Fractal Q1: consolidated PAT +92% YoY to ₹72 Cr, revenue +20%; margins widen, TMT lags

Fractal Analytics' first full quarter as a listed company delivered consolidated revenue of ₹912.5 Cr (+20.0% YoY, +3.0% QoQ) and PAT of ₹72.3 Cr, up 91.8% YoY — or roughly +78% once a ₹6.9 Cr labour-code exceptional gain is stripped out and set against a year-ago base that carried no one-offs. Consolidated is the primary basis; standalone tells the same story (revenue ₹506 Cr +20%, PAT ₹75.3 Cr +85% YoY), so the two are not materially divergent.

The profit jump is genuine operating leverage, not a tax quirk: EBITDA rose ~39% YoY to ₹142.9 Cr and EBITDA margin expanded to 15.66% from 13.50%, while net margin widened to 7.9% from 5.0%. Growth was led by Healthcare & Life Sciences (+69% YoY), BFSI (+36%) and the largest vertical CPGR (+19%); management flagged TMT as the headline drag, noting the book grew 35% YoY excluding it. The one persistent weight is the Qure.ai associate, which cost ₹23.4 Cr this quarter (₹22.3 Cr a year ago) — management had guided on the Q4 call that this drag would cease, and it has not yet.

The stock went into the print at ₹786.75, down 17.3% over the past month of trading.

The 38% sequential PAT decline looks alarming but is largely optical: Q4 FY26 PAT of ₹115.8 Cr was inflated by a large full-year deferred-tax credit, so YoY is the right lens here. Against management's own ~19% revenue-growth and margin-expansion guidance from the last call, the quarter delivers — revenue landed at ~20% and margins widened. Street coverage is thin given the February 2026 listing: Univest tracks a fair-value band around ₹895–1,010 versus a pre-result ₹886, with no clean quarterly consensus to beat or miss.