Emrock Corporation Q1 FY26 Results (BSE: 531676)
Signal: Steady quarter
The read
The operating mix is inflecting toward solar, which generated Rs. 34.86 lakh revenue and Rs. 11.76 lakh result, but the investment case is not yet supported by clean recurring earnings: Rs. 19.97 lakh other income was nearly as large as operating revenue, finance costs rose to Rs. 11.07 lakh, and EPS fell 93.4% despite 98.5% PAT growth because the equity base expanded.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0.45 Cr | +203.1% | -52.3% |
| Net profit | ₹0.19 Cr | +98.5% | |
| EPS | ₹0.12 | -93.4% |
P&L walk
Revenue from operations rose 203.1% YoY to Rs. 44.86 lakh but fell 52.3% QoQ, with solar contributing Rs. 34.86 lakh; PAT rose 98.5% YoY to Rs. 19.01 lakh despite Rs. 11.07 lakh finance costs, but Rs. 19.97 lakh other income remains material.
Segments
Solar drove the quarter with Rs. 34.86 lakh revenue and Rs. 11.76 lakh result versus no year-ago contribution, while real estate revenue fell 32.4% YoY to Rs. 10.00 lakh and its segment result was zero versus zero YoY and Rs. 20.14 lakh QoQ.
Key positives
- Solar emerged as the main operating growth engine, contributing Rs. 34.86 lakh revenue and Rs. 11.76 lakh segment result in Q1FY26 versus no reported year-ago contribution.
- Total segment assets rose 272.9% YoY to Rs. 2,101.18 lakh, led by solar assets of Rs. 1,553.89 lakh, indicating substantial deployment behind the new solar business.
- PAT increased 98.5% YoY to Rs. 19.01 lakh despite the addition of Rs. 11.07 lakh finance costs.
Key concerns
- Revenue from operations fell 52.3% QoQ to Rs. 44.86 lakh, with real estate revenue declining to Rs. 10.00 lakh from Rs. 70.00 lakh in the prior quarter.
- Other income of Rs. 19.97 lakh represented 44.5% of operating revenue and 74.7% of PBT, making reported PAT less representative of recurring operating performance.
- EPS declined 93.4% YoY to Rs. 0.12 despite PAT growth because paid-up equity capital increased 203.1% to Rs. 1,582 lakh.
- Finance costs increased to Rs. 11.07 lakh from zero in both comparison quarters, creating a new financing drag.
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