Marble City Q1 FY27 Results (BSE: 531281)
Signal: Margin pressure
The read
The group is growing through consolidation rather than the parent: consolidated revenue rose 126.8% YoY to ₹2,461.01 lakh, but EBITDA grew only 16.0% and margin fell 2909bps YoY to 30.42%; the standalone parent declined 11.5% in revenue and 32.7% in PAT, while EPS fell 6.1% despite higher group PAT because of non-controlling interests.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24.61 Cr | +126.8% | -29.3% |
| EBIT | ₹6.76 Cr | +18.5% | |
| Net profit | ₹2.58 Cr | +24.5% | |
| EPS | ₹0.77 | -6.1% | |
| EBIT margin | 30.42% |
P&L walk
Consolidated revenue increased to ₹2,461.01 lakh, +126.8% YoY but -29.3% QoQ; EBITDA rose only 16.0% YoY to ₹748.55 lakh and margin contracted to 30.42%, while PAT increased 24.5% to ₹257.51 lakh, helped partly by ₹84.35 lakh of other income.
Segments
No reportable segments are disclosed, but the standalone-versus-consolidated gap is material: consolidated revenue grew 126.8% YoY to ₹2,461.01 lakh while standalone revenue fell 11.5% to ₹1,802.21 lakh, indicating the subsidiary is driving group growth.
Key positives
- Consolidated revenue increased 126.8% YoY to ₹2,461.01 lakh, with the subsidiary contributing to a much stronger group outcome than the parent standalone.
- Consolidated PAT increased 24.5% YoY to ₹257.51 lakh and 6.1% QoQ, despite a 29.3% QoQ revenue decline.
- Employee and other expenses together were ₹231.49 lakh, down 1.0% YoY while revenue increased 126.8%, providing fixed-cost absorption support even though overall EBITDA margin contracted.
Key concerns
- Standalone revenue declined 11.5% YoY to ₹1,802.21 lakh and standalone PAT declined 32.7% to ₹102.87 lakh, showing weakness in the parent business.
- EBITDA grew only 16.0% YoY to ₹748.55 lakh against 126.8% revenue growth, and EBITDA margin contracted 2909bps to 30.42%.
- EPS declined 6.1% YoY to ₹0.77 despite 24.5% PAT growth because ₹58.91 lakh of consolidated profit was attributable to non-controlling interests.
- Finance cost remained high at ₹332.02 lakh, equal to 13.49% of consolidated revenue, limiting conversion of operating growth into attributable earnings.
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