Themis Medicare Q1 FY27 Results (NSE: THEMISMED)
Signal: Loss reversed
The read
The apparent PAT recovery to ₹24.61 Cr is not an operating inflection: revenue fell 10.9% YoY to ₹86.96 Cr, EBITDA margin collapsed to -59.1% from a prior-year operating loss, and the positive bottom line was supported by an exceptional item.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹86.96 Cr | -10.9% | N/A |
| EBIT | ₹-53.97 Cr | -370.9% | |
| Net profit | ₹24.61 Cr | N/A | |
| EPS | ₹2.67 | N/A | |
| EBIT margin | -59.1% |
P&L walk
Revenue declined 10.9% YoY to ₹86.96 Cr and operating losses widened sharply, with EBITDA at -₹51.43 Cr versus -₹8.91 Cr; PAT of ₹24.61 Cr was therefore exceptional-item driven rather than operational.
Segments
No segment table is disclosed; standalone PAT of ₹28.74 Cr exceeded consolidated PAT of ₹24.61 Cr by ₹4.13 Cr, indicating group-level drag below the parent result.
Key positives
- Consolidated PAT turned positive at ₹24.61 Cr from -₹14.25 Cr and EPS turned positive at ₹2.67 from -₹1.54.
- Standalone PAT of ₹28.74 Cr was higher than consolidated PAT of ₹24.61 Cr, suggesting the parent entity generated the stronger result.
Key concerns
- Revenue declined 10.9% YoY to ₹86.96 Cr, reversing the prior Q4FY26 growth of 6.7% and leaving the top line below the ₹97.58 Cr reported in Q1FY26.
- EBITDA deteriorated to -₹51.43 Cr from -₹8.91 Cr and EBITDA margin was -59.1%, indicating a severe operating setback.
- PAT of ₹24.61 Cr does not reflect operating profitability because it was generated despite EBITDA of -₹51.43 Cr and was supported by an exceptional item.
Earnings quality: includes an exceptional item
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