Universus Photo Q1 FY27 Results (NSE: UNIVPHOTO)
Signal: Loss reversed
The read
The quarter shows a revenue inflection to ₹548 lakh, +10.3% YoY after four consecutive quarters of YoY decline, but the core parent weakened as standalone PAT fell 22.2% to ₹695 lakh; the consolidated ₹4,533 lakh turnaround is predominantly associate-led at ₹3,838 lakh and therefore not yet an operating recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5.48 Cr | 10.3% | +18.1% |
| EBIT | ₹8.21 Cr | -21.5% | turnaround from -1279 lakh |
| Net profit | ₹45.33 Cr | N/A | |
| EPS | ₹41.41 | N/A | |
| EBIT margin | 150.4% |
P&L walk
Revenue increased to ₹548 lakh, +10.3% YoY and +18.1% QoQ, while direct input costs rose to 83.0% of revenue from 66.2% YoY and consolidated PAT turned to ₹4,533 lakh primarily because the associate contributed ₹3,838 lakh.
Segments
Consolidated PAT of ₹4,533 lakh versus standalone PAT of ₹695 lakh is explained by the overseas associate's ₹3,838 lakh profit contribution, making the associate the primary driver of the group result.
Key positives
- Revenue increased to ₹548 lakh, +10.3% YoY, reversing the -44.4% YoY decline reported in Q1FY26.
- Consolidated PAT turned positive at ₹4,533 lakh from a loss of ₹1,702 lakh YoY, supported by ₹3,838 lakh of associate profit.
- EPS turned positive to ₹41.41 from -₹15.55 YoY, with no basic-versus-diluted divergence.
Key concerns
- Standalone PAT declined 22.2% YoY to ₹695 lakh despite revenue growth of 10.3%, so the parent operating trajectory has not yet improved.
- Combined materials, stock purchases and inventory-change costs increased to 83.0% of revenue from 66.2% YoY, compressing gross margin by approximately 1,680bps; the filing does not disclose the cause.
- EBITDA declined 21.4% YoY to ₹824 lakh, indicating that the consolidated PAT turnaround does not reflect stronger core operating profit.
Earnings quality: includes non-operating other income
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