Brahmaputra Inf. Q1 FY27 Results (NSE: BRAHMINFRA)

13 Aug 2026 · Analysis by Alpha Inflection

Signal: Margin pressure

The read

The trajectory is a broadening recovery after Q4FY26 revenue fell 8.7% YoY: consolidated revenue rebounded to ₹108.19 crore, up 18.1% YoY, and EBITDA rose 13.0%, but the reported consolidated EBITDA margin of 22.70% remains 144bps below Q1FY26; real estate is the key new growth engine while EPC execution is restoring scale.

P&L walk

Consolidated revenue of ₹108.19 crore grew 18.1% YoY, EBITDA of ₹25.15 crore grew 13.0% and EBIT of ₹24.82 crore grew 13.3%; PAT growth was slower at 9.6%, while real estate supplied the fastest segment growth.

Segments

Real Estate & Other Income was the growth accelerator, with revenue up 65.71% YoY to ₹6.33 crore and PBT up 74.76% to ₹5.40 crore, while EPC supplied scale at ₹104.47 crore of revenue and ₹14.71 crore of PBT.

Key positives

• Consolidated revenue reached ₹108.19 crore, up 18.1% YoY, with EPC revenue up 18.29% to ₹104.47 crore.
• Real Estate & Other Income revenue increased 65.71% YoY to ₹6.33 crore and PBT increased 74.76% to ₹5.40 crore, making it a meaningful incremental earnings contributor.
• Standalone EBITDA grew 11.92% YoY to ₹24.89 crore and margin expanded 177bps to 25.91%, showing stronger parent-level profitability.
• Consolidated EPS of ₹5.68 grew 9.7% YoY against PAT growth of 9.6%, indicating no material PAT-to-EPS divergence.

Key concerns

• Consolidated EBITDA growth of 13.08% lagged total-income growth of 20.24%, and the reported EBITDA margin declined to 22.70% from 24.14% YoY.
• Consolidated EPC PBT rose only 2.58% YoY to ₹14.71 crore despite EPC revenue growth of 18.29%, implying weaker segment profit conversion than the topline.
• Consolidated PAT growth of 9.57% trailed PBT growth of 15.38%, although the filing provides no detailed tax-bridge explanation.

View original filing

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