RateGain Q1 FY27: consol. PAT +102% YoY to ₹95 Cr — Sojern base effect, OPM 21.9%
PAT +102.23% YoY · revenue +187.66% · margins compressing
₹785.01 Cr
+187.66% YoY
₹94.91 Cr
+102.23% YoY
12.04%
-4pp YoY
₹8.03
RateGain's consolidated Q1 FY27 print shows revenue of ₹785.01 Cr and PAT of ₹94.91 Cr, up 187.7% and 102.2% respectively on a year-ago base of ₹272.92 Cr / ₹46.93 Cr — but the company itself flags this YoY comparison as not meaningful: Sojern Inc., acquired 6 November 2025, sat entirely outside the Q1 FY26 base and is fully consolidated this quarter, so the jump is a base effect rather than organic growth. The more like-for-like read is sequential: revenue +9.7% and PAT +35.6% over Q4 FY26 (₹715.55 Cr / ₹69.99 Cr), since Sojern was present in both quarters.
Q1 FY-2027 vs prior quarters
Margins tell a split story. Operating margin (revenue less employee cost and other opex) expanded to 21.85%, up from 20.55% QoQ and 18.20% a year ago, and now sits inside management's FY27 guidance band of 21.5-22.5%. Net margin, however, fell to 12.05% from 15.99% a year ago (though up from 9.75% QoQ) — the gap between OPM expansion and NPM compression is finance costs (₹16.54 Cr this quarter vs ₹0.30 Cr YoY) and depreciation/amortisation (₹37.52 Cr vs ₹8.70 Cr YoY), both direct consequences of debt-funding the Sojern deal and amortising the acquired customer-relationship, trademark and software intangibles.
The stock went into the print at ₹1,030.1, up 12.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
What the summary numbers don't show
Basic EPS ₹8.03 vs ₹5.93 QoQ vs ₹3.98 YoY
RateGain provided a strong outlook for FY27, projecting revenue growth of 65% to 70%, reaching INR3,000-3,100 crores. They anticipate an EBITDA margin of 21.5% to 22.5%, translating to INR650-700 crores, excluding Sojern earn-out payments. The company's strategic direction is to shift from integration to monetization,
— This quarter: met
Against management's own FY27 outlook (65-70% revenue growth to ₹3,000-3,100 Cr, EBITDA margin 21.5-22.5%, given on the Q4 FY26 call), the quarter is on track: annualising the ₹785 Cr Q1 print implies a full-year run-rate near or above the top end of the revenue band, and OPM is already inside the guided margin range. We could not find a Q1-specific street consensus for revenue/PAT; the closest available read is a 10-analyst full-year FY27 consensus (Trendlyne) of roughly 68% revenue growth and 53% profit growth, broadly consistent with the company's own guidance, so vsStreet is marked unknown rather than inferred. No company press release commentary was available in our extraction for this result.
W1
FY27 revenue guidance of ₹3,000-3,100 Cr (65-70% growth) — Q1's ₹785.01 Cr pace annualises near/above the top end; confirm this holds through H2 rather than reflecting a stronger seasonal quarter
W2
FY27 EBITDA margin guidance of 21.5-22.5% (₹650-700 Cr, ex-Sojern earn-out) — Q1 OPM of 21.85% is mid-band; watch for earn-out payments or integration costs pressuring it
W3
Finance-cost trajectory (₹16.54 Cr this quarter) as RateGain UK continues repaying acquisition debt (USD 9.75M repaid 5 Aug 2026) — further repayments should ease the NPM drag
No exceptional items in the Q1 FY27 / Q4 FY26 / Q1 FY26 quarterly columns (exceptional items appear only in the FY26 full-year column: ₹32.4 Cr acquisition transaction costs + ₹2.2 Cr labour-code impact, consolidated) — so no adjusted-PAT computation applies. Company explicitly states Q1 FY27 is not comparable to Q1 FY26 because Sojern (acquired 6 Nov 2025) was absent from the year-ago base; QoQ used as the supplementary like-for-like read. Standalone diverges sharply from consolidated (PAT -76.7% YoY vs consolidated +102.2% YoY) due to a swing in parent-level other income, not operations. Source figures in ₹ million, converted to ₹ Crore by /10. Both statements are Unaudited (limited review).