Amagi Q1 FY27: profit Rs 33.9 Cr, but down from Q4

Amagi reported net profit of Rs 33.9 Cr in Q1 FY27, against Rs 3.9 Cr in Q1 FY26. That is an 8.6X jump year on year. It is also lower than the Rs 34.3 Cr the company posted in Q4 FY26.

Operating revenue was Rs 436.9 Cr against Rs 330.1 Cr, up 32.4% year on year and up 10.1% sequentially from Rs 397 Cr. Other income added Rs 17.6 Cr, taking total income to Rs 454.5 Cr. Total expenses were Rs 414.1 Cr against Rs 337.7 Cr, up 22.6%.

The books tie cleanly. Total income of Rs 454.5 Cr less total expenses of Rs 414.1 Cr leaves Rs 40.4 Cr before tax, against Rs 33.9 Cr reported. That is a normal tax line and nothing to read into.

The multiple is doing the talking

An 8.6X profit jump reads like a step change. It is mostly arithmetic. When the base quarter is Rs 3.9 Cr, almost any decent quarter produces a large multiple. Move the comparison one quarter closer and profit actually slipped, from Rs 34.3 Cr to Rs 33.9 Cr, while revenue rose 10.1% over the same period.

So revenue is compounding and profit is flat. Expenses grew 22.6% against revenue growth of 32.4% year on year, which is the right shape, but the sequential picture says the operating leverage has paused rather than kicked in.

Which number to lead with

Here is the operator habit worth stealing. In any quarterly review, lead with the sequential number, not the year on year one. The year on year figure describes a business that no longer exists. The sequential figure describes the one you are running this week.

Put both in your board pack, in that order. If your deck only carries year on year growth, you are one weak quarter away from finding out late.