Quick Heal Q1FY27: revenue -21% YoY, adjusted loss widens; one-off refund flatters PAT
PAT +4.2% YoY · revenue -21.4% · margins compressing
₹44.99 Cr
-21.4% YoY
₹-5.28 Cr
+4.2% YoY
-8.94%
-0.2pp YoY
₹-0.94
Quick Heal's consolidated revenue fell 21.4% YoY to ₹44.99 Cr (down 7.7% QoQ from ₹48.73 Cr), and the group stayed in the red with a consolidated net loss of ₹5.28 Cr (standalone: ₹5.10 Cr loss), against a year-ago loss of ₹5.51 Cr. On a reported basis the YoY change in PAT looks almost flat (+4.2%), but that is entirely a function of a ₹6.73 Cr one-off: other income included a service-tax pre-deposit refund and interest recognised this quarter (note 4 to the results), a credit that did not exist in the year-ago quarter. Strip it out and the adjusted pre-tax loss would have been roughly ₹14 Cr against a reported PBT loss of ₹7.32 Cr, taking adjusted PAT to roughly ₹(12) Cr versus the year-ago ₹(5.51) Cr — an underlying YoY deterioration of over 100%, not the modest improvement the headline suggests. No specific street/consensus estimates for this print turned up in a search, so the beat/miss call versus the Street is unknown.
Q1 FY-2027 vs prior quarters
The margin trend confirms the underlying weakness: EBITDA margin compressed to -39.1% from -17.0% a year ago (EBITDA loss widened to ₹17.6 Cr from ₹9.7 Cr), even though it improved sequentially from Q4FY26's -60.2% low. The compression traces to the consumer business, where gross revenue fell roughly 39% YoY amid continued "market headwinds" per the company's own release, while enterprise gross revenue also slipped (-5.5% YoY net, -6.3% gross) despite new account wins — meaning the mix shift toward enterprise (61% of revenue in Q1FY27 vs 49% in FY26) is as much a function of consumer collapsing faster as of enterprise strength.
The stock went into the print at ₹181.71, up 11.1% over the past month of trading.
What the summary numbers don't show
New CEO Harish Kumar G S took charge June 18, 2026 — board also approved re-appointment of independent director Richard Stiennon and a registered-office shift within Pune.
Management acknowledges a current transitional phase marked by significant losses and declining consumer revenue, expecting these headwinds to persist for a maximum of two more quarters. The long-term strategy hinges on aggressive expansion of the enterprise vertical, which is projected to account for 80-90% of revenue
— This quarter: met
This tracks management's own framing from the prior (Q4FY26) call, where it flagged a "transitional phase" of losses and consumer decline expected to persist "a maximum of two more quarters" — Q1FY27 falls within that window, so the quarter is broadly on-track with, not a miss against, that guidance. On the enterprise push the company cites tangible traction: an order book of ₹56 Cr+, deferred revenue up to ₹52.3 Cr from ₹33.8 Cr in Q4FY26, and new wins in Defence (a multi-year 1.5-lakh-device order), BFSI (a Seqrite XDR customer) and a large IT services company (threat intelligence). CFO Ankit Maheshwari's release framed the quarter around a "focused collections strategy" — overdues fell to ₹106.6 Cr from ₹150.8 Cr a year ago — while new CEO Harish Kumar G S, who took charge June 18, 2026, spoke of sharpening go-to-market execution; neither statement addressed the scale of the underlying margin compression directly.
W1
Management flagged a transitional phase of losses/consumer decline lasting "a maximum of two more quarters" as of the Q4FY26 call — watch whether Q2FY27 or Q3FY27 marks the turn.
W2
Consumer overdues at ₹106.6 Cr (down from ₹150.8 Cr YoY) — watch for continued reduction as the 'focused collections strategy' progresses.
W3
Deferred revenue of ₹52.3 Cr and order book of ₹56 Cr+ — watch conversion into recognised enterprise revenue over the next 1-2 quarters.
Other income includes a one-off ₹6.73 Cr service-tax pre-deposit refund + interest (note 4), which flatters PAT vs adjusted basis; two subsidiaries' unreviewed interim financials (₹0.39 Cr revenue, ₹0.01 Cr PAT) are included per the auditor's review report; all figures already in ₹ Crore, no conversion needed.