Rs 17.06 cr net profit masks a 0.36% operating margin
Standalone revenue nearly matched expenses, while reported profit was far above the Rs 0.81 cr operating profit.
Filed 24 Jul 2026, 13:30 IST · RAMAPHO (RAMAPHO)
Key takeaways
- Standalone Q1FY27 operating profit was only Rs 0.81 cr on revenue of Rs 224.8 cr, leaving a 0.36% operating margin.
- Interest expense of Rs 4.05 cr exceeded operating profit, so reported profit was not driven by the operating business alone.
- The reported tax rate was 25.2%, while net profit stood at Rs 17.06 cr against profit before tax of Rs 22.81 cr.
Operations left little cushion
RAMAPHO's standalone revenue of Rs 224.8 cr left only Rs 0.81 cr of operating profit after Rs 223.99 cr of expenses. The resulting 0.36% margin leaves limited room for cost or financing changes to be absorbed. There is no management commentary in the reported results to identify a specific operating cost driver.
Reported profit was not operating-led
Interest expense of Rs 4.05 cr was higher than operating profit, while depreciation added Rs 1.79 cr of charges. Reported profit before tax of Rs 22.81 cr was therefore far above operating profit of Rs 0.81 cr and cannot be read as a simple reflection of core operations. Other income was Rs 0.75 cr, so it was not the main reported source of profit before tax; the 25.2% tax rate reduced that profit to Rs 17.06 cr of net profit.
EPS needs to be read with the profit mix
Standalone EPS was Rs 4.82, but the very small operating profit makes the composition of profit more important than the EPS figure alone. The key gap to track is between operating profit of Rs 0.81 cr and reported profit before tax of Rs 22.81 cr.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹225 cr |
| Other income | ₹1 cr |
| Expenses | ₹224 cr |
| Operating profit | ₹1 cr |
| Operating margin (%) | 0.36% |
| Interest | ₹4 cr |
| Depreciation | ₹2 cr |
| Profit before tax | ₹23 cr |
| Tax | ₹6 cr |
| Net profit | ₹17 cr |
| EPS (₹) | ₹4.82 |
What to watch
- Whether operating margin moves above or below 0.36%.
- Whether interest expense remains above Rs 4.05 cr.
- Whether the gap between operating profit of Rs 0.81 cr and profit before tax of Rs 22.81 cr narrows.