Capacit'e Infra. Q1 FY27 Results (NSE: CAPACITE)
Signal: Steady quarter
The read
The operating margin recovery continued for a third consecutive quarter on a YoY basis, reaching 17.3% from 17.0% in Q1FY26 and 15.0% in Q4FY26, but the trajectory remains mixed because revenue growth slowed to 6.72%, finance costs rose 15.73%, and PAT fell 13.66% YoY to 3944.48 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹628.93 Cr | +6.72% | -11.64% |
| EBIT | ₹0.8 Cr | N/A | |
| Net profit | ₹39.44 Cr | -13.66% | |
| EPS | ₹4.7 | -12.15% | |
| EBIT margin | 17.3% |
P&L walk
Revenue increased 6.72% YoY to ₹62,893.40 lakh, EBITDA margin improved to 17.3% from 17.0% and 15.0% sequentially, but PAT declined 13.66% YoY to ₹3,944.48 lakh as consolidated construction expenses rose 9.58% and the group absorbed higher operating costs.
Segments
The group is materially larger than the parent alone: consolidated revenue of 62893.40 lakh exceeded standalone revenue of 52032.61 lakh by 20.87%, while consolidated PAT of 3944.48 lakh exceeded standalone PAT of 3530.54 lakh by 11.72%; subsidiaries and affiliates therefore add scale but dilute the standalone 19.9% margin to 17.3%.
Key positives
- Consolidated EBITDA margin expanded to 17.3%, up 30bps YoY and 230bps QoQ, extending the YoY margin improvement streak to three quarters.
- International revenue increased 25.51% YoY to 6934.05 lakh, materially faster than domestic revenue growth of 4.77%.
- Non-current assets increased 19.47% YoY to 77039.91 lakh, and depreciation rose 16.86% YoY, providing a clean depreciation-to-asset-base cross-check.
- Standalone construction expenses declined 6.83% YoY to 13372.45 lakh while standalone revenue rose 2.79%, supporting the 90bps YoY expansion in standalone EBITDA margin to 19.9%.
Key concerns
- Consolidated PAT declined 13.66% YoY to 3944.48 lakh despite 6.72% revenue growth, while finance costs rose 15.73% to 2758.15 lakh.
- Consolidated revenue growth of 6.72% was below the 14.4% and 24.7% YoY growth recorded in Q3FY26 and Q2FY26, indicating a material growth deceleration.
- Non-current assets rose 19.47% YoY against revenue growth of 6.72%, increasing the need for stronger order execution and asset utilisation.
Research and educational content only. Not investment advice.