DATAPATTNS · Capital Goods
Data Patterns (India) Ltd. reported revenue of ₹396 cr for January to March 2025, +117.6% on the year and +238.5% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹708 cr, +36.2% on the four before.
Operating profit (EBITDA) was ₹149 cr, a margin of 37.6%, −1,347 bps on the year and −853 bps on the quarter. Over the last 8 quarters the margin has ranged from 31.1% to 51.1%, averaging 40.0%. Operating costs grew +177.5%, faster than revenue at +117.6%, so operating profit grew less than sales.
Net profit was ₹114 cr, +60.6% on the year and +153.3% on the quarter, with earnings per share of ₹20.38. Profit before other income, one-offs and tax grew faster, at +71.1%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹222 cr, +22.0% on the four before.
Defence revenue is lumpy and weighted to the fourth quarter, when deliveries are booked; the order book is the better gauge of the year. The quarterly statements do not carry the order book, export orders and execution; those come with the filing read.
On earnings per share of ₹39.63 over the last four quarters, the stock at ₹4,073.00 trades at 102.8 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?
Source: Quarterly statements
Depreciation fell while the business grew. Were asset lives changed?
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 | ₹140 cr | ₹182 cr | ₹104 cr | ₹91.0 cr | ₹117 cr | ₹396 cr | ₹99.0 cr | ₹307 cr | ₹173 cr | ₹345 cr | ₹116 cr | ₹133 cr |
| YoY | — | — | +16% | −16% | −16% | +118% | −5% | +238% | +48% | −13% | +17% | −57% |
| EBITDA margin | 42.9% | 51.1% | 35.6% | 37.4% | 46.2% | 37.6% | 32.3% | 22.3% | 46.8% | 55.9% | 27.0% | 23.5% |
| Other income, % of PBT | 17% | 13% | 28% | 30% | 19% | 7% | 32% | 9% | 4% | 3% | 25% | 28% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 25% | 25% | 24% | 24% | 25% | 25% | 26% | 23% | 26% | 25% | 26% |
| Net profit | ₹51.0 cr | ₹71.0 cr | ₹33.0 cr | ₹30.0 cr | ₹45.0 cr | ₹114 cr | ₹26.0 cr | ₹49.2 cr | ₹58.0 cr | ₹138 cr | ₹22.1 cr | ₹21.8 cr |
| YoY | — | — | +27% | −12% | −12% | +61% | −21% | +64% | +29% | +21% | −15% | −56% |
| Core profit YoY | — | — | +35% | −20% | −13% | +71% | −26% | +116% | +50% | +28% | −4% | −65% |
| EPS | ₹9.10 | ₹12.70 | ₹5.86 | ₹5.41 | ₹7.98 | ₹20.38 | ₹4.55 | ₹8.79 | ₹10.41 | ₹24.72 | ₹3.94 | ₹3.86 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | 1 | 1 | ✓ | ✓ | 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.
Data Patterns (India) Ltd. reported revenue of ₹396 cr (+117.6% on the year) and net profit of ₹114 cr (+60.6% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +71.1% on the year, against +60.6% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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