NPST Q1FY27: consolidated PAT up 54% YoY to ₹11.1 Cr; margins compress, QoQ slips 9%

Network People Services Technologies posted consolidated revenue of ₹56.5 Cr and PAT of ₹11.05 Cr for Q1 FY27, up 68.0% and 53.6% year-on-year respectively — a clean comparison since neither this quarter nor the year-ago quarter carried any exceptional or prior-period item. But the YoY headline masks a sequential pullback: against the record March-quarter (Q4 FY26) print of ₹62.0 Cr revenue and ₹12.24 Cr PAT, Q1 FY27 is down 8.9% and 9.7% QoQ — a normalisation after the ramp management flagged in its February 2026 concall, not a red flag on its own, but worth tracking into Q2.

Profitability softened on both counts even as topline grew: consolidated net margin came in at 19.6% versus 20.5% a year ago, and the EBITDA-level margin (derived: PBT + depreciation + finance cost − other income, over revenue) fell to roughly 24.5% from 29.2% a year ago — a squeeze of nearly 5 percentage points that isn't yet explained by any one-off, and traces mainly to total expenses growing faster (up 85% YoY) than revenue.

The stock went into the print at ₹1,546.4, down 3% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 5 quarters; revenue is at a 5-quarter high.

Diluted consolidated EPS ₹5.26 vs ₹3.70 a year ago

A notable divergence sits between the two statements: standalone revenue and PAT grew a slower 48.4% and 47.0% YoY respectively, well behind the consolidated 68.0%/53.6% pace — the gap is being driven by the subsidiaries (SSK Citizen Services, Timepay Digital Infotech, and the Dubai-based NPST Global Solutions LLC), into which the company funneled a further USD 0.5 million (~₹4.8 Cr) via optionally convertible debentures this quarter, drawn from preferential-allotment proceeds earmarked for global expansion. Management gave no formal quantitative guidance specific to Q1 FY27 — the only prior benchmark on record was the February 2026 concall's qualitative ambition to grow at double the industry rate via AI, RegTech and international expansion, a bar this quarter's growth clears comfortably on both bases, though the specific AI/RegTech contribution management said would arrive within two quarters isn't separately disclosed here. The quarter's other disclosed development was a PSU order win (announced June 22, 2026), whose value wasn't quantified in the filing or event record. No separate management press release accompanied this result, only the standard board-outcome disclosure. Consensus/street estimates for this specific quarter could not be located — coverage on this small-cap appears thin, so vs-street is marked unknown rather than guessed.