Mumbai, July 29 -- Revenue from operations (excluding excise duty) fell 13.91% year on year (YoY) to Rs 256.46 crore in Q1 FY27.

Total expenses (including excise duty) increased sharply to Rs 823.21 crore in Q1 FY27 from Rs 348.94 crore in Q1 FY26, primarily due to the higher GST and excise duty following the tax changes effective 1 February 2026. Cost of materials consumed stood at Rs 122.79 crore (down 15.68% YoY), while employee benefits expense increased 5.91% YoY to Rs 35.79 crore during the period under review.

EBITDA declined 35.06% to Rs 50 crore in Q1 FY27 from Rs 77 crore in Q1 FY26. EBITDA margin reduced to 19.5% in Q1 FY27, compared with 26% in Q1 FY26.

Commenting on the performance of the company Piyush Srivastava, Managin...