S & S Power Swit Q1 FY27 Results (NSE: S&SPOWER)
Signal: Slipped to loss
The read
Q1FY27 revenue reached ₹71.21 Cr, +20.0% YoY, but EBITDA fell 46.3% to ₹2.2 Cr and EBITDA margin was 3.1% versus 5.12% in Q1FY26; the key trajectory issue is volatile and deteriorating profit conversion despite topline growth, with other income contributing 68.8% of consolidated PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹71.21 Cr | 20.0% | N/A |
| EBIT | ₹1.51 Cr | -57.1% | |
| Net profit | ₹-0.26 Cr | N/A | |
| EPS | ₹-0.21 | N/A | |
| EBIT margin | 3.1% |
P&L walk
Consolidated revenue increased to ₹71.21 Cr, +20.0% YoY, but EBITDA declined 46.3% to ₹2.2 Cr and EBIT fell 57.1% to ₹1.51 Cr, indicating that growth did not translate into operating profit.
Segments
The consolidated result is dominated by subsidiaries or other group entities: standalone revenue was only ₹1.06 Cr versus consolidated revenue of ₹71.21 Cr, while standalone PAT was ₹0.48 Cr versus consolidated PAT of -₹0.26 Cr.
Key positives
- Consolidated revenue rose to ₹71.21 Cr, +20.0% YoY, sustaining topline growth despite the weaker operating result.
- Standalone EBITDA turned positive at ₹1.49 Cr from a prior-year loss of ₹1.18 Cr, and standalone PAT turned positive at ₹0.48 Cr from a prior-year loss of ₹1.7 Cr.
Key concerns
- EBITDA declined 46.3% YoY to ₹2.2 Cr despite revenue growth of 20.0% YoY, and EBITDA margin was only 3.1%.
- Reported gross margin was 23.6%, while consolidated EBIT fell 57.1% YoY to ₹1.51 Cr, indicating weak conversion into operating profit.
- Standalone revenue of ₹1.06 Cr, +5.0% YoY, was substantially below consolidated revenue of ₹71.21 Cr, making group earnings dependent on subsidiaries or other group entities.
Earnings quality: includes non-operating other income
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