ABCAPITAL · Financial Services
Aditya Birla Capital Ltd. reported revenue of ₹12,214 cr for January to March 2025, +13.3% on the year and +30.2% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹40,590 cr, +18.6% on the four before.
Operating profit (EBITDA) was ₹1,210 cr, a margin of 9.9%, −379 bps on the year and −85 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 9.9% to 13.7%). Operating costs grew +18.3%, faster than revenue at +13.3%, so operating profit grew less than sales.
Net profit was ₹886 cr, −31.2% on the year and +22.4% on the quarter, with earnings per share of ₹3.32. Profit before other income, one-offs and tax grew faster, at −19.7%; other income, one-offs or tax held the headline back. The tax rate was 35% against an average of 27% over the previous 7 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹3,410 cr, −0.8% on the four before.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹12.80 over the last four quarters, the stock at ₹378.50 trades at 29.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 9.9%, −379 bps on the year (−85 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹8,800 cr | ₹10,780 cr | ₹8,673 cr | ₹10,322 cr | ₹9,381 cr | ₹12,214 cr | ₹9,503 cr | ₹10,595 cr | ₹11,952 cr | ₹13,459 cr | ₹12,180 cr | ₹14,003 cr |
| YoY | — | — | +23% | +36% | +7% | +13% | +10% | +3% | +27% | +10% | +28% | +32% |
| EBITDA margin | 11.8% | 13.7% | 11.2% | 13.1% | 10.8% | 9.9% | 11.7% | 37.8% | 11.1% | 10.7% | 40.7% | 38.0% |
| Other income, % of PBT | 6% | 11% | 14% | 9% | 8% | 16% | 12% | 1% | 5% | 6% | 0% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 20% | 27% | 28% | 30% | 35% | 28% | 26% | 27% | 27% | 25% | 26% |
| Net profit | ₹760 cr | ₹1,288 cr | ₹779 cr | ₹1,021 cr | ₹724 cr | ₹886 cr | ₹854 cr | ₹961 cr | ₹966 cr | ₹1,047 cr | ₹1,224 cr | ₹1,353 cr |
| YoY | — | — | +17% | +41% | −5% | −31% | +10% | −6% | +33% | +18% | +43% | +41% |
| Core profit YoY | — | — | +9% | +38% | −5% | −20% | +14% | −1% | +32% | +18% | +57% | +40% |
| EPS | ₹2.83 | ₹4.79 | ₹2.92 | ₹3.84 | ₹2.72 | ₹3.32 | ₹3.21 | ₹3.57 | ₹3.61 | ₹3.86 | ₹4.46 | ₹4.71 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Aditya Birla Capital Ltd. reported revenue of ₹12,214 cr (+13.3% on the year) and net profit of ₹886 cr (−31.2% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −19.7% on the year, against −31.2% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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