Allcargo Termi Q1 FY27 Results (NSE: ATL)
Signal: Margin expansion
The read
The operating trajectory remains positive, with revenue up 14.5% YoY to ₹214.41 crore and EBITDA margin expanding to 23.1%, the fifth consecutive quarter of margin expansion, but earnings quality weakened at the consolidated level as PAT fell 30.1% to ₹6.37 crore on higher tax and lower JV/associate contribution; standalone profit growth is not comparable because ₹7.74 crore of dividend income drove other income to ₹9.21 crore.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹214.41 Cr | 14.5% | 3.1% |
| EBIT | ₹28.77 Cr | 10.2% | |
| Net profit | ₹6.37 Cr | -30.1% | |
| EPS | ₹0.24 | -33.3% | |
| EBIT margin | 23.1% |
P&L walk
Consolidated operating momentum improved with revenue of ₹214.41 crore, +14.5% YoY, and EBITDA of ₹49.55 crore, +19.9% YoY, but PAT declined 30.1% to ₹6.37 crore because tax expense increased to ₹7.20 crore from ₹4.41 crore and joint-venture/associate contribution fell to ₹0.73 crore from ₹1.72 crore.
Segments
The group-to-parent gap is material: standalone PAT rose 183.0% YoY to ₹13.50 crore, aided by ₹9.21 crore of other income including ₹7.74 crore dividend income, while consolidated PAT fell 30.1% to ₹6.37 crore as subsidiary and JV/associate contributions were weaker.
Key positives
- Consolidated revenue reached ₹214.41 crore, +14.5% YoY and +3.1% QoQ, improving materially from the ₹187.25 crore year-ago base.
- EBITDA increased 19.9% YoY to ₹49.55 crore and EBITDA margin expanded 462bps YoY to 23.1%, extending the margin-expansion sequence to five quarters.
- Finance cost declined 3.2% QoQ to ₹15.93 crore, despite remaining 11.4% above the year-ago level.
Key concerns
- Consolidated PAT fell 30.1% YoY to ₹6.37 crore despite 19.9% EBITDA growth, with total tax expense increasing to ₹7.20 crore from ₹4.41 crore.
- Standalone PAT growth of 183.0% to ₹13.50 crore was substantially supported by ₹9.21 crore other income, including ₹7.74 crore dividend income, making the parent result a poor proxy for recurring group earnings.
- Depreciation rose 36.6% YoY to ₹20.78 crore, faster than revenue growth of 14.5%; the filing provides no asset-base disclosure to validate the associated capex cycle.
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