Krystal Integrat Q1 FY27 Results (NSE: KRYSTAL)
Signal: Growth reaccelerated
The read
Consolidated revenue grew 11.6% YoY, led by manpower services (+14.6%), but PAT rose only 5.9% as margins were flat and other income accounted for 25.6% of PBT. IT segment revenue collapsed 75.7% — a key concern. The acquisition of Citelum India (post quarter) may open new growth avenues but did not contribute this quarter.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹360.71 Cr | 11.6% | -1.2% |
| EBIT | ₹25.09 Cr | 11.3% | |
| Net profit | ₹17.41 Cr | 5.9% | |
| EPS | ₹12.46 | 6.0% | |
| EBIT margin | 7.8% |
P&L walk
Revenue growth of 11.6% YoY was volume-led in manpower, but PAT grew only 5.9% as employee cost ratio rose and finance cost jumped 30.9%; other income of ₹52.90 Mn boosted PBT but flags earnings quality.
Segments
Manpower & Related Services drove 9.6% PBT growth to ₹188.58 Mn, while IT-enabled services PBT fell 75.8% to ₹0.30 Mn and catering PBT declined 3.1% to ₹17.99 Mn, dragging overall group performance.
Key positives
- Revenue growth of 11.6% YoY driven by manpower services segment.
- EPS grew 6.0% YoY to ₹12.46.
- Healthy EBITDA margin of 7.8% maintained.
- Acquisition of Citelum India may open new growth avenue.
Key concerns
- PAT growth (5.9%) lagged revenue growth due to higher finance costs and tax.
- Other income formed 25.6% of PBT, indicating earnings quality risk.
- IT-enabled services segment revenue collapsed 75.7% YoY to ₹5.03 Mn.
- Employee cost as % of revenue increased slightly to 76.7%.
- Catering segment revenue declined 8.4% YoY.
Earnings quality: includes non-operating other income
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