Ajmera Realty Q1 FY27 Results (NSE: AJMERA)
Signal: Growth decelerated
The read
The group is recovering faster than the parent: consolidated revenue rose 22.9% YoY to ₹31,697 lakh and PAT 12.5% to ₹4,306 lakh despite standalone revenue falling 26.4% and PAT 31.7%; however, EBITDA margin at 29.6% remains 40bps below Q1FY26 and finance costs rose 44.9%, so the durability of the recovery depends on group project execution and financing discipline.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹316.97 Cr | +22.9% | -26.5% |
| EBIT | ₹0.92 Cr | N/A | |
| Net profit | ₹43.06 Cr | +12.5% | |
| EPS | ₹2.19 | +12.9% | |
| EBIT margin | 29.6% |
P&L walk
Consolidated revenue increased to ₹31,697 lakh, +22.9% YoY but -26.5% QoQ, while EBITDA rose to ₹9,381 lakh and margin improved to 29.6% from 25.0% in Q4FY26 but remained 40bps below Q1FY26; PAT increased 12.5% YoY to ₹4,306 lakh.
Key positives
- Consolidated revenue increased 22.9% YoY to ₹31,697 lakh, consistent with reported Q1FY27 sales value growth of 35% to ₹146 crore.
- Gross margin expanded approximately 200bps YoY to 39.2% as construction-related costs including inventory change fell to 60.8% of revenue from 62.8%; the filing does not disclose the driver.
- EBITDA margin rebounded 460bps sequentially to 29.6% from 25.0% in Q4FY26, while employee expense grew only 2.6% YoY versus 22.7% revenue growth.
- Consolidated PAT of ₹4,306 lakh and EPS of ₹2.19 grew 12.5% and 12.9% YoY respectively, with other income of ₹255 lakh representing a limited contribution to PBT.
Key concerns
- Consolidated EBITDA margin contracted 40bps YoY to 29.6%, continuing the margin contraction recorded in the recent Q1FY26, Q2FY26, Q3FY26 and Q4FY26 series.
- Finance costs rose 44.9% YoY to ₹3,047 lakh and 39.6% QoQ, causing PAT growth of 12.5% to trail revenue growth of 22.9%.
- Standalone revenue declined 26.4% YoY to ₹11,978 lakh and standalone PAT declined 31.7% to ₹2,295 lakh, making subsidiaries and group entities critical to the consolidated result.
- Reported sales area declined 31% YoY despite sales value growth of 35%, indicating that the sales-value recovery was not volume-led.
Research and educational content only. Not investment advice.