Brainbees Solut. Q1 FY27 Results (NSE: FIRSTCRY)
Signal: Loss narrowed
The read
The operating trajectory improved in Q1FY27: revenue grew 13.1% YoY and EBITDA grew 30.7% with margin up 68bps to 5.1%, reversing the prior-quarter 100bps margin contraction; however, gross margin compressed 198bps, International lost ₹229.44 million, Globalbees swung to a ₹37.18 million loss, and a ₹184.00 million exceptional charge kept consolidated PAT at a ₹439.52 million loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,106.23 Cr | +13.1% | -2.6% |
| EBIT | ₹12.23 Cr | N/A | |
| Net profit | ₹-43.95 Cr | +33.9% | |
| EPS | ₹-0.64 | +33.3% | |
| EBIT margin | 5.1% |
P&L walk
Revenue increased to ₹21062.29 million, +13.1% YoY, while EBITDA rose faster at +30.7% to ₹1065.68 million and EBITDA margin expanded to 5.1%; however, depreciation of ₹943.43 million, finance cost of ₹365.84 million and a ₹184.00 million exceptional charge left a ₹439.52 million loss.
Segments
India multi-channel drove momentum with revenue of ₹14559.09 million, +17.7% YoY, and segment result of ₹171.14 million; International remained the largest drag with a ₹229.44 million loss, while Globalbees slipped from a ₹62.09 million profit to a ₹37.18 million loss.
Key positives
- India multi-channel revenue was ₹14559.09 million, +17.7% YoY, ahead of consolidated revenue growth of 13.1%.
- EBITDA increased 30.7% YoY to ₹1065.68 million versus revenue growth of 13.1%, a +17.6pp growth gap, with EBITDA margin expanding 68bps to 5.1%.
- Finance cost declined 9.2% YoY to ₹365.84 million while revenue grew 13.1%, reducing below-EBITDA pressure.
- Standalone profit rose to ₹215.88 million from ₹30.67 million YoY, indicating the parent business remained profitable.
Key concerns
- Gross margin fell 198bps YoY to 36.5% as cost of material consumed increased to 11.9% of revenue from 11.2%; the filing does not disclose the driver.
- International generated a ₹229.44 million segment loss, and Globalbees deteriorated from a ₹62.09 million profit in Q4FY26 to a ₹37.18 million loss in Q1FY27.
- Consolidated loss of ₹439.52 million remained despite EBITDA of ₹1065.68 million because depreciation was ₹943.43 million, finance cost ₹365.84 million and exceptional items ₹184.00 million.
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