Gujarat Kidney Q1: consolidated PAT flat YoY despite 125% revenue surge as margins halve

Gujarat Kidney and Superspeciality's consolidated Q1 FY27 revenue jumped 124.7% YoY to ₹34.29 Cr (₹15.26 Cr a year ago) and 12.1% QoQ, but consolidated PAT (₹5.32 Cr) was roughly flat YoY at -1.5% (₹5.40 Cr in Q1 FY26), even though PAT attributable to owners rose 7.0% to ₹5.18 Cr as the non-controlling-interest share of profit shrank from ₹0.56 Cr to ₹0.14 Cr. Net margin nearly halved to 15.2% from 35.4% a year ago, and EBITDA-level margin (PBT + finance costs + depreciation, as a % of revenue) compressed similarly, to 26.4% from 56.6% — other expenses grew 415% YoY and finance costs 268% YoY, both far outpacing the 125% revenue growth, and are the main drag on the bottom line. The basis divergence here is material: standalone (parent-only) revenue actually fell 19.3% YoY to ₹9.24 Cr and standalone PAT dropped 47.8% YoY to ₹2.04 Cr, meaning all of the consolidated growth came from subsidiaries outside the listed standalone entity, not from the core hospital business. There is no analyst/street coverage found for this micro-cap and no prior guidance on record from the company, so vsStreet and vsGuidance cannot be assessed — flagged as unknown rather than guessed. No accompanying management commentary or press release was issued with this filing to explain the cost jump. Concurrently, the board appointed Dr. Paresh Dhoti as an Additional Non-Executive Independent Director and convened the AGM for 28-Sep-2026 — both governance items with no P&L impact. Separately, the 51% stake acquisition in UAE's Blue Tree Clinics LLC (announced 09-Jul-2026) falls after this quarter's close and will first show up in Q2 FY27 numbers, adding a fresh scope change to track next quarter on top of the margin pressure already visible here.