Eldeco Housing Q1 FY27 Results (NSE: ELDEHSG)

12 Aug 2026 · Analysis by Alpha Inflection

Signal: Margin expansion

The read

Q1FY27 is a sharp operating inflection: consolidated revenue accelerated to +71.0% YoY from +63.7% in Q4FY26, EBITDA margin rebounded to 38.1% from 10.93%, and PAT rose 382.7% to ₹1,510.64 lakh; the key thesis question is whether the 1,960bps gross-margin expansion is repeatable because the filing does not disclose its project or input-cost driver.

P&L walk

Consolidated revenue rose 71.0% YoY to ₹4,907.13 lakh, while the project-cost burden fell to 38.4% of revenue from 58.0%, lifting gross margin to 61.6%; EBITDA grew 242.8% to ₹1,868 lakh and margin expanded to 38.1%, with PAT rising 382.7% to ₹1,510.64 lakh.

Segments

The group is reported as a single real-estate segment; the material basis divergence is that standalone PAT of ₹1,558.36 lakh exceeded consolidated PAT of ₹1,510.64 lakh despite consolidated revenue being ₹4,907.13 lakh versus standalone revenue of ₹4,482.20 lakh.

Key positives

• Consolidated revenue rose 71.0% YoY to ₹4,907.13 lakh, accelerating from 63.7% growth in Q4FY26.
• EBITDA grew 242.8% YoY to ₹1,868 lakh versus revenue growth of 71.0%, a +171.8pp growth gap, while EBITDA margin expanded 2691bps to 38.1%.
• Employee cost grew 24.4% YoY to ₹379.23 lakh and finance cost declined 29.8% to ₹65.98 lakh, supporting operating profit conversion.
• PAT rose 382.7% YoY to ₹1,510.64 lakh and EPS rose 381.5% to ₹15.36, with EPS tracking PAT.

Key concerns

• The 1,960bps gross-margin expansion to 61.6% is not attributed by management to input deflation, pricing power or project mix, leaving the sustainability of the Q1 margin rebound unproven.
• Consolidated EBITDA margin of 38.1% remained below standalone margin of 42.7%, while consolidated PAT of ₹1,510.64 lakh was ₹47.72 lakh below standalone PAT.

View original filing

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