Rentomojo Q1FY27: Revenue +51% YoY; Reported PAT -39%, Adjusted PAT +72% Ex Fire Loss

Rentomojo Limited's first results print as a listed company shows consolidated revenue from operations of ₹126.33 Cr, up 51.1% YoY and 15.3% QoQ, on the back of 45.8% YoY growth in items ordered (3,29,159) and 36.3% YoY growth in live subscribers (2,83,058). Reported consolidated PAT, however, fell 38.6% YoY and 53.3% QoQ to ₹7.84 Cr. That decline is misleading on its own: a fire on June 10, 2026 at the company's sub-leased Noida warehouse destroyed inventory and fixed assets, and management booked the full ₹11.37 Cr net impact as an exceptional item this quarter; on top of that, the company booked a ₹2.73 Cr deferred-tax expense versus nil tax in the year-ago quarter. Stripping out both one-offs, normalised PAT rose 71.8% YoY and 11.2% QoQ to ₹21.93 Cr — the adjusted trajectory, not the reported one, is the real read on underlying profitability. Margins tell the same story: normalised EBITDA margin held at roughly 41% (₹52.3 Cr, +50.2% YoY, +13.9% QoQ) and normalised PAT margin expanded to 17.3% from 15.0% a year ago, even as the reported net margin collapsed to 6.2% from 15.0% because the fire loss and tax charge sit below the EBITDA line. Our pre-result preview flagged two central questions: whether the FY26 deferred-tax benefit was one-time, and whether subscriber growth could hold its 40%+ pace. Both resolved negatively-for-headline-but-benignly-for-substance: the deferred-tax line indeed flipped to an expense this quarter (confirming it was not a recurring tailwind), while items-ordered growth of 45.8% YoY shows the subscriber engine is still running close to the pace that backed the IPO thesis, alongside period-end occupancy improving 199 bps YoY to 86.8%. Against the preview's own expectations (formal Street consensus remains thin — SBI Securities was the lone pre-IPO Subscribe call, Arihant flagged valuation on a Neutral, and no post-listing brokerage PAT/revenue estimate surfaced in search), revenue of ₹126.3 Cr landed squarely inside the flagged ₹125–130 Cr range and live subscribers at 2.83L beat the 2.6L+ bar, but both reported (6.2%) and normalised (17.3%) PAT margin came in well below the 25–27% margin watch band the preview set out — suggesting the market's working margin assumption, likely anchored to FY26's deferred-tax-boosted print, was too high even before the fire write-off. Management gives no formal forward guidance on record, so there is no guidance beat/miss to assess; the quarter's other board action — appointing Price Waterhouse Chartered Accountants LLP as statutory auditor for five years in place of outgoing Deloitte Haskins & Sells — is procedural and unrelated to the print. Chairperson Geetansh Bamania's own framing emphasised 'quality of growth' (repeat behaviour, organic demand, cash generation) and an EBITDA-to-CFO conversion of 1.05x in FY26, a cash-conversion claim the numbers do not contradict but which this statement does not itself verify. Going into Q2 FY27, the trajectory to watch is whether normalised margins (41% EBITDA, 17.3% PAT) hold without further one-offs, and whether the insurance claim on the Noida fire — filed but not yet quantified for recovery — produces any write-back.