Indrapr.Medical Q1 FY27 Results (NSE: INDRAMEDCO)
Signal: Steady quarter
The read
The quarter shows sequential reacceleration, with revenue at ₹406.15 crore, +11.33% QoQ, and PAT at ₹55.85 crore, +33.93% QoQ, but the YoY conversion is less powerful as PAT growth of 8.53% trails revenue growth of 11.26%; professional charges to doctors rose 13.61% YoY and employee costs rose 12.33% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹406.15 Cr | +11.26% | +11.33% |
| EBIT | ₹76.47 Cr | N/A | |
| Net profit | ₹55.85 Cr | +8.53% | |
| EPS | ₹6.09 | +8.56% | |
| EBIT margin | 21.7% |
P&L walk
Revenue increased to ₹406.15 crore, +11.26% YoY and +11.33% QoQ, while PAT rose to ₹55.85 crore, +8.53% YoY and +33.93% QoQ; higher doctor charges and employee costs grew broadly in line with or faster than revenue, limiting profit conversion.
Key positives
- Revenue reached ₹406.15 crore, +11.26% YoY and +11.33% QoQ, indicating a clear sequential acceleration from ₹364.81 crore in Q4FY26.
- PAT increased to ₹55.85 crore, +33.93% QoQ, while EPS rose to ₹6.09 from ₹4.55 QoQ.
- Gross margin remained broadly stable at 82.7%, with raw-material cost at 17.27% of revenue versus 17.22% YoY.
Key concerns
- PAT growth of 8.53% YoY lagged revenue growth of 11.26%, indicating weaker profit conversion despite topline expansion.
- Professional charges to doctors rose 13.61% YoY to ₹111.15 crore, faster than revenue growth, and increased to 27.37% of revenue.
- Employee benefits expense increased 12.33% YoY to ₹72.96 crore, also ahead of revenue growth.
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