Wealth First Q1FY27: consol. PAT down 35% YoY to ₹10.4 Cr, revenue nearly halves
PAT -34.71% YoY · revenue -42.28% · margins compressing
₹14.32 Cr
-42.28% YoY
₹10.42 Cr
-34.71% YoY
54.9%
₹9.69
Wealth First Portfolio Managers' consolidated PAT fell 34.7% year-on-year to ₹10.42 Cr on revenue of ₹14.32 Cr, down 42.3% YoY from ₹24.81 Cr in Q1 FY26 — a sharp reversal from the 40-65% YoY growth the company had been posting through FY25-FY26. Standalone tracks the same trend (PAT ₹10.34 Cr, -36.3% YoY; revenue ₹14.08 Cr, -43.2% YoY), so this is not a consolidation-level distortion. Sequentially the picture looks stable — revenue down 13.2% QoQ and PAT down just 0.6% QoQ versus Q4 FY26 (₹16.51 Cr revenue, ₹10.49 Cr PAT) — but per the YoY-primary read, that flatness only underlines how much lower the base has reset versus a year ago, not a genuine recovery.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The margin bridge shows the compression is structural, not one-off: consolidated net profit margin fell to 54.9% from 64.1% a year ago (and from 56.2% last quarter), while operating margin (on revenue-from-operations, excluding other income) dropped to about 63.4% from 86.3% YoY. Employee benefit expense — the company's dominant cost line as a broking/wealth-distribution business — rose 54.4% YoY to ₹2.94 Cr even as revenue nearly halved, the clearest driver of the squeeze; other expenses and finance costs are broadly flat and not material to the story.
The stock went into the print at ₹925.5, down 2.8% over the past month of trading.
What the summary numbers don't show
EPS (basic, consolidated, not annualised) ₹9.69 vs ₹14.98 in Q1 FY26 and ₹9.87 in Q4 FY26
There is no formal management guidance on record and a web search turned up no analyst previews or consensus estimates for this quarter — Wealth First carries no visible sell-side coverage, so vs-street and vs-guidance are both unknown rather than a miss. No management press release accompanies this filing beyond the standard exchange intimation. Two corporate actions sit alongside the print: the board's ₹1/share dividend recommendation from its May 29, 2026 meeting (a FY26 year-end action, not tied to this quarter's earnings), and the two-phase acquisition of 100% of Wealth First Advisors Pvt Ltd for ₹102.15 Cr, which closed July 1, 2026 — after this quarter's June 30 cut-off, so it is not yet in these numbers.
W1
Q2 FY27 consolidated results should reflect the ₹102.15 Cr WFAPL acquisition (closed July 1, 2026) — watch for the inorganic step-up in revenue/assets and how it's disclosed against organic trends
W2
Whether the YoY revenue decline (₹24.81 Cr → ₹14.32 Cr consolidated) stabilizes now that Q1 FY26 — an unusually strong prior-year comp — rolls off, or continues into Q2 FY27
W3
Margin trajectory: consolidated NPM at 54.9% and operating margin ~63.4% this quarter, both down sharply YoY — watch whether the 54.4% YoY jump in employee costs moderates
Unaudited, limited-review figures in ₹ Lacs (converted to Cr); consolidated PAT ₹10.421 Cr includes ₹0.096 Cr attributable to non-controlling interests (₹10.325 Cr to shareholders), across 4 subsidiaries; no exceptional items either period; standalone and consolidated tell the same story (no material divergence).