SJ Corp Q1 FY27 Results (BSE: 504398)

13 Aug 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The key inflection is the apparent consolidated operating rebound to ₹55.43 Cr revenue and 12.1% EBITDA margin after Q4FY26's -4.79% OPM, but the thesis remains low-quality until recurring operations are separated from ₹0.78 Cr of other income and the ₹1.18 Cr standalone revenue base explains the large group divergence.

P&L walk

Consolidated revenue was ₹55.43 Cr and EBITDA was ₹6.7 Cr at a 12.1% margin, converting to ₹4.76 Cr EBIT and ₹1.54 Cr PAT; YoY and sequential comparatives were not disclosed in the verified filing data, while ₹0.78 Cr of other income represented 33.1% of PBT.

Segments

No segment table was disclosed; the material development is the standalone-versus-consolidated gap, with standalone revenue of ₹1.18 Cr and PAT of ₹0.04 Cr versus consolidated revenue of ₹55.43 Cr and PAT of ₹1.54 Cr.

Key positives

• Consolidated EBITDA was ₹6.7 Cr at a 12.1% margin, a meaningful improvement versus the prior-results-series Q4FY26 OPM of -4.79%, although the current filing does not provide a formal YoY comparison.
• The proposed sale of Kosmada land carries consideration of not less than INR 1,41,00,000, subject to shareholder and other approvals, offering a disclosed potential liquidity event.

Key concerns

• Standalone revenue was only ₹1.18 Cr, down 80.2% YoY, and standalone PAT was ₹0.04 Cr, down 86.7% YoY, showing that the parent-level operating base remains severely weak.
• Consolidated PAT of ₹1.54 Cr was supported by ₹0.78 Cr of other income, equal to 33.1% of PBT, so reported profit quality is weaker than the headline margin suggests.
• Standalone EPS fell 97.2% YoY to ₹0.01 versus an 86.7% PAT decline to ₹0.04 Cr, creating a material PAT-to-EPS divergence.

Earnings quality: includes non-operating other income

View original filing

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