Uneven Recovery, Cost Pressure PAT attributable to owners at Rs 122 Cr in Q1 FY27 (consolidated, post MI), +83.0% YoY. Revenue at Rs 2,329 Cr in Q1 FY27 (consolidated), +3.9% YoY. EBITDA at Rs 716 Cr, -13.9% YoY; employee costs grew 44.1% vs revenue growth of 3.9%, while Other Income rose 128% YoY to Rs 91 Cr. EBITDA margin at 30.8% vs 37.1%. Alternatives PBT grew 36.3% YoY to Rs 106 Cr and Capital loss narrowed to Rs 59 Cr, while Insurance loss widened to Rs 34 Cr from Rs 4 Cr. Board approved an NCD issue of up to Rs 1,000 Cr; Rs 300 Cr was raised on June 16, 2026 with no use-of-proceeds deviation. Security cover was maintained at 1.0x and all 21 covenants were complied with. Management targets the EAAA IPO in Q3 FY27, Carlyle's Nido investment closure in September 2026 and insurance breakeven in FY27.
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