Anlon Healthcare Q1 FY27: consolidated PAT ₹8.28 Cr, +134% YoY, margins dilute
PAT +133.5% YoY · revenue +163% · margins compressing
₹87.56 Cr
+163% YoY
₹8.28 Cr
+133.5% YoY
9.45%
₹0.16
On a consolidated basis (primary), Anlon Healthcare posted PAT of ₹8.28 Cr, up 134% YoY but down 25% QoQ, on revenue of ₹87.56 Cr, up 163% YoY and 72% QoQ. Nearly all of that growth is the first full-quarter consolidation of Apiqo Organics and Bizotic Lifescience (combined ₹57.07 Cr revenue, ₹3.48 Cr PAT per the auditor's note), not organic acceleration — the standalone (core API) business actually shows revenue of ₹30.98 Cr, down 7.0% YoY and 44.1% QoQ (Q4 FY26 was seasonally elevated at ₹55.42 Cr), with standalone PAT of ₹4.80 Cr up 35.3% YoY on margin expansion (NPM 15.5% vs 10.7% a year ago) but down 51% QoQ. The gap between standalone (-7% YoY revenue) and consolidated (+163% YoY revenue) growth is a consolidation effect and should not be read as core-business momentum.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
Margins are the weak spot in the print: consolidated EBITDA (PBT + finance cost + depreciation) works out to roughly 17.9% of revenue, versus 24.3% for standalone alone, and well short of management's guided 30-33% blended EBITDA margin. The dilution traces to the newly consolidated units, which run a ~6.1% net margin on their ₹57.07 Cr of revenue against Anlon's own ~15.5% standalone NPM. Consolidated PAT is also split with non-controlling interests (₹1.62 Cr of the ₹8.28 Cr) since Apiqo and Bizotic aren't fully owned yet; today's board approval of a share-swap to convert both into wholly-owned subsidiaries would remove that NCI drag on owners' PAT once completed.
The stock went into the print at ₹14.31, down 10% over the past month of trading.
What the summary numbers don't show
Board today approved a share-swap to convert Apiqo (32.52%) and Bizotic (43.33%) stakes into 100% ownership via preferential equity issue, removing future NCI drag
Management provides very optimistic guidance, targeting FY26 consolidated revenue of INR 190-200 crores and a conservative INR 370-380 crores for FY27, projecting an approximate 30% revenue CAGR over the next three years with a long-term potential of INR 650-700 crores by FY28. This growth is driven by acquisitions (Ap
— This quarter: missed
Against management's own guidance, FY26 consolidated revenue of ₹172.22 Cr came in below the ₹190-200 Cr targeted on the February 2026 concall — a miss. FY27 guidance calls for ₹370-380 Cr; Q1's ₹87.56 Cr annualizes to roughly ₹350 Cr, trailing even the low end by ~5-6%, extending that shortfall pattern, though management's thesis leans on the Apiqo/Bizotic ramp and a planned ₹100-120 Cr greenfield capex to back-load growth later in the year. No sell-side coverage or Q1 FY27 preview turned up in a search, so street positioning is unknown, and management issued no separate press commentary beyond the board-outcome filing.
W1
Completion of the Apiqo (32.52%) / Bizotic (43.33%) share-swap into wholly-owned subsidiaries — watch preferential equity dilution and whether NCI drag on PAT (₹1.62 Cr this quarter) disappears
W2
FY27 revenue run-rate vs guided ₹370-380 Cr — Q1 annualizes to ~₹350 Cr, ~5-6% short of the low end; check if Q2 closes the gap
W3
Consolidated EBITDA margin trajectory — Q1 at ~17.9% is well below the guided 30-33% blended margin; watch whether the newly consolidated units (~6.1% net margin) scale up or keep diluting
Consolidated PAT ₹8.28 Cr splits ₹6.66 Cr to owners and ₹1.62 Cr to non-controlling interests (Apiqo 32.52%-held, Bizotic 43.33%-held, not yet wholly owned); board approved a share-swap today to make both 100% subsidiaries. No exceptional/one-off items disclosed either period. Source figures in Lakhs, converted to Crore (÷100).
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