Pix Transmission Q1 FY27 Results (NSE: PIXTRANS)
Signal: Margin expansion
The read
The operating trajectory inflected sharply after OPM contracted for three consecutive quarters through Q4FY26: consolidated EBITDA margin expanded to 49% from 23% YoY and 18% QoQ, but the ₹52.75 crore PAT is not fully recurring because ₹27.42 crore of other income, including a ₹25.29 crore FVTPL investment adjustment, represented 41.1% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹149.25 Cr | +22.8% | -12.6% |
| EBIT | ₹67.25 Cr | N/A | |
| Net profit | ₹52.75 Cr | +89.3% | |
| EPS | ₹38.71 | +89.3% | |
| EBIT margin | 49% |
P&L walk
Consolidated revenue rose to ₹149.25 crore, +22.8% YoY but -12.6% QoQ, while EBITDA margin expanded to 49% from 23% YoY and 18% QoQ; PAT reached ₹52.75 crore, +89.3% YoY, with the increase amplified by ₹27.42 crore of other income.
Segments
The group result is supported by overseas subsidiaries: two disclosed subsidiary groupings contributed ₹5.50 crore of revenue and ₹4.27 crore of PAT before consolidation adjustments, lifting consolidated PAT to ₹52.75 crore versus standalone PAT of ₹48.29 crore.
Key positives
- Consolidated revenue reached ₹149.25 crore, growing 22.8% YoY after the recent Q1FY26 revenue base of ₹122 crore.
- EBITDA margin expanded to 49% from 23% YoY and 18% QoQ; employee cost rose only 5.6% YoY versus 22.8% revenue growth.
- EPS rose 89.3% YoY to ₹38.71 and tracked PAT growth, with no dilution indicated by the filing.
- Consolidated PAT exceeded standalone PAT by ₹4.46 crore, reflecting positive subsidiary contribution.
Key concerns
- Other income of ₹27.42 crore was 41.1% of consolidated PBT and included a ₹25.29 crore FVTPL investment adjustment, making the ₹52.75 crore PAT less representative of recurring operating earnings.
- Revenue declined 12.6% QoQ to ₹149.25 crore after ₹171 crore in Q4FY26, so the sharp margin improvement has not yet been accompanied by sequential revenue momentum.
- Gross margin expansion of approximately 305bps YoY occurred despite raw material cost rising to 31.7% of revenue from 31.4%; the filing does not disclose whether the improvement is sustainable.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.