Sasken Q1FY27: consolidated PAT up 135% YoY, EBITDA margin expands 411bps to 9.5%

Sasken's consolidated Q1 FY27 revenue came in at ₹339.24 Cr, up 24.0% YoY and a modest 1.6% QoQ, with consolidated PAT of ₹23.52 Cr rising 135.1% YoY even as it fell 18.9% sequentially from a strong Q4 FY26 base (₹29.00 Cr). Standalone tells a stronger story on both counts — revenue +31.4% YoY to ₹155.48 Cr and PAT +214.6% YoY to ₹28.86 Cr, actually exceeding the consolidated PAT figure — because the standalone entity excludes Borqs' lower-margin device business; readers comparing the two should treat consolidated as primary since it captures the full group, including the thinner-margin Product Solutions line. There is no analyst consensus or brokerage preview available for this print (a web search for Q1 FY27 estimates returned only results-calendar and scheduling articles, no numeric previews), so vs-street cannot be assessed; management itself gives no formal quarterly guidance, though it had flagged Product Solutions as facing memory supply and pricing headwinds, which the quarter's numbers (Product Solutions revenue -3.9% QoQ, gross margin down to 5.9% from 12.8% in Q4) confirm as a real drag even as the segment still grew 23.6% YoY. The full YoY margin story is positive: consolidated EBITDA margin expanded 411 bps YoY to 9.5% (₹32.12 Cr EBITDA) on the back of Software Services gross margin rising to 30.6% from 23.4% a year ago, driven by better utilisation (85.1% vs 79.2% YoY) and cost discipline; but the QoQ dip in EBITDA margin (9.9% to 9.5%) and PAT reflects both the Product Solutions moderation and other income falling 36.9% QoQ (₹9.67 Cr vs ₹15.33 Cr) as one-off gains from Q4 did not repeat, plus a step-up in headcount (212 net adds) ahead of the July increment cycle. Management's own framing — CFO Priyaranjan citing 'operating leverage now coming through as we scale' and CEO Rajiv Mody pointing to 'Chip-to-Cognition' differentiation — is consistent with the Software Services-led margin expansion, though the muted QoQ trend tempers the more triumphant tone of the press release. Order intake was healthy at $47.1M (versus $35.4M in Q4 FY26), with $33.7M from new business and five new logos, spanning hyperscaler engineering, Massive MIMO/Open RAN, automotive telematics and AI-native testing engagements — this order book, along with new capacity from the Hyderabad centre and the Hubballi Sasken Silicon Incubation Centre (both inaugurated this quarter), is what the company is counting on to sustain the growth trajectory into the rest of FY27.