Kopran Q1 FY27 Results (NSE: KOPRAN)
Signal: Growth decelerated
The read
The key inflection is top-line recovery without equivalent earnings recovery: consolidated revenue rose 13.9% YoY to ₹15,399.43 lakh, but EBITDA growth of 7.0%, EBIT decline of 2.8% and PAT decline of 10.1% show weaker operating conversion; this contrasts with standalone EBITDA growth of 65.5% and PAT growth of 90.9%, making subsidiary performance the central trajectory question.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹153.99 Cr | 13.9% | N/A |
| EBIT | ₹12.08 Cr | -2.8% | |
| Net profit | ₹6.7 Cr | -10.1% | |
| EPS | ₹1.39 | -9.7% | |
| EBIT margin | 11.6% |
P&L walk
Consolidated revenue rose to ₹15,399.43 lakh, +13.9% YoY, but EBITDA increased only 7.0% to ₹1,786 lakh, EBIT fell 2.8% to ₹1,208 lakh and PAT declined 10.1% to ₹670.09 lakh; ₹205 lakh of other income represented 23.3% of PBT and supported reported earnings.
Segments
No segment table is disclosed, but standalone PAT of ₹672 lakh was almost equal to consolidated PAT of ₹670.09 lakh and standalone EBITDA margin was 18.1% versus consolidated 11.6%, indicating that subsidiaries diluted the group's operating margin while contributing little incremental profit.
Key positives
- Consolidated revenue increased 13.9% YoY to ₹15,399.43 lakh, extending the recovery from Q1FY26 revenue of ₹13,521.62 lakh.
- Standalone revenue grew 22.3% YoY to ₹6,276 lakh and standalone EBITDA increased 65.5% YoY to ₹1,137 lakh, with an 18.1% EBITDA margin.
- Standalone PAT rose 90.9% YoY to ₹672 lakh, indicating strong improvement at the parent operating level.
Key concerns
- Consolidated EBITDA grew only 7.0% YoY versus revenue growth of 13.9%, while EBITDA margin was 11.6%, pointing to weaker profit conversion.
- Consolidated EBIT declined 2.8% YoY to ₹1,208 lakh and PAT declined 10.1% YoY to ₹670.09 lakh despite revenue growth.
- Standalone EBITDA margin of 18.1% versus consolidated margin of 11.6% indicates subsidiaries diluted group-level operating performance.
Earnings quality: includes non-operating other income
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