Kalpat. Q1 FY27 Results (NSE: KALPATARU)
Signal: Loss narrowed
The read
Consolidated loss narrowed sharply YoY as revenue grew 6.5% and share of profit from associates swung positive, but margins remain negative and QoQ revenue collapsed 72% from a strong Q4.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4.72 Cr | 6.5% | -72.1% |
| EBIT | ₹-0.33 Cr | 41.0% | |
| Net profit | ₹-0.27 Cr | 46.3% | |
| EPS | ₹-1.29 | 55.8% | |
| EBIT margin | -4.9% |
P&L walk
Revenue grew 6.5% YoY but plummeted 72% QoQ; gross margin improved 204bps YoY on better project mix, but operating loss persisted as employee and other costs absorbed revenue decline.
Key positives
- Operating loss narrowed: PAT improved 46.3% YoY to -₹26.52 Cr driven by better gross margin and a ₹18.72 Cr swing in associate profit.
- Revenue grew 6.5% YoY despite Q1 seasonality, indicating underlying project momentum.
- Gross margin expanded 204bps YoY to 17.55%, reflecting improved project mix and cost control.
Key concerns
- Still loss-making at consolidated level (PAT -₹26.52 Cr) with negative EBITDA margin of -4.9%.
- Revenue collapsed 72% QoQ from Q4FY26's strong completion quarter, highlighting lumpiness.
- Employee costs surged 42.7% YoY, outpacing revenue growth and pressuring margins.
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