Rane (Madras) Q1 FY27 Results (NSE: RML)
Signal: Steady quarter
The read
The operating trajectory is improving: revenue reached ₹1041.62 Cr, up 18.3% YoY, and EBITDA grew 22.0% to ₹95.83 Cr with margin expansion to 9.2%; however, the authoritative consolidated PAT value of ₹0 conflicts with EPS of ₹10.89 and makes earnings quality and group-level profitability impossible to assess without corrected data.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,041.62 Cr | +18.3% | N/A |
| EBIT | ₹56.48 Cr | N/A | |
| Net profit | ₹0 Cr | N/A | |
| EPS | ₹10.89 | +62.5% | |
| EBIT margin | 9.2% |
P&L walk
Revenue of ₹1041.62 Cr grew 18.3% YoY and EBITDA of ₹95.83 Cr grew 22.0%, lifting margin to 9.2%; EBIT was ₹56.48 Cr, while the authoritative XBRL reports PAT at ₹0 despite EPS of ₹10.89, creating a bottom-line data inconsistency.
Segments
The filing provides no segment table; the material divergence is basis-related, with standalone PAT of ₹32.15 Cr versus authoritative consolidated PAT of ₹0 despite nearly identical standalone revenue of ₹1041.65 Cr and consolidated revenue of ₹1041.62 Cr.
Key positives
- Consolidated revenue of ₹1041.62 Cr grew 18.3% YoY, accelerating from 16.3% growth in Q4FY26.
- EBITDA increased 22.0% YoY to ₹95.83 Cr, 3.7 percentage points faster than revenue, and EBITDA margin expanded 30bps to 9.2%.
- Standalone PAT increased 71.7% YoY to ₹32.15 Cr, with standalone EPS rising 71.8% to ₹11.63.
Key concerns
- The authoritative consolidated PAT is ₹0 despite consolidated EPS of ₹10.89, preventing a reliable assessment of group earnings and EPS quality.
- Other income of ₹8.99 Cr represented 21.9% of consolidated PBT of ₹41.02 Cr, so a material portion of pre-tax profit came from non-operating income.
- Consolidated EBITDA margin of 9.2% remains only 30bps above the year-ago level, so margin expansion is modest relative to the 18.3% revenue growth.
Earnings quality: includes non-operating other income
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