Kiran Vyapar Q1 FY27 Results (NSE: KIRANVYPAR)
Signal: Earnings grew
The read
Q1FY27 marks an operating recovery from Q4FY26's ₹11 crore revenue and ₹10 crore loss, with consolidated revenue at ₹33.06 crore (+21.3% YoY), EBITDA at ₹24.19 crore (+31.0%) and PAT at ₹19.63 crore (+19.8%); however, the key thesis issue is earnings quality by basis, since standalone PAT fell 5.6% to ₹8.15 crore while associates contributed ₹946.15 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹33.06 Cr | 21.3% | N/A |
| EBIT | ₹24.14 Cr | 31.1% | |
| Net profit | ₹19.63 Cr | 19.8% | |
| EPS | ₹7.21 | 20.0% | |
| EBIT margin | 0% |
P&L walk
Consolidated revenue was ₹33.06 crore, up 21.3% YoY, while EBITDA rose faster to ₹24.19 crore, up 31.0%, and EBIT reached ₹24.14 crore, up 31.1%; PAT increased 19.8% to ₹19.63 crore, with the group result benefiting materially from associates and subsidiaries.
Segments
The consolidated result materially outperformed the parent: standalone PAT fell 5.6% YoY to ₹8.15 crore, while consolidated PAT rose 19.8% to ₹19.63 crore, supported by ₹946.15 lakh of associate profit share and subsidiary earnings including Peepul Tree Capital's ₹82.78 lakh PAT.
Key positives
- Consolidated revenue recovered to ₹33.06 crore, up 21.3% YoY after ₹11 crore in Q4FY26.
- Consolidated EBITDA increased 31.0% YoY to ₹24.19 crore, 9.7 percentage points faster than revenue growth of 21.3%, with EBITDA margin at 73.2%.
- Consolidated EPS rose 20.0% YoY to ₹7.21, closely tracking PAT growth of 19.8% to ₹19.63 crore.
- The consolidated group benefited from ₹946.15 lakh of associate profit share and ₹82.78 lakh PAT from Peepul Tree Capital Pte Ltd.
Key concerns
- Standalone PAT declined 5.6% YoY to ₹8.15 crore despite standalone revenue growth of 41.9% and EBIT growth of 44.2%, making the consolidated recovery dependent on subsidiaries, associates and below-parent consolidation effects.
- The filing does not disclose NBFC operating KPIs such as AUM growth, NIM, GNPA, credit cost or cost-to-income, limiting assessment of the underlying lending trajectory.
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