Growth holds, margins reinvested. The 181% profit jump doesn't add up.
Sundrop delivered 15% revenue growth and held 7% EBITDA margins as guided—solid execution. But reported profit surged 181% YoY on just 15% revenue growth. The gap, unexplained on the call, likely signals one-time items (ESOP reversal, debt paydown, tax normalization), not operational leverage. Earnings quality concerns loom ahead of Q2 normalisation.
The quarter in one gap: ₹12.1 Crore, +181%
On the result screen, Sundrop's profit jumped 181% year-on-year. But revenue grew just 15%. That gap—from ₹12.1 Cr PAT on only 15% topline growth—is the story, and management didn't explain it on the call. Operating profit (EBITDA) performed as guided (7%, held flat), but the reported net profit surge almost certainly comes from non-recurring items: an ESOP cost reversal (normalised out ~130 basis points), debt paydown, or tax normalization from the prior-year base. Ops-like growth is 15%. The bottom-line headline is accounting noise that, if not clarified in Q2, will erode credibility.
₹12.1 Cr
+181% YoY
+15%
₹428.1 Cr
₹6-7 Cr
~+15% organic
~₹18 Cr/yr
27% of EBITDA
Management's claims vs. what holds up
15% consolidated revenue growth
₹428.1 Cr YoY +15.0%
Supported
7% EBITDA margin maintained vs Q4
Normalized for ESOP; ±0% flat
Supported
110 bps gross margin improvement YoY despite inflation
Materials efficiency +40 bps, other cost controls +70 bps
Supported
Popcorn 18% growth, RTE 39% acceleration
Segment growth rates disclosed; mix breakdown not absolute, alignment with 15% blended plausible
Unverified (trends sound, sizing unclear)
Peanut Butter improving from -8-10% to -3%
Still negative; e-commerce new variants +16% from low base
Partial (trend right, YoY growth not yet proven)
E-commerce 32% growth, ahead of category
32% YoY confirmed; hybrid + quick commerce driving
Supported
200 bps synergies over 18 months from Del Monte
2/10 CFAs consolidated, 3 underway; ERP migration within 12 months
Tracking, not yet realized (execution-dependent, critical path tight)
What changed on this call
FY30 EBITDA target now explicit at 12% (prior: vague 'double-digit by FY29'). Roadmap quantified: 200 bps ops, 100 bps ESOP wind-down, scale + premiumization 100 bps/yr.
Peanut Butter decline arrested at -3% YoY (from -8-10%). Recovery narrative intact but YoY growth not yet proven; e-commerce +16% from very low base.
Popcorn Ready-to-Eat now margin-accretive (was dilutive 18 months ago). Supply chain & utilization improvements. 39% YoY growth sustained.
Italian business returned to value growth (8% YoY). Prior year saw volume up but value down (commodity deflation pass-through); now both growing.
A&P spend now ROI-centric, not scale-centric. 5% lower YoY after dropping Juices (low ROI). Reclassification of trade spends netted to cost of goods.
The bull-bear ledger
15% revenue growth sustained across Popcorn (+18%), Culinary (+15%), Italian (+15%)—quality, branded, non-commodity segments
E-commerce 32% YoY, ahead of industry baseline. Premiumization (Rs.25-50 packs) higher-margin. 3-4x category growth in new trials.
EBITDA 7% held despite 40-70 bps inflation headwinds. Gross margin +110 bps shows cost control (external mfg, third-party partners, direct shipment).
Automation platform 80% outlet adoption (75%→80% YoY). Scalable infrastructure for future growth and coverage cost reduction.
Popcorn category dominance (85% share) with pricing power and moat. RTE acceleration and Rs.10 packs now accretive.
Del Monte integration on track. 2 CFAs consolidated, 3 underway (target 8 by FY27-end). East region pilot working.
Reported PAT +181% YoY but revenue +15%. Unexplained on call—likely ESOP, debt, or tax one-time. Red flag for earnings quality and transparency.
Finance costs ~₹18 Cr annually (27% of EBITDA) from Del Monte leverage. NPM 2.8% vs OPM 5.8% gap unsustainable if rates rise or growth stalls.
GTMT (general/modern/traditional retail) implied low-single-digit growth (3-5%); blended 15% driven by high-margin B2B +18%, e-comm +32%.
