Fischer Medical Q1 FY27 Results (NSE: FISCHER)
Signal: Growth reaccelerated
The read
The key inflection is a recovery from Q4FY26's 1.02% operating margin and ₹1,243.74 lakh consolidated loss to Q1FY27's 15.6% EBITDA margin and ₹379.13 lakh profit, but the trajectory is not yet re-established: margin remains below Q1-Q3FY26's 18.2%-21.3% range, gross margin compressed 1,663bps YoY as material costs reached 53.7% of revenue, finance cost rose 436.2%, and EPS fell 92.2% because of dilution and the weak comparison.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹81.92 Cr | 249.5% | -16.0% |
| EBIT | ₹11.38 Cr | 3.8% | |
| Net profit | ₹3.79 Cr | -24.4% | |
| EPS | ₹0.06 | -92.2% | |
| EBIT margin | 15.6% |
P&L walk
Revenue rose to ₹8,192.00 lakh, +249.5% YoY but -16.0% QoQ; gross margin compressed 1,663bps YoY to 28.9% as cost of materials rose to 53.7% of revenue from 0.9%, while EBITDA margin fell to 15.6%, finance cost increased 436.2% YoY to ₹354.30 lakh and PAT declined 24.4% to ₹379.13 lakh.
Segments
No segment table is provided, but the standalone parent generated only ₹72.17 lakh of revenue and a ₹350.41 lakh loss versus consolidated revenue of ₹8,192.00 lakh and PAT of ₹379.13 lakh, confirming that earnings sit in subsidiaries.
Key positives
- Consolidated revenue reached ₹8,192.00 lakh, +249.5% YoY, despite a 16.0% QoQ decline, maintaining the substantial scale-up seen during FY26.
- EBITDA margin recovered to 15.6% from approximately -3.1% in Q4FY26, a sequential improvement of about 1,866bps.
- Consolidated PAT returned to ₹379.13 lakh from a ₹1,243.74 lakh Q4FY26 loss, while other income was only ₹148.43 lakh and was classified as clean by the XBRL earnings-quality check.
Key concerns
- Gross margin compressed 1,663bps YoY to 28.9% as cost of materials rose to 53.7% of revenue from 0.9%; the filing gives no explanation for the cost surge.
- EBITDA grew only 8.6% YoY versus 249.5% revenue growth, and EBITDA margin of 15.6% remained below 18.2%-21.3% in Q1-Q3FY26.
- Finance cost increased 436.2% YoY to ₹354.30 lakh, while PAT fell 24.4% despite EBIT growth of 3.8%.
- The standalone parent remained deeply loss-making, with revenue down 84.1% YoY to ₹72.17 lakh and a ₹350.41 lakh loss.
- Basic EPS fell 92.2% YoY to ₹0.06, materially lagging PAT because of share dilution and the subsequent conversion of 2,05,05,909 warrants into equity shares.
Research and educational content only. Not investment advice.