Hemisphere Prop Q1 FY27 Results (NSE: HEMIPROP)
Signal: Loss widened
The read
The core trajectory remains weak: operating revenue fell 37.5% YoY to ₹14.61 lakh and EBITDA stayed loss-making at ₹98 lakh, while finance costs rose 29.1% YoY to ₹218.63 lakh; the lower PAT loss in the prior quarter was distorted by a ₹235.51 lakh deferred-tax credit rather than operating improvement.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0.15 Cr | -37.5% | -42.7% |
| EBIT | ₹-1.02 Cr | -7.4% | |
| Net profit | ₹-3.2 Cr | -21.2% | |
| EPS | ₹-0.11 | -22.2% | |
| EBIT margin | -653.3% |
P&L walk
Standalone revenue declined to ₹14.61 lakh, -37.5% YoY and -42.7% QoQ, while EBITDA remained loss-making at ₹-98 lakh and PAT loss widened to ₹320.24 lakh as finance costs of ₹218.63 lakh exceeded operating revenue by 15.0x.
Key positives
- Other expenses declined 30.8% YoY to ₹164.69 lakh and 34.2% QoQ, providing some cost containment despite the revenue contraction.
- Finance costs reduced 6.5% QoQ to ₹218.63 lakh, although they still exceeded operating revenue by 15.0x.
- PAT-to-EPS conversion remained broadly aligned, with PAT down 21.2% YoY and EPS down 22.2% YoY.
Key concerns
- Revenue from operations fell 37.5% YoY to ₹14.61 lakh and 42.7% QoQ, with no disclosed bookings, collections, launches or realisation data to establish a property-business recovery.
- EBITDA remained a ₹98 lakh loss and EBITDA margin was -653.3%, indicating that the operating platform is not supported by the current revenue base.
- Finance costs rose 29.1% YoY to ₹218.63 lakh and remained 15.0x operating revenue, overwhelming the operating result.
- PAT loss widened 21.2% YoY to ₹320.24 lakh despite a 30.8% decline in other expenses.
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