Manipal Payment Q2 FY27 Results (NSE: MPIMANIPAL)
Signal: Earnings grew
The read
The key inflection is sequential margin stabilisation but not recovery: consolidated EBITDA margin improved 86bps QoQ to 30.5% after falling 419bps YoY, while revenue growth slowed to 33.6% from the prior-year base and PAT growth remained limited to 7.7% because raw-material cost rose to 33.9% of revenue from 29.6%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹430.4 Cr | +33.6% | +2.7% |
| Net profit | ₹80.88 Cr | +7.7% | |
| EBIT margin | 30.5% |
P&L walk
Consolidated revenue grew 33.6% YoY to ₹4304.00 million, but gross margin fell 486bps to 56.2% as raw-material cost rose to 33.9% of revenue from 29.6%; EBITDA margin declined 419bps to 30.5%, while PAT increased only 7.7% to ₹808.80 million.
Segments
The group added ₹164.26 million of revenue above standalone revenue, but consolidated PAT of ₹808.80 million was ₹15.92 million below standalone PAT of ₹824.72 million; the international subsidiaries reported ₹237.60 million of quarterly revenue before consolidation adjustments and a ₹19.65 million loss, dragging group profitability.
Key positives
- Consolidated revenue increased 33.6% YoY to ₹4304.00 million, with Q2FY27 revenue still rising 2.7% QoQ.
- Employee costs rose 28.6% YoY versus revenue growth of 33.6%, keeping employee costs at 8.6% of consolidated revenue.
- PPE plus CWIP increased to ₹2267.73 million and depreciation rose 88.4% YoY to ₹223.49 million, consistent with equipment additions becoming operational.
- The company reported ₹2953.22 million of net IPO proceeds, with ₹2384.26 million earmarked for equipment capex.
Key concerns
- Gross margin compressed 486bps YoY to 56.2% as materials consumed increased to 33.9% of revenue from 29.6%; with revenue growing, this indicates cost absorption rather than full pass-through.
- Consolidated EBITDA margin fell 419bps YoY to 30.5%, and PAT growth of 7.7% lagged revenue growth of 33.6%.
- International subsidiaries reported a ₹19.65 million quarterly loss before consolidation adjustments, leaving consolidated PAT ₹15.92 million below standalone PAT.
- Standalone basic EPS rose 5.4% versus PAT growth of 8.1%, indicating post-IPO dilution.
Research and educational content only. Not investment advice.