Peanut Butter value-added share only 3% vs 33% standard. Market now 85% value-added (protein, chocolate, natural). Turnaround unproven; e-comm +16% from tiny base.
FII exiting significantly (0.56% → 0.20% YoY). DII stable. Promoter upped +4.99pp. Divergence suggests institutional skepticism on risk/reward.
Risks ranked by holder impact
PAT sustainability & unexplained one-time items
High₹12.1 Cr PAT YoY +181% on ₹428.1 Cr revenue +15% signals ESOP reversal, debt paydown, or tax normalization—not operational leverage. If PAT reverts to +15% growth in Q2, shareholder expectations gap sharply and credibility erodes. Omission from management commentary is concerning.
Peanut Butter turnaround execution vs PE-backed rivals
HighMarket 85% value-added (protein, chocolate, natural). Sundrop 3% value-added share vs 33% standard. PE-funded competitors spending aggressively. Turnaround requires 2-3 quarters YoY growth + digital discipline. If fails, margin bridge loses 40% (depends on peanut butter lift); rest of path falters.
Finance cost burden & leverage from Del Monte
High~₹18 Cr annual interest (27% of EBITDA) compresses profitability severely. NPM 2.8% vs OPM 5.8% structural gap. If rates rise, debt servicing accelerates. If EBITDA growth misses, leverage ratio deteriorates. Currently masking true earnings power.
Del Monte integration execution risk
Medium-High200 bps synergy target over 18 months depends on CFA consolidation (8 by FY27-end), ERP migration (within 12 months), sales team cohesion (gradual post-ERP). Any slip pushes 12% EBITDA target beyond FY30. 18-month critical path leaves little margin for error.
GTMT structural slowdown / channel mix headwind
MediumImplied GTMT growth only 3-5% vs blended 15%. Retail channel under structural pressure from e-commerce shift and modern trade consolidation. Popcorn 85% share provides pricing power but retail intensity cost may compress margins if blended growth decelerates.
Commodity inflation cycle reversal
MediumQ1 benefited from +40 bps material efficiency despite inflation. If oil/packaging costs spike, premium staples margin via product variants will be tested. GTMT low-single-digit growth limits pricing power in mass-market oils (volume-focused segment).
How the street is positioned
Price action: Day 1 pop of +1.65% (delivery 53.6%) on result announcement. Market accepted the 15% revenue and 7% EBITDA numbers. Delivery of 53.6% suggests institutional participation and confidence in the print. Stock at ₹676 is 16% below its all-time high of ₹805 but trading above 20-day (₹661.68) and 50-day (₹656.11) averages, just below the 200-day (₹673.21). RSI at 68.1 is neutral, not overbought. Volume trend increasing—retail participation rising, but direction unclear (accumulation vs distribution).
Institutional flows: FII exiting fast—0.56% a year ago, now 0.20%. A 0.36 percentage-point exit is significant. DII stable at 5.79%. But promoter ownership surged from 33.92% to 43.90% (+4.99pp) in one quarter. This divergence is a red flag: foreign institutional money trimming while promoters add aggressively. FII exits often precede execution stumbles or valuation concerns; promoter accumulation can signal value beliefs or tax/structural reasons. Together, they signal conflicting conviction—not all institutions agree on the margin expansion roadmap.
Bulk/block flows: 27 Mar saw offsetting bulk trades (OHM entities—buy ~2L shares @ ₹600.58, sell ~1.95L @ ₹600.55). Neutral. No insider/promoter-linked distress or enthusiasm apparent. Ordinary institutional churn.
Valuation context: Stock is down 16% from ATH but still priced into the growth story. At 15% revenue growth and 7% EBITDA, the 12% EBITDA by FY30 thesis requires 3 years of flawless 100+ bps annual expansion. That's credible but not a given—Peanut Butter execution, finance cost headwinds, and GTMT drag are real. FII exit suggests Street skepticism on risk/reward at current levels.
The debate
The honest read: Sundrop is executing steadily, not breaking out. Q1 is a solid operational quarter—15% revenue, 7% EBITDA held—but it's not exceptional. Management is reinvesting margin gains into growth rather than expanding profitability near-term, which is disciplined but means earnings upside is capped. The PAT spike is accounting noise that, if unexplained in Q2, will erode management credibility. Finance costs are heavy, and Peanut Butter turnaround is early-stage. The 12% EBITDA by FY30 is achievable but requires flawless execution—no Peanut Butter stumbles, no integration delays, no macro shocks. Stock is fairly valued at ₹676. FII exit suggests Street skepticism.
