GFL Q1 FY27 Results (NSE: GFLLIMITED)
Signal: Loss reversed
The read
Q1FY27 marks a sharp consolidated PAT turnaround to ₹744 lakh from a ₹816 lakh loss, but the operating trajectory weakened: EBIT fell 38.3% YoY to ₹37 lakh and EBITDA margin contracted to 35.9% from an implied 60.8%, while ₹834 lakh of associate profit and ₹9 lakh of other income drove the reported result. The margin recovery from 19% in Q4FY26 is not yet evidence of a durable improvement because standalone PAT declined 31.8% YoY to ₹30 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1.03 Cr | 12.0% | +15.7% |
| EBIT | ₹0.37 Cr | -38.3% | |
| Net profit | ₹7.44 Cr | N/A | -70.9% |
| EPS | ₹0.68 | N/A | |
| EBIT margin | 35.9% |
P&L walk
Revenue increased to ₹103 lakh, +12.0% YoY and +15.7% QoQ, but operating EBIT declined 38.3% YoY to ₹37 lakh as total expenses rose to ₹75 lakh; PAT of ₹744 lakh was instead dominated by ₹834 lakh of associate profit.
Segments
The consolidated-versus-standalone gap is the key momentum location: standalone PAT was ₹30 lakh and fell 31.8% YoY, while associate profit of ₹834 lakh versus a ₹1,004 lakh loss lifted consolidated PAT to ₹744 lakh.
Key positives
- Revenue increased 12.0% YoY to ₹103 lakh, led by fees and commission income rising 28.6% YoY to ₹72 lakh.
- Consolidated PAT turned around to ₹744 lakh from a ₹816 lakh loss, supported by associate profit of ₹834 lakh versus a ₹1,004 lakh loss YoY.
- Paid-up equity capital remained ₹1,099 lakh while EPS turned around from -₹0.74 to ₹0.68, indicating no disclosed dilution.
Key concerns
- Operating EBIT declined 38.3% YoY to ₹37 lakh and consolidated EBITDA margin contracted by 1,970bps to 35.9%.
- Standalone PAT declined 31.8% YoY to ₹30 lakh despite revenue growth of 12.0%, showing that the core holding-company earnings base weakened.
- Other expenses increased 135.0% YoY from ₹20 lakh to ₹47 lakh on a consolidated basis, materially outpacing revenue growth.
Earnings quality: includes non-operating other income
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