Allied Digital Q1FY27: revenue +19% YoY trails guidance, PAT -14% on tax-base effect

Allied Digital's consolidated Q1FY27 revenue was ₹260.49 Cr, up 18.9% YoY but down 2.7% QoQ. Consolidated PAT was ₹12.39 Cr (₹11.43 Cr to shareholders, ₹0.96 Cr to non-controlling interests; EPS ₹2.19), down 14.2% YoY from ₹14.44 Cr but a sharp sequential turnaround from a ₹3.40 Cr loss last quarter. Standalone revenue was ₹91.33 Cr with PAT of ₹6.64 Cr (EPS ₹1.17) — roughly a third of group scale, underlining how much of the business now sits in overseas subsidiaries. The EBITDA margin (revenue less operating costs excluding finance cost and depreciation) was 8.73% this quarter — essentially flat against 8.60% a year ago and a full reversal from -3.78% last quarter. The YoY PAT decline is a tax-base effect rather than an operating one: Q1FY26 booked a net tax credit of ₹0.28 Cr (a ₹4.08 Cr deferred-tax benefit outweighing current tax), pulling last year's PAT above PBT, whereas this quarter carries a normal ~26.6% effective tax rate on a similar ~6.5% PBT margin. At the segment level, Services revenue grew 31.2% YoY to ₹215.81 Cr (~33% result margin) while Solutions revenue fell 18.0% YoY to ₹44.68 Cr (~14.7% margin); segment-level profit rose 24.8% YoY to ₹77.90 Cr, but unallocable corporate expenses grew faster, 25.2% YoY to ₹57.57 Cr, capping consolidated PBT growth at 19.1% YoY. No management press release or MD&A commentary accompanied this filing, so there is no company framing to cross-check against the print. A web search turned up no analyst consensus specific to this quarter. Against management's own FY27 guidance from the March 2026 concall — 20-25% YoY revenue growth and a short-term EBITDA margin target of 12.5-13% (from a stated ~11% baseline) — this quarter's 18.9% revenue growth sits just under the guided floor and the 8.73% margin trails both the cited baseline and the target, one quarter into the year. The quarter also coincided with a cluster of leadership changes the filing itself does not explain: CEO Paresh Shah moved to Chief Innovation Officer (Jul 2), Arun Pathak was named CEO — Cloud & Infrastructure Services (Jul 3), and a senior management retirement was announced (Jul 31), following a broader restructuring flagged Jun 18. Going forward, holding the FY27 guidance band requires Services growth (+31% YoY this quarter) to keep outrunning the Solutions decline (-18% YoY), and for unallocable corporate cost growth (+25% YoY) to slow — otherwise both the revenue and margin gaps to guidance widen further.