Saraswati Commer Q1 FY27 Results (NSE: ZSARACOM)
Signal: Earnings grew
The read
The business materially re-accelerated from the recent weak base, with Q1FY27 revenue of ₹75.58 Cr up 140.2% YoY and PAT of ₹63.56 Cr up 169.6%; however, the 98.4% EBITDA margin is not supported by disclosed operating detail and EPS growth of 124.1% lagged PAT growth, making per-share economics the key quality question.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹75.58 Cr | 140.2% | N/A |
| EBIT | ₹74.35 Cr | 150.7% | |
| Net profit | ₹63.56 Cr | 169.6% | |
| EPS | ₹579.97 | 124.1% | |
| EBIT margin | 0% |
P&L walk
Consolidated revenue rose 140.2% YoY to ₹75.58 Cr, EBITDA and EBIT increased 150.7% to ₹74.35 Cr with a 98.4% EBITDA margin, and PAT grew faster at 169.6% to ₹63.56 Cr; other income was ₹0, so the profit increase was operating-led, while EPS growth of 124.1% lagged PAT growth.
Key positives
- Revenue was ₹75.58 Cr, up 140.2% YoY, reversing the recent weak revenue base visible in the company's prior results series.
- EBITDA and EBIT both rose 150.7% YoY to approximately ₹74.35 Cr, with a reported EBITDA margin of 98.4%.
- PAT increased 169.6% YoY to ₹63.56 Cr, faster than EBIT growth, and other income was ₹0, indicating no disclosed dependence on non-operating income.
Key concerns
- EPS increased 124.1% YoY to ₹579.97, materially below PAT growth of 169.6%; the filing does not explain the divergence.
- The filing provides no NBFC operating KPIs such as AUM, NIM, asset quality, credit cost, or cost-to-income, limiting assessment of the durability of the earnings recovery.
- The filing does not disclose the revenue mix, lending volumes, or operating-cost bridge behind the 140.2% revenue growth and 98.4% EBITDA margin.
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