FDC Q1 FY27 Results (NSE: FDC)
Signal: Growth decelerated
The read
The key inflection is the rebound from Q2FY26-Q3FY26 earnings weakness: consolidated revenue grew 2.97% YoY and EBITDA margin was 28.6%, versus 18% in Q4FY26, but the 9.17% PAT growth was partly supported by ₹4,765 lakh of other income, equal to 27.3% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹667.69 Cr | +2.97% | +14.0% |
| EBIT | ₹175.53 Cr | N/A | |
| Net profit | ₹132.49 Cr | +9.17% | |
| EPS | ₹8.14 | +9.26% | |
| EBIT margin | 28.6% |
P&L walk
Consolidated revenue rose to ₹66,769 lakh, up 2.97% YoY and 14.0% QoQ, while EBITDA margin was 28.6%; PAT increased 9.17% to ₹13,249 lakh, with ₹4,765 lakh of other income contributing 27.3% of PBT.
Segments
The Group has only one reported Pharmaceuticals segment; consolidated Q1 PAT of ₹13,249 lakh was broadly aligned with standalone PAT of ₹13,202 lakh, but consolidated PAT rose 28.1% QoQ while standalone PAT fell 21.0% QoQ, indicating a material basis divergence whose driver is not disclosed.
Key positives
- Consolidated EBITDA margin was 28.6% on ₹66,769 lakh revenue, with gross margin broadly stable YoY at 68.0% versus 68.3%.
- Finance costs fell 52.9% YoY to ₹8 lakh, improving conversion from operating profit to PBT.
- EPS increased 9.26% YoY to ₹8.14, tracking PAT growth of 9.17% with no material dilution signal.
- The company received in-principle approval for up to ₹45 lakh investment for a minimum 26% stake in a group-captive solar project supporting the Roha API plant.
Key concerns
- Other income of ₹4,765 lakh increased 34.2% YoY and represented 27.3% of consolidated PBT, making the bottom-line trajectory less operating-quality dependent.
- Consolidated revenue growth was only 2.97% YoY despite the margin rebound, and the filing does not disclose volume, geography, product or price/mix drivers.
- Standalone PAT declined 21.0% QoQ to ₹13,202 lakh while consolidated PAT increased 28.1% QoQ to ₹13,249 lakh; the source of the divergence is not disclosed.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.