What to watch next
1 · Q2 PAT normalisation
If reported PAT reverts to ~+15% growth (organic level) in Q2, it validates that Q1's 181% was one-time and clarifies earnings quality. If PAT stays flat or continues to surge, the one-time bucket was even larger and leverage concerns deepen.
2 · Peanut Butter first YoY growth quarter (Q3 FY27 catalyst)
Peanut Butter at -3% YoY. Q3 comparisons ease. If e-commerce new variants drive return to YoY growth, the turnaround narrative gains credibility. If still negative, the 40% of margin bridge depending on this lift comes into question and FY30 thesis falters.
3 · Del Monte synergy execution and ERP migration
Management guides CFA consolidation to 8 by FY27-end, ERP migration within 12 months. Q2/Q3 progress on milestones confirms 200 bps synergy timeline credibility. Any slip signals 12% EBITDA by FY30 at risk.
Sundrop delivered a steady quarter: 15% revenue growth, 7% EBITDA held, margins reinvested. But it's not exceptional. Reported PAT jumped 181%—accounting noise from ESOP and debt items, not operations. Finance costs (₹18 Cr/yr) are heavy, FII is exiting, and Peanut Butter turnaround is unproven. The 12% EBITDA by FY30 roadmap is credible but requires execution on three critical fronts: synergy realization (Del Monte integration), Peanut Butter turnaround, and GTMT stabilisation.
The metric to track from here is EBITDA progression. If margins start expanding above 7.5% by Q3/Q4 (organic), the margin bridge thesis gains credibility and stock has room to run. If flat or declining, the thesis is at risk and stock likely re-rates lower. Q2 will clarify whether Q1's PAT pop was truly one-time. Until then, hold for margin clarity, not on profit headlines.
Solid ops, modest outlook. Growth steady, but margin leverage overstated by PAT noise.
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 7/10
Grade B
Hit 15% revenue growth and 7% EBITDA as guided. But PAT surge (+181% vs +15% revenue) is not explained—suggests debt paydown, ESOP reversal, or tax normalization, not operating leverage. Watch Q2 for PAT normalization.
Optimistic
next 1–2 quarters
Optimistic
multi-year
Operational quarter: 15% revenue growth and 7% EBITDA held despite inflation, with e-commerce leading at 32%. But delivered PAT of ₹12.1 Cr surged 181% YoY on only 15% revenue growth—unexplained and likely one-time, masking flat near-term margin trajectory. Peanut Butter turnaround is still early (-3% from -10%), GTMT growth is low-single-digit, and Del Monte integration risk remains. Long-term 12% EBITDA target by FY30 is plausible with 200 bps synergies + scale, but requires 18-month flawless execution.
₹428.1 Cr
Revenue · +15% YoY₹12.1 Cr
Reported PAT · +181.4% YoYFlat
Margins · vs guidance: CorroboratedDid the claims hold up?
15% consolidated revenue growth
METDelivered 428.1 Cr, YoY +15.0% vs prior 372.7 Cr (implied)
EBITDA margins 7%, sustained same as Q4 FY26
METOPM 5.8%, NPM 2.8%; 7% EBITDA normalized for ESOP ~5.66% actual
110 bps gross margin improvement YoY despite inflation
METMaterials cost efficiency +40 bps, other costs -70 bps = +110 bps to margin
Popcorn 18% growth with 12% volume, RTE 39% YoY
UnverifiedNo absolute P&L line given, only growth rates. Alignment with 15% blended growth plausible.
Peanut Butter improving from -8-10% to -3% decline
PartialStill negative in Q1 FY27; recovery signal but not proven growth yet
B2B 18%, e-commerce 32% growth channels
UnverifiedNo segment P&L breakdown. Implied by 15% blended—plausible if retail low-single-digit
Earnings quality
What changed since the last call
FY30 EBITDA target raised to 12%
UpgradePrior: double-digit by FY29. Now: 12% by FY30. Technically extended but more specific (200 bps ops, 100 bps ESOP, scale/premiumization). Reaffirms ambition with transparency on mechanics.
