Kalyani Invest. Q1 FY27 Results (NSE: KICL)
Signal: Loss reversed
The read
The operating holding company was stable-to-improving YoY, with revenue up 2.9% to ₹5.95 Cr and EBITDA up 10.7% to ₹3.31 Cr, but the consolidated turnaround to ₹0.68 Cr PAT is not yet clean because the associate contributed a -₹2.32 Cr loss and exceptional effects represented 234.3% of consolidated PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5.95 Cr | 2.9% | -72.7% |
| EBIT | ₹3.31 Cr | 10.7% | |
| Net profit | ₹0.68 Cr | N/A | |
| EPS | ₹1.57 | N/A | |
| EBIT margin | 55.6% |
P&L walk
Consolidated revenue was ₹5.95 Cr, up 2.9% YoY but down 72.7% QoQ; EBITDA increased 10.7% YoY to ₹3.31 Cr, while a ₹2.32 Cr associate loss reduced PBT to ₹0.99 Cr and PAT to ₹0.68 Cr.
Segments
There is no reportable operating segment; the key consolidated divergence is the associate, whose -₹2.32 Cr contribution reduced consolidated PAT to ₹0.68 Cr versus standalone PAT of ₹2.42 Cr.
Key positives
- Standalone EBITDA rose 10.7% YoY to ₹3.31 Cr and EBITDA margin expanded to 55.6% from 51.7%, while total expenses declined 5.7% YoY to ₹2.63 Cr.
- Consolidated PAT turned positive at ₹0.68 Cr from a ₹3.18 Cr loss, as the associate loss narrowed to ₹2.32 Cr from ₹7.03 Cr.
- Fixed-deposit interest increased 10.5% YoY to ₹5.13 Cr, providing a recurring income base even though dividend income was nil.
Key concerns
- Standalone quarterly income fell 73.7% QoQ to ₹5.95 Cr because dividend income fell from ₹16.69 Cr to zero, highlighting continued volatility in the holding company's income stream.
- The associate remained loss-making at ₹2.32 Cr in the quarter and reduced consolidated PAT to ₹0.68 Cr versus standalone PAT of ₹2.42 Cr.
- Fair-value gains declined 28.1% YoY to ₹0.82 Cr, limiting the contribution from investment-market remeasurement.
Earnings quality: includes an exceptional item
Research and educational content only. Not investment advice.