KDDL Ltd Q1 FY27 Results (NSE: KDDL)
Signal: Steady quarter
The read
Revenue & PAT growth accelerated vs prior quarters (+36% YoY revenue, +51% YoY PAT), but the beat was quality-diluted by other income (21% of PBT); core operating margin flat at ~17% — no operating leverage from scale. Watch retail continues to drive growth while precision components show strong recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹633.8 Cr | 36.3% | -70.6% |
| EBIT | ₹73.64 Cr | 37.7% | |
| Net profit | ₹44.75 Cr | 50.7% | |
| EPS | ₹23.87 | 43.7% |
P&L walk
Revenue growth driven by luxury watch retail (+34.3% YoY) and precision components (+43.9% YoY); EBITDA margin flat at 17.1% despite leverage on employee costs (rose 39.8% vs revenue 36.3%), held back by higher purchases of stock-in-trade; other income inflated PBT; PAT grew 50.7% YoY, ahead of operating profit growth due to higher other income.
Segments
The watches/accessories/luxury segment (Ethos-led) contributed 74% of consolidated revenue and 48% of segment PBIT; its PBIT jumped 23.7% YoY to ₹3,178 lakh, while precision components PBIT rose 62.2% YoY to ₹3,595 lakh; the 'Others' segment (packaging) remained loss-making at ₹-106 lakh.
Earnings quality: includes non-operating other income
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