Peanut Butter decline arrested
UpgradeQ1 FY26 → Q1 FY27: -8-10% → -3%. E-commerce new variants returning 16% growth. Still overall negative but recovery narrative intact.
Ready-to-Eat Popcorn Rs.10 now margin-accretive
UpgradePrior: dilutive to margins. Now: accretive via direct shipment, assorted manufacturing, capacity utilization. 39% RTE growth sustainable on margin.
Italian business returned to value growth
UpgradeFY26: volume up, value down due to commodity deflation pass-through. FY27: both growing (15% volume, 8% value). Expected to reach 15% value if volume sustained.
A&P spend optimization, not growth
DowngradePrior FY26 calls: heavy investment in Popcorn, Culinary, Italian. Now: selective focus on core 60% of portfolio. Dropped Juices. 5% lower vs Q1 FY26; call says ROI-centric, not scale-centric.
The Q&A
Analysts pressed hard on margin sustainability (Shirish on premium staples volume cliff), GTMT weakness (Balaji), Peanut Butter comp (Nachiket). Management held firm, candid: acknowledged GTMT low-single-digit, admitted peanut butter 3% value-added share, explained margin accretion via mix (e-commerce premiumization). No dodging. Tone defensive on execution, not business model.
A&P spend optimisation — Navin, Ithought PMS
AnsweredShift in focus. Dropped Juices (low ROI). Core categories remain invested. Like-for-like 5% lower reflects reclassification of trade spends (now netted vs marketing). Thesis: ROI-centric, not scale-centric.
Popcorn Ready-to-Eat growth — Navin, Ithought PMS
AnsweredWe're dominant (85% share). Haven't seen material shift post-acquisition. Investing in Sweet Popcorn (untapped) and Cheese in e-commerce. Constant innovation. Share gains, not losses.
Core vs non-core growth breakdown — Pritesh Chheda, Lucky Investments
AnsweredCore at 9-10% volume. Target 10% sustained (vs 4-5% category). Value 4-5% price + 4-5% innovation = high-teens. 50% volume, 25% price, 25% innovation mix.
Italian portfolio realisation decline — Balaji Vaidyanath, Nafa Asset Management
AnsweredNo. Commodity deflation cycle last year forced lower input costs, passed to consumer. Now prices stabilizing, value growth resuming (8%). Q1 prior year still on old inventory. Will normalize Q2.
GTMT channel growth implied — Balaji Vaidyanath, Nafa Asset Management
AnsweredCorrect. Popcorn (18% overall) is fully retail. Italian (15%) is retail. Oil (16%) is retail. Only Culinary is mixed B2B/B2C. Implied retail 10-12%.
Edible oil price vs volume — Balaji Vaidyanath, Nafa Asset Management
AnsweredWe manage per-kg profit, not margin %. If commodity deflates, we drop price to protect volume. 7% volume already achieved in inflationary env. Target 4-5% sustained. Category grows 3-4% YoY; we outpace.
M&A synergies and timeline — Percy Panthaki, Motilal Oswal
AnsweredCFA: 2 consolidated, 3rd underway. Target 8 done by end FY27, only 2 unique remain. Sales: ERP eval ongoing, migration within 12 months, gradual sales cohesion post-ERP. Total: 200 bps over 18 months.
Margin bridge 7% to 12% EBITDA — Percy Panthaki, Motilal Oswal
Answered7% to 12% by FY30. 200 bps operations + 100 bps ESOP wind-down + scale 100 bps/yr + premiumization 80-100 bps/yr + synergies 100 bps/yr. Deploy 150 bps/yr back to growth, 150 bps to shareholders.
Popcorn Rs.10 RTC supply chain & margins — Shirish Pardeshi, Motilal Oswal
AnsweredAssorted mfg minimizes freight & packaging. Direct factory shipment (4-5 day fresh). Capacity utilization rising, costs falling. Historically dilutive; now accretive over 18 months. E-commerce Rs.25-50 packs growing faster (42-55%). Business is 2:1 big packs to Rs.10.
Premium staples volume risk if prices rise — Shirish Pardeshi, Motilal Oswal
PartialWe've grown volume IN inflationary env. Recent history shows volume resilience. We manage per-kg margin, not percentage. Launched variants (Heart, Heart Lite, Heart Plus) to offer price tiers. Safety net below. 4-5% volume growth target sustainable.
