Anupam Rasayan Q1FY27: PAT up 5.7% YoY, revenue jumps 35% but margins compress

Anupam Rasayan's consolidated (primary) revenue rose 34.8% YoY and 3.0% QoQ to ₹654.98 Cr, but consolidated PAT (pre-minority) grew just 5.7% YoY to ₹51.22 Cr and fell 8.5% QoQ from ₹55.996 Cr — profit growth trailing revenue growth by a wide margin. NPM compressed to 7.67% from 9.87% a year ago and 8.76% last quarter. Standalone tells a very different story: revenue up only 4.2% YoY to ₹328.81 Cr and PAT up 7.8% YoY to ₹32.01 Cr, confirming that the consolidated top-line surge is driven by acquired/consolidated entities (Tanfac Industries, European and US units) rather than organic growth at the parent. The margin bridge sits mostly below the operating line. OPM (EBITDA/revenue) actually improved QoQ to 24.79% from 21.59%, though it remains below the year-ago 25.58%. The real drag on net profit came from finance costs, up 37.9% YoY to ₹49.19 Cr, and depreciation, up 82.7% YoY to ₹56.06 Cr — consistent with debt- and capex-funded scaling as recent acquisitions layer onto the balance sheet. Employee benefit expense also spiked sharply, to ₹64.88 Cr from ₹20.33 Cr a year ago and ₹30.82 Cr last quarter (+219% YoY, +111% QoQ), the single largest swing item in the P&L and worth flagging as either a one-off charge or a new structural cost base. Consolidated tax rate came in at 26.5% versus 23.2% at the standalone level. Management's Q4 FY26 guidance targeted consolidated FY27 revenue of over ₹4,000 Cr and pro forma EBITDA of ~₹834 Cr post-acquisitions, a 20-25% CAGR over 3-5 years, and a 25% standalone tax rate — the standalone effective tax rate of 23.2% this quarter is broadly consistent with that target, but the ₹655 Cr Q1 consolidated revenue run-rate is well short of a linear path to ₹4,000 Cr, implying the FY27 target leans heavily on acquisitions still in progress: the ₹299/share Bliss GVS Pharma open offer (launched July 21, 2026) and the $300 Mn BASQUEVOLT LOI (signed July 15, 2026) have not yet meaningfully hit these numbers, alongside the completed Mates Visa Consultancy acquisition (July 17, 2026). No street/consensus estimates for this specific quarter turned up in a search, so the print cannot be graded against analyst expectations; no separate management press release was available in the context to cross-check management's own framing of the quarter. The next quarter is the key test of whether the employee-cost jump and elevated finance/depreciation load are transient or structural, and whether the OPM recovery seen this quarter QoQ (21.59% to 24.79%) continues toward the levels implied by management's FY27 EBITDA target.