Garuda's Q1 profit was almost entirely operating-led
Other income was Rs 0.25 cr against Rs 55.75 cr of pre-tax profit, while the operating margin stood at 32.01%.
Filed 10 Aug 2026, 10:40 IST · GARUDA (GARUDA)
Key takeaways
- Consolidated Q1FY27 net profit of Rs 41.53 cr was generated largely by operations, with other income at only Rs 0.25 cr against PBT of Rs 55.75 cr.
- Operating profit of Rs 56.14 cr produced a 32.01% operating margin, while interest of Rs 0.53 cr and depreciation of Rs 0.10 cr had limited impact below operating profit.
- Tax of Rs 14.22 cr at a 25.50% rate was the main reduction from PBT of Rs 55.75 cr to net profit of Rs 41.53 cr.
Q1 earnings were led by core operations
Garuda reported consolidated Q1FY27 net profit of Rs 41.53 cr and EPS of Rs 4.47. The small contribution from other income, at Rs 0.25 cr, means reported profit was not materially supported by non-operating gains.
Below-operating charges were limited
Operating profit was Rs 56.14 cr at a 32.01% operating margin, and PBT was Rs 55.75 cr. Interest of Rs 0.53 cr and depreciation of Rs 0.10 cr therefore did not materially alter the operating result before tax.
Tax was the main earnings bridge
Tax of Rs 14.22 cr at a 25.50% rate was the main reduction between PBT and net profit. With other income at Rs 0.25 cr, the quarter's earnings quality was primarily determined by operating performance and taxation.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹175 cr |
| Other income | ₹0 cr |
| Expenses | ₹119 cr |
| Operating profit | ₹56 cr |
| Operating margin (%) | 32.01% |
| Interest | ₹1 cr |
| Depreciation | ₹0 cr |
| Profit before tax | ₹56 cr |
| Tax | ₹14 cr |
| Net profit | ₹42 cr |
| EPS (₹) | ₹4.47 |
What to watch
- Whether operating margin remains around 32.01%.
- Whether interest stays near Rs 0.53 cr and depreciation near Rs 0.10 cr.
- Whether other income remains immaterial relative to PBT of Rs 55.75 cr.