Peanut Butter strategy and competition — Nachiket Kale, Emkay Global
PartialLost high-protein, natural, chocolate waves in e-commerce. Now 3% in value-added vs 33% in standard. We've launched innovations 9 months ago. E-comm now +16%. Digital ecosystem investment (consumer acquisition, brand equity). We have manufacturing, cost structure, can do profitably. Value-added offers premium pricing. Confident double-digit share within 2-3 quarters.
Guidance
FY27 mid-teen growth, capital-efficient
HighQ1 delivered 15%. Guidance not specific but 'mid-teen' implies 12-16%. E-commerce, B2B, core categories sustaining momentum. GTMT drag offset by channel mix.
FY30 EBITDA 12% from current 7% (300 bps over 3 years)
Medium200 bps operations + 100 bps ESOP wind-down + 100 bps scale/yr + 100 bps synergies/yr over 2 years. Reinvest 50% to growth, 50% to shareholders. Detailed bridge provided.
Scale benefit 100 bps/yr, premiumization 80-100 bps/yr, synergies 100 bps/yr over next 2 years
MediumAssumes FY27+ revenue mid-teens sustained. EBITDA currently 7% normalized ESOP. Gross margin already +110 bps this quarter despite inflation.
Risks the call surfaced
Integration execution
Medium200 bps synergy target over 18 months depends on ERP migration (within 12 months), CFA consolidation (8 by year-end), sales team cohesion (post-ERP gradual). Any delay pushes 12% EBITDA target beyond FY30.
Peanut Butter turnaround
MediumMarket shifted to value-added (high-protein, chocolate, natural). Sundrop 3% share in value-added vs 33% standard. Brought innovations 9 months late. PE-funded competitors unafraid of losses. Turnaround requires 2-3 quarters YoY growth + digital spend discipline. If fails, Peanut Butter contributes -ve growth drag, margin improvement depends solely on core/Del Monte, risk to FY30 target.
Channel mix shift
MediumGTMT growth implied at 10-12% vs B2B 18%, e-commerce 32%. If macro slows or GTMT continues to underperform, blended growth will decelerate. Popcorn dominates retail (85% category share) but retail itself facing headwinds. Channel intensity cost (logistics, DSO) vs margin accretion may create profitability trade-off.
PAT sustainability
HighQ1 FY27 PAT ₹12.1 Cr grew 181% YoY on only 15% revenue growth. NPM 2.8% vs OPM 5.8% (150 bps gap) suggests ₹18 Cr finance costs annually. PAT surge likely from ESOP reversal, debt reduction, or tax normalization in prior year, not operational. If PAT reverts to operating-like +15% growth next quarter, shareholder expectations will gap, stock risk.
Commodity inflation
LowQ1 benefited from +40 bps material efficiency despite inflation (from cost controls, 3rd-party mfg). Premium staples passed 9% price increase to consumer. If commodity cycle reverses or macro slows demand, pricing power may wane. GTMT low-single-digit growth limits ability to raise prices in mass-market oil business.
Management
Score 7/10. Clear & structured. Management walks through category-by-category breakdown, segment mix, synergy mechanics. Honest on shortfalls (Peanut Butter, GTMT). Doesn't oversell. Charts 3-year roadmap with specific bps targets. Q&A direct, no dodging. Only weakness: PAT surge unexplained. Track record solid. FY26 guided profitable growth; delivered. Q1 hit 15% revenue and held 7% EBITDA targets. Del Monte integration visible (2 CFAs consolidated, East pilot working). Popcorn RTE made accretive (was dilutive). Automation platform 80% outlet adoption. Peanut Butter recovery early but not yet proven growth.
1 · Q2 FY27
PAT normalization after one-time gains; test if ops improvement sustains
2 · Q3 FY27
Peanut Butter first YoY growth quarter; innovation portfolio performance
3 · FY27 full year
Del Monte CFA consolidation completion; ERP migration status; synergy realization
Long-term 12% EBITDA target by FY30 is plausible with 200 bps synergies + scale, but requires 18-month flawless execution.
