IIRM Holdings Q1 FY27: Operating leverage shows up, but higher interest keeps profit flat

Total income was ₹737.4 million, EBITDA was ₹183.2 million and PAT was ₹78.3 million for Q1 FY27, as per the consolidated quarterly statement.

Total income increased 8.4% YoY to ₹737.4 million and EBITDA increased 14.1% YoY to ₹183.2 million, while PAT increased to ₹78.3 million from ₹76.4 million.

The presentation states finance costs rose sharply on NCD borrowings raised for acquisitions and growth, which absorbed most of the operating profit improvement and kept PBT broadly stable.

FY26 revenue share is shown as Motor 28%, Health 15%, Specialty Lines 15%, Fire and Engineering 8%, Others 11%, Advisory Services 4%, Other Services 17% and Wellness 3%.

The board approved a preferential issue of up to 15,70,352 equity shares at ₹143.28 per share (about ₹22.50 crore) and up to 88,98,657 fully convertible warrants at ₹143.28 per warrant (about ₹127.50 crore), subject to approvals.

The annexure lists Carpediem Capital Partners Fund II as the largest proposed allottee, along with Sanshi Fund I and other individual and corporate investors, totaling 14 proposed investors.

The roadmap includes strengthening the corporate core, scaling retail through corporate access, shifting to a margin-accretive mix, leveraging technology platforms, building a reinsurance franchise and pursuing selective acquisitions.