Kopran Q1 FY27 Results (NSE: KOPRAN)
Signal: Growth decelerated
The read
The Q1FY27 recovery is revenue-led but not yet a clean earnings inflection: consolidated revenue grew 13.9% YoY to ₹15,399.43 lakh, while EBITDA margin at 10.3% remained 19bps below Q1FY26 and 708bps below Q4FY26; standalone execution was stronger, with revenue up 22.3% and margin up 360bps YoY, but subsidiaries continued to dilute group profitability.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹153.99 Cr | +13.9% | -34.2% |
| Net profit | ₹6.7 Cr | -10.1% | |
| EPS | ₹1.39 | -9.7% | |
| EBIT margin | 10.3% |
P&L walk
Consolidated revenue rose to ₹15,399.43 lakh, +13.9% YoY, but EBITDA margin at 10.3% was broadly flat YoY and sharply below Q4FY26's 17.3%; PAT declined 10.1% to ₹670.09 lakh as higher depreciation, finance cost and operating expenses offset the revenue recovery.
Segments
The filing reports no separate segments, but subsidiaries dragged consolidated earnings: standalone PAT was ₹672.30 lakh versus consolidated PAT of ₹670.09 lakh, while two subsidiaries reported aggregate net loss of ₹26.13 lakh before consolidation adjustments.
Key positives
- Consolidated revenue increased 13.9% YoY to ₹15,399.43 lakh after Q2FY26's 22.4% YoY decline and Q3FY26's 16.9% growth, indicating recovery from the recent trough.
- Standalone revenue grew 22.3% YoY and standalone EBITDA margin expanded 360bps YoY to 13.5%, showing stronger parent-level operating momentum than the group result.
- Consolidated gross margin expanded 396bps YoY to 40.8%, although the filing does not disclose whether the improvement came from pricing, inputs or mix.
Key concerns
- Consolidated EBITDA margin was 10.3%, down 19bps YoY and 708bps QoQ, while employee cost rose 19.6% YoY and other expenses rose 41.1% YoY.
- Subsidiaries remained a drag: two subsidiaries reported aggregate net loss of ₹26.13 lakh on total income of ₹10,017.86 lakh before consolidation adjustments.
- Depreciation rose 35.5% YoY and finance cost rose 29.3% YoY, limiting operating-profit-to-PAT conversion.
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