AWFIS Space Q1 FY27 Results (NSE: AWFIS)
Signal: Growth reaccelerated
The read
The operating trajectory remains positive, with consolidated revenue up 27.0% YoY and EBITDA up 28.5% YoY, but the 140.1% PAT increase is low quality because other income of 239.51 million represented 98.1% of PBT; the group also resumed growth acceleration from Q4FY26's 20.6% revenue growth, while margin comparison is unavailable in the filing.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹424.92 Cr | 27.0% | 3.6% |
| EBIT | ₹73.07 Cr | 29.7% | |
| Net profit | ₹23.96 Cr | 140.1% | |
| EPS | ₹3.35 | 139.3% | |
| EBIT margin | 43.8% |
P&L walk
Revenue increased to 4249.24 million (+27.0% YoY, +3.6% QoQ), EBITDA rose to 1862.30 million (+28.5% YoY) and EBIT to 730.70 million (+29.7% YoY), while PAT growth to 239.64 million (+140.1% YoY) was amplified by other income of 239.51 million.
Segments
Co-working space and allied services drove the group, contributing 3313.46 million of revenue and 304.38 million of segment result, while construction and fit-out contributed 733.78 million of revenue and 32.28 million of result; the consolidated revenue growth of 27.0% versus standalone growth of 5.1% highlights the subsidiary contribution.
Key positives
- Consolidated revenue reached 4249.24 million, up 27.0% YoY and 3.6% QoQ, accelerating from Q4FY26 growth of 20.6%.
- EBITDA grew 28.5% YoY to 1862.30 million, ahead of revenue growth by 1.5 percentage points, while employee benefits expense rose 10.9% YoY to 328.56 million, below revenue growth.
- Co-working and allied services generated 3313.46 million revenue and 304.38 million segment result, up from 2762.08 million and 115.69 million YoY.
- Segment assets increased 28.3% YoY to 30710.14 million while depreciation rose 16.5% YoY to 1031.60 million, a clean asset-base and depreciation cross-check.
Key concerns
- PAT of 239.64 million grew 140.1% YoY, but operating EBIT grew only 29.7% because other income of 239.51 million accounted for 98.1% of PBT.
- Standalone revenue grew only 5.1% YoY to 1301.64 million, versus 27.0% consolidated growth, increasing dependence on subsidiary-led expansion.
- Standalone depreciation increased 33.7% YoY to 1183.09 million and finance costs rose 10.6% YoY to 486.49 million, both faster than the 5.1% standalone revenue growth.
Earnings quality: includes non-operating other income
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