Systematix Q1FY27: consolidated PAT swings to ₹4.89 Cr loss YoY as IB fees plunge 79%
PAT -146.79% YoY · revenue +43.63% · margins compressing
₹56.26 Cr
+43.63% YoY
₹-4.89 Cr
-146.79% YoY
-8.3%
-34.8pp YoY
₹-0.36
Systematix Corporate Services' consolidated (primary) results for Q1 FY27 show a swing to a net loss of ₹4.89 Cr, against a profit of ₹10.46 Cr in the year-ago quarter — even as consolidated revenue rose 43.6% YoY to ₹56.26 Cr. The growth was low-margin: net profit margin fell from +26.5% a year ago to -8.3% now. Standalone (parent-level, essentially the merchant banking book) tells a sharper version of the same story — PAT of -₹6.19 Cr versus +₹5.98 Cr YoY — with the Financing (+₹4.21 Cr segment PBT) and Equity/Commodity/Currency (+₹0.52 Cr) subsidiaries partly cushioning the consolidated number.
Q1 FY-2027 vs prior quarters
The driver sits squarely in the core Merchant Banking & Related Activities segment, which posted revenue of just ₹3.82 Cr, down 78.9% from ₹18.09 Cr a year ago, and swung to a segment PBT loss of ₹6.52 Cr from a profit. Employee benefits expense in this book rose to ₹6.19 Cr (up 38.6% YoY) even as deal-related fee income collapsed — a straightforward cost-revenue scissors. Consolidated revenue growth was instead propped up by the Equity/Commodity/Currency segment's ₹50.86 Cr of revenue, most of it a low-margin ₹29.51 Cr stock-sale/treasury pass-through offset almost entirely by a matching ₹28.52 Cr purchase cost — that segment's PBT was only ₹0.52 Cr. Sequentially, the consolidated loss narrowed 58.5% from -₹11.79 Cr in Q4FY26, but that improvement also owes more to the treasury pass-through than to a recovery in fee income.
The stock went into the print at ₹67, down 2.4% over the past month of trading.
For context: revenue is at a 6-quarter high.
What the summary numbers don't show
No exceptional items in the current or year-ago quarter — the YoY swing to loss is not one-off driven; Q4FY26 by contrast carried a ₹0.31 Cr new-labour-code one-off.
We have no prior guidance or concall commentary on record for this company, and no formal outlook is on file — management gives none in this filing either, nor is there a separate press release beyond the regulatory results statement. A web search turned up no broker previews or consensus estimates for this micro-cap merchant banker, so street comparison is unavailable this quarter. The quarter also carried management transition: Ratnadeep Acharyya was appointed MD & CEO (May 15, 2026) and Rupam Lal Das as Joint MD (May 8, 2026), while a separate director resignation followed just after quarter-end (Aug 4, 2026); the board simultaneously re-appointed Nikhil Khandelwal as MD for a further three years from September 1, 2026.
W1
SAT hearing on the SEBI order against subsidiary Systematix Commodities Services scheduled for August 20, 2026 — outcome affects that unit's registration status.
W2
Merchant banking segment revenue run-rate (₹3.82 Cr this quarter vs ₹18.09 Cr YoY) against an employee cost base of ₹6.19 Cr/quarter that already exceeds current segment revenue.
W3
Execution continuity under new MD & CEO Ratnadeep Acharyya (from May 15, 2026) and Joint MD Rupam Lal Das (from May 8, 2026) alongside the August 4, 2026 director resignation.
Figures in Lakhs, converted /100 to Crore. Consolidated revenue includes a ~₹29.51 Cr low-margin 'sale of shares' treasury line matched by ~₹28.52 Cr 'purchases of stock-in-trade' cost (near-zero net contribution) — inflates headline revenue growth without margin. No exceptional items in Q1FY27 or Q1FY26 (comparison year-ago quarter), so YoY swing to loss is not one-off driven; Q4FY26 carried a ₹0.31 Cr one-off (new labour codes). Minority interest negligible (~-₹0.0001 Cr).