News

Stay up to date with the latest breaking news, analysis and commentary on Mirae Asset Sharekhan. Find live updates, exchanges, stock news, earning news and more.

Back

IKS Q1FY27

6 Aug 2026, 12:40PM

Revenue performance was broadly in line, with Reported USD revenue of US$97.0mn (Est. US$97.9mn).
Revenue from Operations at Rs 893.6 Cr, up 20.7% y-o-y (+4.2% q-o-q), but 2.3% below our estimate of Rs 914.9 Cr.
Realized USD/INR was approximately Rs 92.1/USD (Rs 893.6 Cr revenue / US$97.0mn revenue), compared with our implied estimate of ~Rs 93.5/USD, indicating a modest realization shortfall.
Margins came in weaker than expected. EBITDA stood at Rs 294.9 Cr (EBITDA margin 33.0%), declining 1.8% q-o-q (+24.1% y-o-y). EBITDA was 7.6% below our estimate of Rs 319.3 Cr, while margin missed expectations by ~190 bps (33.0% vs. 34.9% est.).
EBIT was also below expectations, at Rs 260.7 Cr with an EBIT margin of 29.2%. EBIT was 8.9% below our estimate of Rs 286.0 Cr, with margin lower by ~209 bps (est. 31.3%).
PAT came in lower than expectation at Rs 193.7 Cr, down 5.9% q-o-q (+27.8% y-o-y). Consequently, PAT margin stood at 21.7%, missing our estimate of 23.8% by ~216 bps.

Particulars	Q1FY27	Q1FY26	Q4FY26	YoY (%)	QoQ (%)
Revenue in USD	97.0	86.7	95.0	11.9	2.1
Revenue from Operations	893.6	740.1	857.7	20.7	4.2
Change in Inventory	0.0	0.0	0.0	NA	NA
Employee Expenses	455.0	396.0	418.4	14.9	8.8
Other Expense	143.7	106.4	139.1	35.1	3.3
EBITDA	294.9	237.8	300.2	24.1	-1.8
Depreciation	34.3	27.9	34.1	22.9	0.7
EBIT	260.7	209.8	266.2	24.2	-2.1
Other Income	5.7	3.1	4.9	83.4	17.2
Finance Cost	10.1	18.1	12.7	-44.1	-20.2
PBT	256.3	194.9	258.4	31.5	-0.8
Share of loss from associates	-5.3	0.0	-5.4	NA	-1.9
Tax	57.2	43.3	47.0	32.0	21.7
PAT	193.7	151.5	206.0	27.8	-5.9
EPS	11.3	8.8	12.0	27.8	-5.9

Margin (%)
EBITDA Margin	33.0	32.1	35.0	88	-200
EBIT Margin	29.2	28.4	31.0	81	-187
PBT Margin	28.7	26.3	30.1	234	-145
PAT Margin	21.7	20.5	24.0	120	-234
ETR (%)	22.3	22.2	18.2	8	414

Particulars	Q1FY27	Q1FY27E	Variance %
Revenue in USD	97.0	97.9	-0.9
Revenue from Operations	893.6	914.9	-2.3
EBITDA	294.9	319.3	-7.6
EBIT	260.7	286.0	-8.9
PAT	193.7	218.1	-11.2
ETR (%)	22.3	22.0	1.5