Company Update : EPL Ltd by Motilal Oswal Financial Services Ltd
Operating performance below our estimates
* EPL’s consolidated revenue grew 11% YoY to INR12b (est. in line).
* Gross margin stood at 59.6% (up 50bp YoY)
* EBITDA margin expanded ~60bp YoY to 20.9% (est. 21.9%). EBITDA stood at INR2.5b (est. in line), up 14% YoY.
* Adj. PAT grew 20% YoY to INR1b (est. INR1.3b), Adj. PAT misses estimates due to higher finance costs and taxes.
* For 1HFY26, EPL’s revenue/EBITDA/adj. PAT grew 11%/18%/35% to INR23b/ INR4.8b/INR2b.
* Gross debt stood at INR6.8b as of Sept’25 vs INR6.7b as of Mar’25. CFO stood at INR2.9b as of Sept’25 vs INR3.2b as of Sept’24.
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