Suraksha Diagno. Q1 FY27 Results (NSE: SURAKSHA)
Signal: Growth decelerated
The read
The earnings inflected positively after FY26's margin contraction: standalone EBITDA margin expanded to 36.2% from the prior Q1FY26 trend of 32.7%, while EBITDA grew 22.3% versus revenue growth of 19.6% and PAT grew 27.7%; the improvement is operationally credible, but subsidiary losses and the Meghalaya dispute provision constrain consolidated quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹84.09 Cr | 19.6% | N/A |
| EBIT | ₹19.88 Cr | 26.0% | |
| Net profit | ₹12.58 Cr | 27.7% | |
| EPS | ₹2.42 | 28.0% | |
| EBIT margin | 36.2% |
P&L walk
The group includes six subsidiaries that reported ₹428.70 lakh of revenue and a ₹117.84 lakh net loss before consolidation adjustments; consolidated operating momentum therefore remains dependent on the standalone parent.
Segments
There is no reportable operating-segment split, but subsidiaries reported ₹428.70 lakh of revenue and a ₹117.84 lakh loss before consolidation; the group perimeter is therefore a drag relative to the standalone parent.
Key positives
- Standalone revenue was ₹8408.62 lakh, +19.6% YoY, sustaining the company's recent double-digit growth trajectory.
- EBITDA was ₹3048.00 lakh, +22.3% YoY, outpacing revenue by 2.7 percentage points and lifting EBITDA margin to 36.2%.
- PAT increased 27.7% YoY to ₹1258.20 lakh and EPS increased 28.0% to ₹2.42, with the PAT-to-EPS relationship remaining clean.
- Other income and exceptional items were below 20% of PBT, so the 27.7% PAT growth was not primarily driven by a disclosed one-off or treasury-income distortion.
Key concerns
- Six subsidiaries generated ₹428.70 lakh of revenue but a ₹117.84 lakh net loss before consolidation adjustments, indicating that expansion outside the parent is not yet earnings-accretive.
- The filing recorded a ₹231.16 lakh provision against balances linked to a Meghalaya government dispute, creating a direct drag on reported earnings.
- The recent context includes resignation of a key managerial personnel on 9 June 2026, making the appointment of a new CFO effective 24 August 2026 a governance transition to monitor.
Research and educational content only. Not investment advice.