Alldigi Tech Q1: margins expand on soft 4% YoY revenue; consol PAT ₹18.1 Cr
PAT +21.7% YoY · revenue +4.4% · margins expanding
₹150.28 Cr
+4.4% YoY
₹18.12 Cr
+21.7% YoY
11.82%
+1.7pp YoY
₹11.89
Consolidated revenue rose 4.4% YoY to ₹150.28 Cr, a soft start against management's mid-teen FY27 revenue-growth guidance and down 2.8% sequentially from Q4's ₹154.67 Cr. Reported consolidated PAT jumped 21.7% YoY to ₹18.12 Cr, but roughly ₹2.64 Cr of that came from a one-off reversal of foreign-tax-credit provisions; stripping it out, underlying PAT grew only ~4% YoY — essentially matching revenue. The genuine positive is operating leverage: operating (EBITDA) margin expanded ~210 bps YoY to ~27.5%, keeping the company on track for its guided 1-2% annual margin improvement even as employee costs stayed roughly flat.
Q1 FY-2027 vs prior quarters
The margin mix reflects the stated strategy — higher-margin Technology & Digital revenue grew 12% YoY to ₹40.6 Cr while the low-margin BPM book was near-flat at ₹109.7 Cr (+1.9%), though BPM's own segment margin slipped to 11.9% from 13.8%. No brokerage consensus is on record for this smallcap and no management press release was extracted, so there is no street bar to measure against; versus management's own guidance the quarter reads as on-track on margins but behind on topline. Alongside results the board declared a ₹30/share interim dividend for FY27 (~₹45.7 Cr, record date July 31). Note the standalone PAT of ₹29.56 Cr (+36% YoY) is not comparable — it carries ₹18.47 Cr of dividend income from the wholly-owned Manila subsidiary that washes out on consolidation, so the consolidated line is the real read.
The stock went into the print at ₹819.9, up 1% over the past month of trading.
What the summary numbers don't show
No exceptional item this quarter vs a ₹3.79 Cr Labour-Codes charge in Q4 FY26
Management guides for an acceleration to mid-teen revenue growth in FY27, an increase from the 9.6% reported in FY26. They project an annual EBITDA margin improvement of 1-2%, driven by a strategic shift towards higher-margin international business and operational efficiencies from new AI-based platforms. The company w
— This quarter: missed
W1
Revenue acceleration: Q1 at +4.4% YoY needs a meaningful H2 pickup from the ~₹150 Cr/quarter run-rate to hit the mid-teen FY27 guide
W2
Margin durability: holding the ~27.5% Q1 operating margin to deliver the guided 1-2% annual improvement / ~25% EBITDA growth
W3
BPM recovery: BPM segment result fell to ₹13.1 Cr (11.9% margin) from ₹14.9 Cr (13.8%) YoY — watch domestic-portfolio rationalization
Clean digital filing, INR Lakhs → ₹Cr (÷100). No exceptional item this quarter (vs ₹3.79 Cr Labour-Codes charge in Q4FY26). Consol tax includes a ~₹2.64 Cr one-off reversal of foreign-tax-credit provisions (AY25-26), flattering reported PAT — adjusted PAT YoY ~+4%. Standalone other income of ₹21.18 Cr includes ₹18.47 Cr dividend from Manila subsidiary (eliminated on consolidation), inflating standalone PAT. All arithmetic ties.
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