Fractal Q1: consolidated PAT +92% YoY to ₹72 Cr, revenue +20%; margins widen, TMT lags

Fractal Analytics' first full quarter as a listed company delivered consolidated revenue of ₹912.5 Cr (+20.0% YoY, +3.0% QoQ) and PAT of ₹72.3 Cr, up 91.8% YoY — or roughly +78% once a ₹6.9 Cr labour-code exceptional gain is stripped out and set against a year-ago base that carried no one-offs. Consolidated is the primary basis; standalone tells the same story (revenue ₹506 Cr +20%, PAT ₹75.3 Cr +85% YoY), so the two are not materially divergent. The profit jump is genuine operating leverage, not a tax quirk: EBITDA rose ~39% YoY to ₹142.9 Cr and EBITDA margin expanded to 15.66% from 13.50%, while net margin widened to 7.9% from 5.0%. Growth was led by Healthcare & Life Sciences (+69% YoY), BFSI (+36%) and the largest vertical CPGR (+19%); management flagged TMT as the headline drag, noting the book grew 35% YoY excluding it. The one persistent weight is the Qure.ai associate, which cost ₹23.4 Cr this quarter (₹22.3 Cr a year ago) — management had guided on the Q4 call that this drag would cease, and it has not yet. The 38% sequential PAT decline looks alarming but is largely optical: Q4 FY26 PAT of ₹115.8 Cr was inflated by a large full-year deferred-tax credit, so YoY is the right lens here. Against management's own ~19% revenue-growth and margin-expansion guidance from the last call, the quarter delivers — revenue landed at ~20% and margins widened. Street coverage is thin given the February 2026 listing: Univest tracks a fair-value band around ₹895–1,010 versus a pre-result ₹886, with no clean quarterly consensus to beat or miss. On the corporate side, the board revised the AVEPL slump-sale consideration to ₹11.6 Cr (from ₹10.9 Cr, effective May 1) and dissolved step-down subsidiary Fractal Frontiers Inc; more materially, CFO Ashwath Bhat resigned on July 6 — a governance item worth watching in this fresh-listing phase. Management framed the quarter around enterprise AI budgets converting into larger deals and Fractal's cross-model, cross-infrastructure positioning amid rising data-sovereignty demand, consistent with its stated shift toward output/outcome/license contracts targeted at 60% of revenue over 2–3 years.