Suprajit Q1FY27: consol. PAT +8.6% YoY to ₹52 Cr; margin up but standalone profit dips

Suprajit's consolidated (primary) revenue rose 23.9% YoY to ₹1,069.58 Cr and PAT grew 8.6% YoY to ₹52.23 Cr for Q1 FY27. There is no external consensus estimate on record for this print (a web search for Q1 FY27 previews turned up only the earnings-call schedule, no PAT/revenue estimates), so vsStreet is unknown. Against management's own FY27 guidance from the May 2026 concall — double-digit group revenue growth and consolidated EBITDA margin improving to 12-13.5% — the quarter is on track: revenue growth clears the double-digit bar (though note 4 in the filing flags this comparison isn't fully like-for-like, since the SCS stage-2 acquisition was only consolidated from a partial month in the year-ago quarter versus a full quarter now) and consolidated operating margin (EBITDA/revenue) came in at 12.0%, right at the low end of the guided band, up from 9.5% a year ago. The margin bridge explains why PAT growth (+8.6%) trails the operating improvement: EBITDA itself grew roughly 57% YoY to ₹128.7 Cr, but other income collapsed to ₹4.2 Cr from ₹39.0 Cr a year ago, while finance costs (+11.7% YoY) and depreciation (+14.4% YoY) both stepped up on the larger, more leveraged post-SCS asset base — so a strong operating quarter shows up as only modest bottom-line growth. Sequentially, consolidated PAT fell 26.6% versus Q4FY26's ₹71.11 Cr, again driven almost entirely by the same other-income swing (₹31.3 Cr in Q4 to ₹4.2 Cr now) rather than weaker operations — the underlying EBITDA-ex-other-income base actually improved quarter on quarter. The standalone (India) business tells a softer story that the consolidated headline masks: standalone revenue grew a healthy 20.4% YoY to ₹469.67 Cr, but standalone PAT fell 3.6% YoY to ₹47.48 Cr as standalone operating margin compressed to 12.8% from 15.5% a year ago. Overseas operations carried the group's growth this quarter, but not without cost — four subsidiaries reviewed by other auditors posted a combined net loss of ₹19.34 Cr on ₹193.63 Cr of revenue, consistent with management's own framing of the GCM/SCS division as the current margin drag (guided to improve from 6% to 10-12% in FY27). June's news of $12M/year in new GCM contracts (lifetime value $75M) is the kind of order-book addition that would need to show up in that division's margin trajectory over coming quarters. No management press release accompanied this filing, so there is no company commentary to reconcile against the numbers beyond the board outcome letter itself. Going into Q2, the read-throughs are: whether consolidated EBITDA margin holds or extends past the 12% mark within the 12-13.5% guided range, whether the GCM/SCS subsidiaries narrow their combined loss, and whether standalone margins recover from the 12.8% print as the company's ₹200 Cr FY27 capex programme (land, plant expansion, infrastructure) progresses.