Crest Ventures Q1 FY27 Results (NSE: CREST)
Signal: Earnings declined
The read
The key inflection is not a recovery but a worsening earnings split: consolidated PAT fell 55.4% YoY to ₹11.34 lakh while standalone PAT collapsed 83.9% to ₹3.55 lakh; subsidiaries are cushioning the parent, but consolidated EBIT declined 66.8% to ₹13.76 lakh and the business remains highly dependent on non-parent earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹30.24 Cr | -52.1% | N/A |
| EBIT | ₹13.76 Cr | -66.8% | |
| Net profit | ₹11.34 Cr | -55.4% | |
| EPS | ₹4.01 | -55.5% | |
| EBIT margin | 45.5% |
P&L walk
Consolidated operating revenue was ₹30.24 lakh, down 52.1% YoY, while EBITDA fell 47.9% to ₹22.08 lakh and PAT fell 55.4% to ₹11.34 lakh; other income was only ₹0.05 lakh, so the decline was operational rather than treasury-income driven.
Segments
No segment table is supplied, but the standalone-to-consolidated gap is material: consolidated PAT was ₹11.34 lakh versus standalone PAT of ₹3.55 lakh, implying subsidiaries and associates generated most of group earnings despite consolidated PAT falling 55.4% YoY.
Key positives
- Consolidated EBITDA was ₹22.08 lakh, down 47.9% YoY, which was better than the 52.1% decline in operating revenue, while the reported EBITDA margin remained high at 73%.
- Consolidated EPS of ₹4.01 declined 55.5% YoY, essentially matching the 55.4% PAT decline to ₹11.34 lakh and providing a clean PAT-to-EPS read-through.
- Standalone capital adequacy was strong at 62.26%, while gross and net Stage-3 assets were reported as Nil.
Key concerns
- Standalone PAT fell 83.9% YoY to ₹3.55 lakh, much faster than standalone revenue, which declined 60.9% to ₹19.17 lakh.
- Consolidated EBIT declined 66.8% YoY to ₹13.76 lakh, materially faster than operating revenue decline of 52.1%, indicating weak conversion below EBITDA.
- Consolidated PAT of ₹11.34 lakh was over three times standalone PAT of ₹3.55 lakh, increasing dependence on subsidiaries and associates for reported earnings.
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