1QFY27: Beat; Good Delivery

研报英文原文证据摘录

1QFY27: Beat; Good Delivery

Update

July 23, 2026 07:54 PM GMT

Morgan Stanley India Company Private Limited+MIGI (India) Ltd | Asia Pacific Shravan Vohra

Equity Analyst

1QF27: Beat; Good Delivery Shravan.Vohra@morganstanley.comArchana Menon, CFA +91 22 6118-2039

Archana.Menon@morganstanley.com +91 22 6118-2215

AlphaSignals Earnings Reaction Gaurav Varma

Research Associate

Unchanged Modest upside Modest revision higher Gaurav.Varma@morganstanley.com +91 22 6118-1033

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1Q consolidated revenue, EBITDA, and PAT grew 23%, 29%, and 31% YoY – +2%, IGI (India) Ltd (ITEN.NS, IGIL IN)

+4% and +5% vs. our estimates. EBITDA margin +269bps YoY, to 60.4% (we were India Consumer | India

at 59.4%). Stock Rating Overweight

Industry View In-Line

Standalone revenue was +22% YoY, led by 21% YoY volume growth. EBITDA Price target Rs462.00

Up/downside to price target (%) 34

margin fell 416bps YoY owing to higher commission payouts, marketing and Shr price, close (Jul 23, 2026) Rs345.60

employee expenses. 52-Week Range Rs442.00-287.00

Sh out, dil, curr (mn) 452

Consolidation of AGL business contributed positively to top-line growth and Mkt cap, curr (mn) Rs156,182

EV, curr (mn) Rs149,921

revenue per report by 3%. Organic consolidated revenue growth was 20%. Avg daily trading value (mn) Rs261

IGI alluded to more capacity being built in India at the growers' end (doubling in Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

three years) – widening its TAM, including the gemstone opportunity. EPS (Rs)** 12.62 14.12 16.14 18.47

Revenue, net (Rs mn) 12,929 14,802 16,697 18,784

Guidance of 15% top-line growth and 20% EBITDA growth for F27 reiterated.