Snowman Logistic Q1 FY27 Results (NSE: SNOWMAN)
Signal: Margin expansion
The read
PAT beat on an exceptional reversal, but underlying business showed mixed quality: warehousing revenue growth decelerated vs prior quarters, and trading margin compressed. Positives: Transportation turned profitable, total operating profit (PBT before exceptionals) rose 37.2% YoY. The Labour Codes provision reversal is non-recurring — strip it out, PAT growth drops to ~28% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1.78 Cr | 9.2% | -70.6% |
| EBIT | ₹0.12 Cr | 24.5% | |
| Net profit | ₹0.05 Cr | 78.8% | |
| EPS | ₹0.27 | 80.0% | |
| EBIT margin | 16.5% |
P&L walk
PAT grew 78.8% YoY to ₹454.63 lakh, but driven by a ₹162.27 lakh exceptional income reversal (Labour Codes provision write-back); pre-exceptional PBT rose only 37.2%. Revenue growth of 9.2% was led by trading & distribution (+51.5% QoQ), while warehousing revenue grew a modest 12.7% YoY. EBITDA margin expanded 107bps YoY to 16.5% — employee costs and 'purchase of traded goods' ratio were broadly flat, so the margin gain was primarily from operating leverage as revenue grew faster than fixed costs.
Segments
Warehousing remains the profit anchor (56% of segment result) with PBIT ₹781.11 lakh (+2.0% YoY), but Transportation turned from a loss of ₹93.61 lakh in Q4FY26 to a profit of ₹218.04 lakh — the biggest swing. Trading & distribution PBIT fell 6.7% YoY despite revenue growth, indicating margin compression.
Key positives
- Transportation segment turned from a loss of ₹93.61 lakh in Q4FY26 to a profit of ₹218.04 lakh in Q1FY27, the largest sequential swing.
- EBITDA margin expanded 107bps YoY to 16.5%, driven by operating leverage on employee and other expenses.
- PAT grew 78.8% YoY; EPS grew 80.0% YoY to ₹0.27.
Key concerns
- Trading & distribution PBIT fell 6.7% YoY despite 6.2% revenue growth, indicating margin pressure in that segment.
Earnings quality: includes an exceptional item
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