Halder Venture Q1 FY27 Results (NSE: HALDER)
Signal: Growth decelerated
The read
The operating inflection is revenue recovery to ₹18,707.49 lakh, +81.3% YoY, but the quality of that recovery is mixed: EBITDA grew only +19.9% to ₹1,848 lakh, gross margin compressed to 19.3% from approximately 37.1%, other income was 48.8% of PBT, and EPS fell 62.4% to ₹2.78 because of dilution. The more consequential risk is accounting visibility, with non-moving inventory of ₹6,683.22 lakh and auditor-identified depreciation understatement.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹187.07 Cr | 81.3% | -37.5% |
| EBIT | ₹16.47 Cr | 16.0% | |
| Net profit | ₹5.98 Cr | 111.3% | |
| EPS | ₹2.78 | -62.4% | |
| EBIT margin | 9.9% |
P&L walk
Consolidated revenue increased to ₹18,707.49 lakh, +81.3% YoY but -37.5% QoQ, while EBITDA grew only +19.9% YoY to ₹1,848 lakh and PAT attributable to the parent rose +111.3% YoY to ₹598.03 lakh; the gap reflects a sharp mix shift toward stock-in-trade purchases and a high other-income contribution.
Segments
No segment table is included in the supplied filing text; consolidated PAT attributable to the parent was ₹598.03 lakh versus standalone PAT of ₹561.13 lakh, while non-controlling interests reported a ₹252.01 lakh loss.
Key positives
- Consolidated revenue reached ₹18,707.49 lakh, +81.3% YoY, reversing the ₹10,320.58 lakh revenue base of Q1FY26.
- EBITDA margin was 9.9% and standalone EBITDA margin was 10.6%, indicating positive operating profitability despite the stock-in-trade-heavy cost structure.
- Phase I plant commissioning on December 23, 2025 is beginning to lift depreciation and should improve the productive asset base once utilisation is established.
Key concerns
- Gross margin compressed approximately 1,783bps YoY to 19.3% despite revenue growth, with stock-in-trade purchases at ₹9,728.89 lakh; the filing does not disclose the mix or volume explanation.
- EPS declined 62.4% to ₹2.78 while PAT grew 111.3% to ₹598.03 lakh, demonstrating severe per-share dilution from the enlarged equity base.
- Finance costs rose 10.8% YoY to ₹910.54 lakh and 36.2% QoQ, a material drag for a business with a relatively thin operating margin.
- Consolidated results include a ₹252.01 lakh loss attributable to non-controlling interests and unaudited interim financial information from two subsidiaries and five step-down subsidiaries.
Earnings quality: includes non-operating other income
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