Goel Construct. H1FY27 Results (BSE: 544504)
Signal: Steady quarter
The read
The trajectory is high revenue growth without equivalent operating-profit conversion: revenue rose 45.2% YoY to ₹35,637.92 lakh, while EBITDA grew 33.1% and margin fell 95bps to 10.4%; PAT still rose 55.1% to ₹2,599.89 lakh because finance cost fell 65.3% to ₹166.61 lakh, but EPS declined 14.5% to ₹17.99 after dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹356.38 Cr | +45.2% | N/A |
| Net profit | ₹26 Cr | +55.1% | |
| EPS | ₹17.99 | -14.5% | |
| EBIT margin | 10.4% |
P&L walk
Standalone revenue increased 45.2% YoY to ₹35,637.92 lakh, but EBITDA grew 33.1% to ₹3,703.06 lakh and margin contracted 95bps to 10.4%; PAT rose 55.1% to ₹2,599.89 lakh, while EPS fell 14.5% to ₹17.99 because of the post-IPO share-count increase.
Key positives
- Revenue increased 45.2% YoY to ₹35,637.92 lakh, indicating a materially stronger first-half execution base.
- PAT rose 55.1% YoY to ₹2,599.89 lakh, helped by finance-cost reduction of 65.3% to ₹166.61 lakh.
- Operating cash flow was ₹4,917.68 lakh versus PAT of ₹2,599.89 lakh, providing positive cash conversion.
- IPO proceeds of ₹8,107.53 lakh were fully utilised with no deviation reported; ₹4,174.38 lakh went to equipment and fleet purchases and ₹2,305.25 lakh to borrowing repayment.
Key concerns
- EBITDA grew 33.1% YoY versus revenue growth of 45.2%, resulting in a 95bps EBITDA-margin contraction to 10.4%.
- EPS declined 14.5% to ₹17.99 even as PAT rose 55.1% to ₹2,599.89 lakh, confirming material post-IPO dilution.
- Construction and administration expenses of ₹16,612.06 lakh grew 4.1% YoY, while employee costs of ₹3,680.37 lakh grew 19.6%; the filing does not provide an order-book or execution-volume bridge.
Research and educational content only. Not investment advice.