Repro India Q1 FY27 Results (NSE: REPRO)
Signal: Growth reaccelerated
The read
Consolidated PAT essentially zero despite a huge exceptional gain of ₹16,729 lakh from property sale, meaning the operating business incurred a heavy loss. Revenue grew 20% YoY but EBITDA margin collapsed to 3.8%, far below historical ~11% levels. The standalone entity shows a similar picture: profit entirely from exceptional, not operations. The company's core printing business continues to struggle with rising employee and finance costs.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹139.91 Cr | 20.1% | -71.7% |
| EBIT | ₹-0.04 Cr | -872.2% | |
| Net profit | 0 lakh | N/A | |
| EPS | ₹89.62 | 4592.1% | |
| EBIT margin | 3.8% |
P&L walk
Revenue grew 20.1% YoY to ₹13,991 lakh but EBITDA plunged 34.2% to ₹530 lakh (margin 3.8%), dragged by employee cost (+34% YoY) and finance cost (+80% YoY). PAT essentially flat at ₹0 lakh after absorbing a ₹16,729 lakh exceptional gain from property sale; without the exception, the operating loss would have been deep.
Segments
Single segment 'value-added print solutions'; segment PBIT loss of ₹726 lakh, indicating core operations are loss-making at the operating level.
Key positives
- Revenue grew 20.1% YoY to ₹13,991 lakh, a positive top-line trajectory.
- Exceptional gain of ₹16,729 lakh from property sale strengthened balance sheet significantly.
Key concerns
- EBITDA margin at 3.8% is the lowest in recent history; operating leverage absent.
- Employee cost jumped 34% YoY and finance cost surged 80% YoY, far outpacing revenue growth.
- Consolidated PAT is essentially zero; core operations are loss-making.
- Standalone PAT of ₹129 Cr entirely from one-time property gain; recurring earnings negative.
Earnings quality: includes an exceptional item
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