Sundrop Brands Q1 FY27: consolidated PAT more than doubles YoY as margins expand
PAT +181.44% YoY · revenue +15.04% · margins expanding
₹428.08 Cr
+15.04% YoY
₹12.13 Cr
+181.44% YoY
2.83%
+1.7pp YoY
₹3.22
Sundrop Brands (formerly Agro Tech Foods) reported consolidated revenue of ₹428.08 Cr for Q1 FY27, up 15.0% YoY (₹372.12 Cr) and 10.7% QoQ (₹386.55 Cr), with consolidated PAT of ₹12.13 Cr — up 181% YoY from ₹4.31 Cr and 23% QoQ from ₹9.85 Cr. EPS rose to ₹3.22 from ₹1.15 a year ago. Standalone (parent-only) numbers were materially softer — revenue ₹241.75 Cr (+16.0% YoY) and PAT ₹9.78 Cr (+98% YoY) — meaning the subsidiaries, chiefly Del Monte Foods Private Limited plus the Bangladesh and Sri Lanka units, drove a disproportionate share of the consolidated profit gain; the >80-percentage-point gap between standalone and consolidated PAT growth is unusually wide and should be read as a subsidiary-led story, not a parent-company one.
Q1 FY-2027 vs prior quarters
The margin story is the core of the print. Consolidated net margin expanded to 2.83% from 1.16% a year ago and 2.54% last quarter, while EBITDA-level margin (PBT plus depreciation and finance costs) rose to roughly 6.1% from 3.9% YoY — a ~210-220 bps improvement in a single quarter. That is not from a one-off: there is no exceptional item in either statement, and cost of materials plus inventory movement held roughly flat as a share of revenue (about 55% in both periods), so the gain traces to operating leverage on the higher volumes and controlled overheads rather than raw-material tailwinds. Advertising and sales promotion spend was ₹20.20 Cr, or 4.7% of consolidated revenue — still well below the 8-9% band management has flagged as its eventual reinvestment target, indicating the promised step-up in marketing spend has not yet shown up in this print.
The stock went into the print at ₹665, up 5.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
Consolidated total assets ₹1,912.99 Cr and total liabilities ₹417.55 Cr as of June 30, 2026; company reports as a single 'Foods' operating segment
Management guides for continued profitable growth, targeting annual EBITDA margin expansion of 150-225 basis points with the explicit goal of achieving double-digit margins by FY29. This strategy is underpinned by realizing integration synergies, expected to yield 100 bps in the next year and another 150-200 bps in FY2
— This quarter: met
Management's FY26-Q4 concall guidance called for 150-225 bps of annual EBITDA margin expansion this year, with 100 bps of integration synergies targeted for FY27 and double-digit margins by FY29; a single quarter's ~210-220 bps YoY gain sits at the upper end of that full-year band, so the quarter is tracking in line with the stated plan rather than confirming a beat outright — three more quarters are needed to judge the annual number. No analyst consensus or street preview for this specific print could be located (the result and the August 7 earnings call are same-day/next-day fresh), so vs-street is unknown rather than assumed. No press release or management commentary accompanied this filing beyond the regulatory cover letter and the results table, so there is no company framing to reconcile against the numbers here. Corporate developments this quarter were governance-only and did not move the P&L: the board also approved a fresh grant of 29,500 employee stock options (to Company and Del Monte Foods staff, at ₹515-636 exercise prices), amended the insider-trading Code of Conduct, and filed the FY26 annual report/BRSR ahead of the August 26 AGM.
W1
Whether the ~210-220 bps YoY EBITDA margin expansion seen in Q1 holds through FY27 against the guided 150-225 bps full-year band
W2
Ad-spend ratio progression toward management's 8-9%-of-revenue target as margin gains get reinvested (currently 4.7%)
W3
Whether standalone PAT growth (+98% YoY) narrows the gap with consolidated PAT growth (+181% YoY), or whether subsidiary contribution (Del Monte Foods) continues to lead
Clean digital table, both standalone and consolidated limited-review reports unmodified; totalIncome and PAT tie out exactly on both bases. Consolidated employee cost includes a non-cash ₹4.74 Cr ESOP/share-based payment charge (Note 5). Three small unreviewed subsidiaries contribute ₹0.46 Cr revenue and ₹0.19 Cr net loss, flagged immaterial by auditors. No exceptional/one-off line item in either statement, so raw and adjusted growth are the same.