Sr.Rayala.Hypo Q1 FY27 Results (NSE: SRHHYPOLTD)
Signal: Growth reaccelerated
The read
Revenue accelerated to ₹210.95 Cr, up 17.0% YoY versus 1.9%-7.1% growth in the preceding four quarters, and the reported EBITDA margin reached 18.8% versus 8% in Q4FY26; however, EBITDA grew only 3.7% to ₹39.73 Cr and other income of ₹9.87 Cr contributed 29.1% of PBT, so the apparent margin inflection needs confirmation through operating earnings rather than non-operating support.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹210.95 Cr | 17.0% | N/A |
| EBIT | ₹37.91 Cr | 3.8% | |
| Net profit | ₹24.96 Cr | 11.4% | |
| EPS | ₹14.53 | 11.3% | |
| EBIT margin | 18.8% |
P&L walk
Consolidated revenue increased 17.0% YoY to ₹210.95 Cr, while EBITDA grew only 3.7% to ₹39.73 Cr; EBIT rose 3.8% to ₹37.91 Cr and PAT increased 11.4% to ₹24.96 Cr, with ₹9.87 Cr of other income equal to 29.1% of PBT.
Key positives
- Revenue rose 17.0% YoY to ₹210.95 Cr, a clear acceleration from the 1.9%-7.1% growth reported across the preceding four quarters.
- Reported EBITDA margin was 18.8%, materially above the 8% OPM recorded in Q4FY26, although the filing does not explain the margin movement.
- Consolidated EPS increased 11.3% YoY to ₹14.53, closely tracking PAT growth of 11.4% and passing the PAT-to-EPS dilution check.
Key concerns
- EBITDA increased only 3.7% YoY to ₹39.73 Cr despite 17.0% revenue growth, indicating weak conversion of top-line growth into operating profit.
- Other income of ₹9.87 Cr represented 29.1% of consolidated PBT, while exceptional items represented 10.3% of PBT; reported PAT growth therefore has a material non-operating and one-off component.
Earnings quality: includes non-operating other income
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