TTK Healthcare Q1 FY27 Results (NSE: TTKHLTCARE)
Signal: Steady quarter
The read
The operating inflection is the gross-margin expansion to 60.18% from approximately 49.88% YoY, but the 63.70% PAT growth is lower quality because ₹1,679.47 lakh of other income represented 58.2% of PBT and USAID-linked sales contributed ₹701.85 lakh of reported revenue; sustainability depends on whether margin and Consumer/Protective Devices momentum persist after these effects.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹257.56 Cr | 13.75% | 18.16% |
| EBIT | ₹29.39 Cr | N/A | |
| Net profit | ₹21.28 Cr | 63.70% | |
| EPS | ₹15.06 | 63.70% | |
| EBIT margin | 12.2% |
P&L walk
Revenue increased to ₹25,755.76 lakh, up 13.75% YoY and 18.16% QoQ, while EBITDA was ₹3153 lakh and PAT rose 63.70% YoY to ₹2,127.92 lakh; the profit increase was aided materially by ₹1,679.47 lakh of other income.
Segments
Consumer Products was the main disclosed earnings driver with ₹1,835.15 lakh of segment result, while Protective Devices contributed ₹758.02 lakh and included ₹701.85 lakh of USAID-linked sales; segment revenue figures in the extracted table indicate momentum is concentrated in these businesses rather than evenly distributed.
Key positives
- Revenue reached ₹25,755.76 lakh, up 13.75% YoY and 18.16% QoQ, showing sequential acceleration.
- Gross margin expanded approximately 1030bps YoY to 60.18% as raw-material cost declined to 19.25% of revenue from 27.04%.
- Consumer Products generated ₹1,835.15 lakh of segment result and Protective Devices generated ₹758.02 lakh, making them the largest disclosed contributors to segment profitability.
- Basic EPS of ₹15.06 grew 63.70% YoY, tracking the ₹2,127.92 lakh PAT increase without an apparent dilution gap.
Key concerns
- Other income of ₹1,679.47 lakh represented 58.2% of PBT, making the ₹2,127.92 lakh PAT less representative of recurring operating earnings.
- ₹701.85 lakh of revenue came from invoicing USAID-linked inventory that had previously been written off, creating a non-repeatable contribution risk.
- The filing does not provide comparable EBITDA or EBIT margins in the extracted statement, limiting confirmation of the operating-margin trajectory beyond the current 12.2% EBITDA margin.
Earnings quality: includes non-operating other income
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