Gaudium IVF Q1 FY27 Results (NSE: GAUDIUMIVF)
Signal: Growth decelerated
The read
The trajectory is expansion before monetisation: revenue grew 9.13% YoY to ₹19.38 crore, but EBITDA margin and PAT weakened as new-centre, hiring and technology-integration costs ran ahead of revenue; management's approximately ₹5.35 crore adjusted EBITDA and 27.63% margin claim is the key execution test, while other income at 45.7% of PBT reduces reported earnings quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19.38 Cr | 9.13% | N/A |
| EBIT | ₹2.83 Cr | N/A | |
| Net profit | ₹1.78 Cr | -42.27% | |
| EPS | ₹0.25 | N/A | |
| EBIT margin | 18.3% |
P&L walk
Consolidated revenue was ₹19.38 crore, +9.13% YoY, supported by mature-hub patient volumes, advanced IVF protocols and international patients; EBITDA was ₹3.55 crore with an 18.3% margin, while PAT fell to ₹1.78 crore as expansion spending preceded revenue absorption and other income represented 45.7% of PBT.
Key positives
- Revenue reached ₹19.38 crore, growing 9.13% YoY, driven by higher patient volumes at mature hubs, advanced IVF protocols and international patients.
- Clinical pregnancy success rate on the first IVF attempt was 62%, supporting the platform's clinical positioning.
- The network had expanded to 8 hubs and 28 spokes, with the first centre of the planned 19-centre expansion operational at South Extension.
- Management indicates approximately ₹5.35 crore of adjusted EBITDA and a 27.63% adjusted margin excluding expansion-related costs, creating a measurable operating-recovery catalyst if new hubs ramp as planned.
Key concerns
- Reported EBITDA margin was 18.3% in the XBRL P&L and PAT fell 42.27% YoY to ₹1.78 crore, showing substantial near-term earnings pressure during expansion.
- The filing attributes the profitability decline to pre-operationalisation costs, preparatory expenses, incremental clinical hiring and SiD/ERICA integration before corresponding revenue absorption.
- Consolidated revenue of ₹19.38 crore and PAT of ₹1.78 crore were materially below standalone revenue of ₹13.68 crore and PAT of ₹1.66 crore on a proportional basis, indicating group-level costs or entities outside the parent are diluting profitability.
- The planned Lucknow hospital carries an estimated project cost of up to ₹15 crore, adding execution and capital-allocation risk while current earnings are under pressure.
Earnings quality: includes non-operating other income
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