Mirza Internatio Q1 FY27 Results (NSE: MIRZAINT)

6 Aug 2026 · Analysis by Alpha Inflection

Signal: Revenue declined

The read

The operating inflection is only a sequential recovery: consolidated revenue rose 25.2% QoQ from ₹10256.04 lakh, but YoY revenue fell 9.7%, EBITDA margin contracted 610bps to 2.9%, and tannery slipped into a ₹277.50 lakh loss. The business has not yet repaired the margin arc after two consecutive quarters of contraction.

P&L walk

Revenue fell 9.7% YoY to ₹12839.85 lakh, gross margin compressed as raw material cost rose to 48.8% of revenue from 40.9%, EBITDA margin fell 610bps to 2.9%, and finance costs declined 63.7% YoY; the filing's XBRL-reported PAT was ₹0 lakh.

Segments

Footwear remained marginally profitable at ₹99.11 lakh but fell 86.2% YoY, while tannery was the main drag, moving from a ₹41.86 lakh profit to a ₹277.50 lakh loss; subsidiaries lifted consolidated results above the standalone ₹451.44 lakh loss.

Key positives

• Consolidated revenue recovered 25.2% QoQ to ₹12839.85 lakh after ₹10256.04 lakh in Q4FY26.
• Finance costs declined 63.7% YoY to ₹83.28 lakh, reducing the below-EBITDA burden.
• Footwear returned to a ₹99.11 lakh segment profit from a ₹541.63 lakh loss in the prior quarter.
• Mirza UK Limited contributed quarterly revenue of ₹1167.96 lakh and net profit of ₹43.91 lakh, supporting the consolidated result.

Key concerns

• Consolidated EBITDA margin compressed 610bps YoY to 2.9%, with EBITDA of ₹367 lakh versus the prior-year 9.0% margin.
• Raw material cost rose to 48.8% of revenue from 40.9% YoY, while gross margin compressed approximately 480bps.
• Tannery revenue declined 31.7% YoY to ₹3141.32 lakh and the segment moved to a ₹277.50 lakh loss from a ₹41.86 lakh profit.
• Employee costs increased 6.4% YoY to ₹2086.68 lakh despite a 9.7% consolidated revenue decline.

View original filing

Research and educational content only. Not investment advice.