One-off ₹167 Cr Mahape land gain masks widening core loss at Repro India in Q1 FY27
revenue +20.1% · margins compressing · beat vs street
₹139.91 Cr
+20.1% YoY
₹128.56 Cr
90.93%
+93.3pp YoY
₹89.62
Consolidated revenue was ₹139.91 Cr, up 20.1% YoY (₹116.47 Cr in Q1 FY26) but flat QoQ (+0.3% vs ₹139.47 Cr in Q4 FY26). Consolidated PAT swung to ₹128.56 Cr (EPS ₹89.62) from losses of ₹2.73 Cr a year ago and ₹11.27 Cr last quarter — but the entire swing traces to a ₹167.29 Cr net exceptional gain on the assignment of Repro's leasehold rights at Mahape, Navi Mumbai to STT Global Data Centres for total consideration of ₹282 Cr, completed 22 May 2026. Strip that out and consolidated pre-exceptional PBT was a loss of ₹7.26 Cr — wider than the ₹2.45 Cr pre-exceptional loss in Q1 FY26 and a reversal from the ₹0.97 Cr pre-exceptional profit in Q4 FY26. Standalone tells the same story: reported PAT ₹129.15 Cr (EPS ₹90.03) against a ₹6.67 Cr pre-exceptional loss.
Q1 FY-2027 vs prior quarters
Cost growth outran revenue growth on the core business: employee benefits expense rose 34% YoY to ₹13.91 Cr and other expenses rose 36% YoY to ₹43.65 Cr, both ahead of the 20% topline growth, which is what pushed the pre-exceptional result deeper into loss; finance costs also climbed 80% YoY to ₹3.76 Cr. Total tax expense jumped to ₹31.47 Cr from just ₹0.28 Cr a year ago (current tax ₹14.00 Cr, deferred tax ₹17.27 Cr) — consistent with the charge being levied largely on the Mahape capital gain rather than on operating income.
The stock went into the print at ₹397.8, up 6.2% 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.
Univest's pre-result preview had pegged Q1 FY27 revenue at ₹121-140 Cr and PAT at ₹-1 Cr to -2 Cr on a trailing-growth basis; actual revenue of ₹139.91 Cr landed near the top of that range (in-line), while reported PAT beat the estimate by a wide margin solely because of the Mahape gain — on a core basis the quarter was weaker than even the street's modest loss estimate. Management has issued no formal guidance or outlook on record, and no press release accompanying this filing was available to cross-check the company's own framing. Separately, the company dissolved its wholly owned subsidiary Repro DMCC (announced 6 July 2026) — unrelated to the Mahape transaction — and held its 33rd AGM the same day as this results announcement.
W1
Whether the core (pre-exceptional) business returns to profitability — Q1 FY27's ₹7.26 Cr pre-exceptional PBT loss was its widest across the three quarters compared.
W2
Deployment of the ₹282 Cr Mahape sale proceeds — watch subsequent quarters' finance costs, debt levels and equity for how the cash is used.
W3
Employee and other expense growth (34-36% YoY in Q1 FY27) — whether this moderates or keeps compressing margins next quarter.
Both statements reconcile exactly on their own 'before exceptional items' and PBT/PAT lines. Exceptional item is a ₹167.29 Cr net gain (₹170.63 Cr gross gain less ₹3.34 Cr incidental costs) on assignment of Mahape leasehold rights to STT Global Data Centres for ₹282 Cr total consideration, completed 22 May 2026; standalone and consolidated exceptional items are identical (subsidiary contribution to the gain is nil). Tax split between the capital gain and core operations is not separately disclosed, so adjustedPatYoYPct uses pre-exceptional PBT as the cleanest comparable proxy. Auditor-report scan pages (2,3,6) had noisy OCR but did not affect any extracted figures.