Alldigi Tech Q1: margins expand on soft 4% YoY revenue; consol PAT ₹18.1 Cr

Consolidated revenue rose 4.4% YoY to ₹150.28 Cr, a soft start against management's mid-teen FY27 revenue-growth guidance and down 2.8% sequentially from Q4's ₹154.67 Cr. Reported consolidated PAT jumped 21.7% YoY to ₹18.12 Cr, but roughly ₹2.64 Cr of that came from a one-off reversal of foreign-tax-credit provisions; stripping it out, underlying PAT grew only ~4% YoY — essentially matching revenue. The genuine positive is operating leverage: operating (EBITDA) margin expanded ~210 bps YoY to ~27.5%, keeping the company on track for its guided 1-2% annual margin improvement even as employee costs stayed roughly flat. The margin mix reflects the stated strategy — higher-margin Technology & Digital revenue grew 12% YoY to ₹40.6 Cr while the low-margin BPM book was near-flat at ₹109.7 Cr (+1.9%), though BPM's own segment margin slipped to 11.9% from 13.8%. No brokerage consensus is on record for this smallcap and no management press release was extracted, so there is no street bar to measure against; versus management's own guidance the quarter reads as on-track on margins but behind on topline. Alongside results the board declared a ₹30/share interim dividend for FY27 (~₹45.7 Cr, record date July 31). Note the standalone PAT of ₹29.56 Cr (+36% YoY) is not comparable — it carries ₹18.47 Cr of dividend income from the wholly-owned Manila subsidiary that washes out on consolidation, so the consolidated line is the real read.