Motisons Jewellers Q1 FY27: standalone PAT +38% YoY, revenue +23%, margins expand
PAT +37.58% YoY · revenue +23.29% · margins expanding
₹107.33 Cr
+23.29% YoY
₹11.05 Cr
+37.58% YoY
10.29%
+1.1pp YoY
₹0.11
Motisons Jewellers posted standalone revenue of ₹107.33 Cr, up 23.3% YoY from ₹87.05 Cr, with PAT up 37.6% YoY to ₹11.05 Cr from ₹8.03 Cr — profit growth outpacing revenue growth, so this reads as a genuinely strong print rather than a topline-only story. Sequentially, revenue fell 21.9% and PAT fell (rose, corrected) 33.1% off a seasonally heavy Q4 (Jan-Mar wedding season, ₹137.47 Cr revenue) — the QoQ revenue drop is a seasonal step-down for a jewellery retailer, not a demand signal, and should not be read against the YoY story. NPM expanded to 10.30% from 9.23% a year ago, and EBITDA margin (PBT + finance cost + depreciation − other income, over revenue) rose to 15.23% from 14.66% YoY. The margin lift was helped by finance costs falling to ₹1.08 Cr from ₹1.52 Cr YoY (-28.9%) even as revenue grew — consistent with the ₹150 Cr QIP completed this quarter (13.57 Cr shares allotted at ₹11.05, closed June 11, 2026) being used to fund working capital in place of debt; ₹129.37 Cr of the ₹139.37 Cr net proceeds was deployed for working capital during the quarter, with ₹10 Cr still unutilized.
Q1 FY-2027 vs prior quarters
There is no analyst consensus or brokerage preview available for this small-cap print — no estimates were found in a web search, so vsStreet is unknown rather than assumed. Our records and the filing carry no prior management guidance or outlook, so vsGuidance is also unknown; the company's own commentary in this filing is limited to regulatory boilerplate (board-meeting outcome letter, auditor's limited-review report, standard notes) with no qualitative management color on drivers or outlook to reconcile against the numbers. The QIP-driven equity base increase (paid-up capital up to ₹113.75 Cr from ₹100.18 Cr) diluted the share count, yet basic EPS still rose to ₹0.11 from ₹0.08 YoY, since PAT growth outran the dilution. Separately, the company redeemed 50 lakh preference shares on August 4, 2026, just before this results announcement — a capital-structure move whose finance-cost impact will only show up from next quarter.
The stock went into the print at ₹13.64, down 3.3% over the past month of trading.
W1
Full deployment of the remaining ₹10 Cr unutilized QIP proceeds (of ₹139.37 Cr net) earmarked for working capital/general corporate purposes
W2
Whether the EBITDA margin (15.23% this quarter vs 14.66% year-ago) holds as the ₹95.65 Cr inventory drawdown this quarter normalizes
W3
Finance-cost trajectory next quarter following the August 4, 2026 redemption of 50 lakh preference shares
Standalone only — no consolidated statement in filing; unaudited (limited-review). No exceptional items this quarter or in the year-ago quarter, so no YoY adjustment needed. Table header shows face value ₹10/share but the QIP note explicitly states ₹1/share and share-capital movement (+₹13.57 Cr for 13.57 Cr QIP shares) confirms ₹1 face value — a labeling error in the results table, not a figures issue.