and +38.5% in Q2FY26 on the recent company series.
• Gross margin expanded 155bps YoY to 17.33%, with purchases declining to 82.68% of revenue from 84.40%; the filing does not disclose whether this was mix, pricing or input-cost driven.
• EBITDA margin was 12%, above the 9% reported in Q1FY26 and Q4FY26 history, while finance costs declined 45.80% YoY to ₹63.62 million.
• Consolidated PAT rose to ₹200.31 million from ₹51.12 million YoY, supported by PBT growth to ₹266.67 million from ₹63.09 million.

Key concerns

• Revenue declined 15.30% QoQ to ₹2,908.09 million and PAT declined 7.48% QoQ to ₹200.31 million, interrupting the recent sequential growth run.
• Standalone revenue grew only 2.09% YoY to ₹1,287.26 million and standalone PAT of ₹74.60 million was materially dependent on ₹82.95 million of other income.
• EPS growth of 279.63% lagged the 410.77% growth in profit attributable to owners, triggering a dilution or denominator-quality concern.

View original filing

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