GIC Housing Fin Q1 FY27 Results (NSE: GICHSGFIN)
Signal: Earnings grew
The read
The key inflection is credit-cost normalization rather than topline acceleration: revenue grew only 0.5% YoY to ₹26,676 lakh, but impairment fell 58.3% YoY to ₹3,249 lakh, lifting PAT 35.8% to ₹1,008 lakh; however, PAT fell 81.2% QoQ and Gross Stage 3 rose to 4.49% from 3.96% sequentially, so the durability of the recovery depends on asset-quality stabilization.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹266.76 Cr | 0.5% | -2.2% |
| EBIT | ₹190.72 Cr | 24.8% | |
| Net profit | ₹10.08 Cr | 35.8% | |
| EPS | ₹1.87 | 35.5% | |
| EBIT margin | 0% |
P&L walk
Revenue was ₹26,676 lakh, +0.5% YoY and -2.2% QoQ; finance cost was ₹17,298 lakh, -0.1% YoY and +2.8% QoQ, while impairment fell to ₹3,249 lakh from ₹7,797 lakh, supporting PAT of ₹1,008 lakh, +35.8% YoY but -81.2% QoQ.
Key positives
- Consolidated PAT reached ₹1,008 lakh, up 35.8% YoY, supported by impairment falling to ₹3,249 lakh from ₹7,797 lakh.
- Gross Stage 3 improved to 4.49% from 4.74% YoY, while debt-equity eased to 4.29x from 4.40x.
- EPS of ₹1.87 grew 35.5% YoY and tracked PAT, with paid-up equity capital unchanged at ₹5,385 lakh.
Key concerns
- Revenue grew only 0.5% YoY to ₹26,676 lakh and declined 2.2% QoQ, indicating limited near-term business momentum.
- Gross Stage 3 increased to 4.49% from 3.96% QoQ and provision coverage fell to 55.73% from 60.36% QoQ, warranting monitoring of future credit costs.
- PAT declined 81.2% QoQ from ₹5,368 lakh to ₹1,008 lakh, making the YoY profit growth highly dependent on the prior-year ECL-affected base.
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