RPSG Ventures Q1: PAT flat at ₹253cr on one-off; adjusted profit up ~29% YoY, revenue +20%

RPSG Ventures' consolidated revenue for Q1 FY27 (quarter ended June 30, 2026) rose 20.4% YoY to ₹3,576.44 Cr (up 22.2% QoQ, though the sequential jump is exaggerated by seasonality — see below). Consolidated profit for the period (including non-controlling interest) was ₹253.09 Cr, up a modest 0.8% YoY from ₹251.09 Cr — a headline that undersells the quarter. Stripping out a ₹71.69 Cr exceptional charge booked at Firstsource Solutions, adjusted PAT was ~₹324.8 Cr, up roughly 29% YoY, broadly consistent with Firstsource's own reported ~31% normalized PAT growth for the quarter. PAT attributable to RPSG Ventures' own shareholders (excluding NCI) grew a cleaner 9.6% YoY to ₹91.09 Cr, lifting basic EPS to ₹27.53 from ₹25.11. The exceptional item — ₹35.67 Cr from a terminated client contract deemed non-recoverable, ₹28.38 Cr of regulatory-penalty indemnification owed to a customer, and ₹7.64 Cr of contingent-consideration fair-value adjustment — sits entirely within one Firstsource subsidiary and is what separates the flat reported PAT from the strong underlying trend. Operating margin (EBITDA/revenue) expanded to roughly 21% from 20.2% a year ago, consistent with Firstsource's own EBIT margin rising 110bps YoY to 12.4% on execution efficiency; net margin compressed to 7.1% from 8.4% on a reported basis purely because of the one-off, tax-unadjusted charge — the adjusted net margin (~9.1%) is actually higher YoY. Firstsource — RPSG's dominant subsidiary at ~79% of group revenue — posted revenue within the ₹2,610-2,939 Cr street estimate range (inline), and reconfirmed its FY27 guidance of 10-13% constant-currency revenue growth and 12.25-12.75% EBIT margin; RPSG Ventures itself issues no separate group-level guidance. FMCG (Too Yumm! and related brands) grew revenue 25.9% YoY to ₹170.01 Cr while narrowing its segment loss 26% YoY to ₹45.90 Cr — still loss-making but scaling. The Sports segment (Lucknow Super Giants, ATK Mohun Bagan, Manchester Originals) swung from a ₹84.73 Cr segment loss in the seasonally weak Q4 to a ₹296.25 Cr profit this quarter — this is the IPL season concentrating income in Q1, not new momentum, since the true Q1-to-Q1 comparison shows revenue up just 5.8% and segment profit up only 1.6%. During the quarter RPSG Ventures completed the acquisition of 100% of Clarionix Healthcare Private Limited and the Board approved a Composite Scheme of Arrangement to amalgamate Woodlands Multispeciality Hospital into that subsidiary via slump sale, appointed date April 1, 2027, pending approvals — a new healthcare vertical with no financial contribution yet. Standalone (holdco-only) figures — ₹65.13 Cr revenue, ₹1.04 Cr PAT, down from ₹5.78 Cr a year ago largely on lower other income — diverge sharply from the consolidated story and should not be read as the group's performance.