Systematix Corp. Q1 FY27 Results (NSE: SYSTMTXC)
Signal: Slipped to loss
The read
The revenue trajectory inflected sharply upward to ₹56.26 Cr, +44.3% YoY and +134.4% QoQ, after ₹24 Cr in Q4FY26, and wealth KPIs reached ₹11,800 Cr of AUM/Custody and ₹306 Cr of PMS & AIF AUM; however, EBITDA margin collapsed to 0.7% from 40% a year earlier and PAT fell to a ₹4.89 Cr loss, so the thesis now depends on whether current Private Wealth investments convert momentum into sustainable margins.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹56.26 Cr | 43.6% | +134.4% |
| EBIT | ₹-1.79 Cr | N/A | N/A |
| Net profit | ₹-4.89 Cr | -148.9% | N/A |
| EPS | ₹-0.36 | -53.2% | N/A |
| EBIT margin | 0.7% |
P&L walk
Consolidated revenue rose to ₹56.26 Cr, +44.3% YoY and +134.4% QoQ, but EBITDA was only ₹0.41 Cr and the group reported a ₹4.89 Cr loss, so the revenue recovery has not yet translated into profitable operations.
Segments
No segment table was disclosed, but the standalone-versus-consolidated gap is material: standalone revenue was ₹3.58 Cr and PAT was ₹-6.19 Cr versus consolidated revenue of ₹56.26 Cr and PAT of ₹-4.89 Cr, implying subsidiaries and group businesses generated most revenue and reduced the parent-level loss.
Key positives
- Consolidated revenue reached ₹56.26 Cr, +44.3% YoY and +134.4% QoQ, reversing the ₹24 Cr revenue base in Q4FY26.
- Adjusted revenue excluding unlisted-share sale proceeds increased 14% QoQ to ₹26.75 Cr, providing a cleaner measure of operating momentum.
- AUM/Custody grew to ₹11,800 Cr and PMS & AIF AUM reached ₹306 Cr, supporting the group's stated multi-engine wealth-management strategy.
- The India SME Growth Fund remained fully subscribed at ₹125 Cr, with nearly 40% of capital deployed.
- Consolidated EBITDA improved from ₹-16.4 Cr implied by the -41% Q4FY26 margin on ₹24 Cr revenue to ₹0.41 Cr, although the current 0.7% margin remains weak.
Key concerns
- EBITDA margin fell 3930bps YoY to 0.7% from 40% in Q1FY26, despite revenue growth of 44.3%, indicating poor operating conversion.
- PAT declined from ₹10 Cr in Q1FY26 to a ₹4.89 Cr loss, a deterioration of ₹14.89 Cr while revenue increased by ₹17.26 Cr.
- Standalone operations remained deeply loss-making at ₹-4.93 Cr EBITDA and ₹-6.19 Cr PAT on ₹3.58 Cr revenue, making group subsidiaries essential to reported performance.
- EPS of positive ₹0.36 does not reconcile directionally with consolidated PAT of ₹-4.89 Cr, requiring clarification of the reported EPS basis.
Research and educational content only. Not investment advice.