Manoj Vaibhav Q1 FY27 Results (NSE: MVGJL)
Signal: Steady quarter
The read
The core trajectory is constructive, with revenue at ₹713.91 crore, +30.1% YoY, and EBIT at ₹43.71 crore, +19.4% YoY; however, EBITDA margin fell 60bps YoY to 6.5% and PAT growth to ₹27.57 crore was boosted by a ₹3.78 crore exceptional provision reversal, while the reported EPS increase of 167.3% does not reconcile with PAT growth of 33.9%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹713.91 Cr | 30.1% | -5.4% |
| EBIT | ₹43.71 Cr | 19.4% | |
| Net profit | ₹27.57 Cr | 33.9% | |
| EPS | ₹11.28 | 167.3% | |
| EBIT margin | 6.5% |
P&L walk
Revenue increased to ₹713.91 crore, +30.1% YoY but -5.4% QoQ; gross margin compressed 110bps YoY to 11.9%, EBITDA grew 18.6% to ₹46.14 crore with margin at 6.5%, and PAT rose 33.9% to ₹27.57 crore partly because of a ₹3.78 crore exceptional provision reversal.
Key positives
- Revenue reached ₹713.91 crore, +30.1% YoY, materially above the company's 3-year sales CAGR of 15.18% shown in the fundamentals.
- EBITDA increased 18.6% YoY to ₹46.14 crore despite employee benefits expense growing only 11.2% YoY to ₹15.22 crore.
- Gross margin improved 170bps QoQ to 11.9%, indicating sequential recovery from the 10.2% level in the immediately preceding quarter.
Key concerns
- EBITDA margin declined 60bps YoY to 6.5% as gross margin compressed 110bps YoY to 11.9%, despite revenue growth of 30.1%.
- PAT growth of 33.9% to ₹27.57 crore includes a ₹3.78 crore exceptional reversal related to the prior provision for metal-based jewellery purchase plan obligations.
- Finance costs rose 19.5% YoY to ₹10.72 crore, broadly in line with EBITDA growth and keeping financing intensity elevated.
Research and educational content only. Not investment advice.