Repco Home Fin Q1 FY27 Results (NSE: REPCOHOME)
Signal: Earnings grew
The read
The Q1FY27 inflection is earnings quality rather than operating acceleration: total income grew 6.2% YoY and NII approximately 7.1%, but EBITDA grew only 2.8% as employee costs rose 58.3%; consolidated PAT nevertheless grew 5.6% because the associate contributed ₹7.47 crore, while GNPA and NNPA stood at 2.67% and 1.23%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹467.7 Cr | 7.4% | +3.0% |
| EBIT | ₹399.03 Cr | 2.2% | |
| Net profit | ₹121.62 Cr | 5.6% | |
| EPS | ₹19.44 | 5.7% | |
| EBIT margin | 0% |
P&L walk
Total income was ₹467.90 crore, +6.2% YoY and +3.0% QoQ; net interest income rose 7.1% YoY, but EBITDA increased only 2.8% to ₹409.41 crore, while consolidated PAT grew 5.6% to ₹121.62 crore because ₹7.47 crore of associate profit was added to standalone earnings.
Segments
Housing-related finance generated ₹114.15 crore of segment result, while the Repco Micro Finance associate added ₹7.47 crore; the associate explains the ₹7.47 crore gap between consolidated PAT of ₹121.62 crore and standalone PAT of ₹114.15 crore.
Key positives
- Total income reached ₹467.90 crore, +6.2% YoY and +3.0% QoQ, reversing the recent deceleration from Q2FY26's +4.3% and Q3FY26's +2.7% growth.
- Net interest income increased approximately 7.1% YoY to ₹210.12 crore while finance costs rose only 1.1% YoY to ₹246.78 crore.
- Consolidated PAT of ₹121.62 crore grew 5.6% YoY and EPS of ₹19.44 grew 5.7%, with EPS tracking PAT cleanly.
- GNPA of 2.67% and NNPA of 1.23% provide the key disclosed asset-quality baseline for the housing-finance book.
Key concerns
- EBITDA rose only 2.8% YoY to ₹409.41 crore versus total income growth of 6.2%, implying a 390bps EBITDA-margin contraction to 87.5%.
- Employee benefits expense increased 58.3% YoY to ₹44.05 crore, materially faster than the 6.2% total-income growth.
- Consolidated PAT of ₹121.62 crore exceeded standalone PAT of ₹114.15 crore by ₹7.47 crore because of associate income, making group profit more dependent on the microfinance associate.
Research and educational content only. Not investment advice.