Consol PAT ₹14.7 Cr, -97% YoY on fading RPL one-off; retail e-comm profit up 5.4x
RattanIndia Enterprises reported consolidated PAT of ₹14.7 Cr for Q1 FY27, down 97% from ₹502.3 Cr a year ago and a swing from a ₹110.1 Cr loss in Q4 FY26. Consolidated revenue from operations was ₹1,870.5 Cr, down 19.1% YoY on a reported basis (up 10.3% QoQ). Standalone (the holding company alone) posted a ₹8.6 Cr loss versus a ₹514.0 Cr profit a year ago. Consolidated is the primary basis: the group's activity is driven by its subsidiaries — Cocoblu/Neobrands retail e-commerce, Revolt EV, Neosky drones — not the standalone holding entity.
The entire YoY swing traces to how the group accounts for its stake in RattanIndia Power Ltd (RPL). Until 24 March 2026 that stake was fair-valued through P&L, and Q1 FY26 booked a ₹609.6 Cr unrealised fair-value gain on it (via "net gain on fair value changes", note 4) that alone explains essentially all of that quarter's ₹502.3 Cr profit — reported NPM of 21.7% a year ago was itself an artifact of this one-off. From 25 March 2026, RPL became an equity-method associate, so its gains no longer flow through as fair-value marks; this quarter it contributed just ₹9.17 Cr via "share of profit in associate." Adjusting the year-ago base for the one-off (deferred tax of ₹87.1 Cr tied to it is separately identifiable, per note 4), the group's underlying quarter was roughly a ₹20 Cr loss — so this quarter's ₹14.7 Cr profit and ~9.8% adjusted YoY revenue growth (excluding a matching ₹610.1 Cr revenue-line gain a year ago) represent an underlying turnaround, not a decline, once the one-off is excluded. Reported consolidated NPM of 0.8% this quarter looks like compression only against that inflated base.
The retail e-commerce segment (Cocoblu/Neobrands, the group's largest by revenue) is the real operating story: segment revenue rose 10.4% YoY to ₹1,840.2 Cr and segment profit jumped 5.4x YoY to ₹52.8 Cr from ₹9.8 Cr, up 28.9% QoQ from ₹41.0 Cr in Q4 FY26. The EV segment (Revolt Motors E-Motorcycles) moved the other way — revenue fell 19.4% YoY to ₹26.9 Cr and the segment loss widened to ₹8.66 Cr from ₹6.44 Cr YoY, even as Revolt launched its RVX e-bike at ₹1.24 Lakh on 2 July 2026, too recent to show up in these numbers. Management's May 29, 2026 FY26 update had flagged total income up 10% to ₹7,537 Cr; that ties to this filing's year-ended column (₹7,536.99 Cr) and is the only management framing on record — there is no formal quarterly guidance or prior concall commentary in our records, so there is no guidance checkpoint to grade this quarter against. No analyst consensus estimate specific to RattanIndia Enterprises for this quarter could be found (web search surfaced only coverage of RattanIndia Power, a separate listed associate reporting around the same time), so the print cannot be benchmarked against Street.