Imagica. Enter. Q1 FY27 Results (NSE: IMAGICAA)
Signal: Margin expansion
The read
Q1FY27 marks a sharp operating rebound, with consolidated revenue of 17760.45 lakh, +19.9% YoY, EBITDA margin at 52.3%, +328bps YoY, and PAT of 5757.45 lakh, +29.9% YoY; however, the margin arc remains uneven after three consecutive quarters of YoY contraction through Q4FY26, and finance cost rose 71.0% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹177.6 Cr | +19.9% | +93.4% |
| EBIT | ₹67.97 Cr | +19.5% | |
| Net profit | ₹57.57 Cr | +29.9% | |
| EPS | ₹1.02 | +30.8% | |
| EBIT margin | 52.3% |
P&L walk
Revenue increased to 17760.45 lakh, +19.9% YoY and +93.4% QoQ, with EBITDA up 27.8% YoY and EBITDA margin expanding to 52.3%; the improvement was driven principally by Parks, while finance cost rose 71.0% YoY and Hotel remained below last year's result.
Segments
Parks drove the group recovery: revenue rose 22.9% YoY to 16100.43 lakh and segment result rose 43.9% to 6116.78 lakh, while Hotel revenue fell 2.7% and result fell 7.1% to 412.25 lakh.
Key positives
- Consolidated revenue increased 19.9% YoY to 17760.45 lakh, led by Parks revenue growth of 22.9% YoY.
- Parks segment result rose 43.9% YoY to 6116.78 lakh, materially outpacing the 22.9% revenue increase.
- EBITDA rose 27.8% YoY to 9280 lakh and EBITDA margin expanded 328bps YoY to 52.3%.
- Employee cost grew 10.0% YoY and advertising cost grew 10.3% YoY, both below the 19.9% consolidated revenue growth rate.
- PAT of 5757.45 lakh and EPS of ₹1.02 grew broadly together, with the PAT-to-EPS cross-check clean.
Key concerns
- Finance cost increased 71.0% YoY to 729.74 lakh, significantly faster than the 19.9% revenue growth.
- Hotel Division revenue declined 2.7% YoY to 1660.02 lakh and segment result declined 7.1% to 412.25 lakh.
- The company has reported YoY EBITDA margin contraction in each of the three preceding quarters, making the current 52.3% margin rebound difficult to treat as an established trend.
- The company disclosed up to 23482500 equity shares and 23482500 convertible warrants issued at ₹73.50 each, creating potential future dilution.
Research and educational content only. Not investment advice.