Kiran Vyapar Q1 FY27: consol. PAT flat YoY at ₹19.4 Cr as tax normalizes, revenue up 21%
PAT +1.42% YoY · revenue +21.29% · margins compressing
₹33.06 Cr
+21.29% YoY
₹19.45 Cr
+1.42% YoY
58.81%
-0.7pp YoY
₹7.21
Kiran Vyapar's consolidated revenue rose 21.3% YoY to ₹33.06 Cr (Q1 FY26: ₹27.26 Cr) and consolidated PAT came in at ₹19.45 Cr, up just 1.4% YoY (₹19.18 Cr) — a sharp swing from the ₹10.46 Cr consolidated loss booked in Q4 FY26, but on a YoY basis the print is essentially flat rather than a fresh growth quarter. Basic consolidated EPS was ₹7.21 versus ₹7.11 a year ago.
Q1 FY-2027 vs prior quarters
The gap between strong topline/PBT growth and flat PAT growth is entirely a tax-line effect, not an operating problem: PBT grew 14.6% YoY to ₹22.79 Cr (₹19.89 Cr a year ago), broadly tracking revenue, but the effective tax rate normalized to 14.6% (₹3.34 Cr) from an unusually light 3.6% (₹0.71 Cr) in Q1 FY26 — pulling NPM down to 58.8% from 70.3% YoY. The dominant swing factor quarter-to-quarter remains the net gain/loss on fair value changes in the investment book — a ₹12.93 Cr gain this quarter versus a ₹10.68 Cr loss in Q4 FY26 and an ₹8.28 Cr gain in Q1 FY26 — consistent with KVL's NBFC/investment-holding model where mark-to-market moves, not core operations, drive reported volatility.
The stock went into the print at ₹199, up 4.1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
Standalone PAT was ₹8.15 Cr on ₹25.55 Cr revenue; the ₹11.3 Cr gap to consolidated PAT is the Group's ₹9.46 Cr share of associate profit (Maharaja Shree Umaid Mills Ltd, LNB Renewable Energy Ltd) plus Singapore subsidiary Peepul Tree Capital Pte Ltd's ₹0.83 Cr PAT (unreviewed by the principal auditor per the review report) — underscoring KVL's role as the LNB Bangur group's investment holding vehicle, with the Financing & Investment segment (PBT ₹13.76 Cr) accounting for nearly all group profit and Trading immaterial. There is no analyst/street coverage found for this micro-cap NBFC-investment name and no prior formal guidance on record from the company or our database, so both vsStreet and vsGuidance are unknown/not applicable. No dedicated management press release accompanies this filing — commentary is limited to the standard BSE board-outcome letter and result notes. Corporate activity this quarter was otherwise limited to today's board meeting approving results, following the ₹1/share FY26 dividend approved in May and a June clarification that no price-sensitive information was pending.
W1
Whether the 14.6% effective tax rate seen this quarter persists through FY27 versus the unusually low 3.6% base in Q1 FY26 — it is the single largest drag on reported PAT growth despite revenue/PBT growth
W2
Net gain/loss on fair value changes — swung from +₹12.93 Cr this quarter to -₹10.68 Cr in Q4 FY26 and +₹8.28 Cr in Q1 FY26; this line remains the primary driver of quarter-to-quarter PAT volatility given the investment-holding model
W3
Associates' contribution (Maharaja Shree Umaid Mills, LNB Renewable Energy) — ₹9.46 Cr this quarter vs ₹7.94 Cr YoY; sustained associate profitability is key since standalone core PAT is less than half of group PAT
Consolidated PBT bridges via +₹9.46 Cr share of associates' profit (Maharaja Shree Umaid Mills, LNB Renewable Energy) after expenses, not before — standard for this filing's layout. NCI was -₹0.18 Cr (owners' PAT ₹19.63 Cr vs total PAT ₹19.45 Cr). Our DB's recorded year-ago (Q1 FY26) consolidated net profit of ₹16.22 Cr diverges from this filing's own restated comparative column (₹19.18 Cr total / ₹19.35 Cr owners-attributable) — likely regrouping per the filing's note 5; YoY figures below use the filing's own comparative column as the more reliable same-basis figure.