Hemisphere Prop Q2 FY27 Results (NSE: HEMIPROP)
Signal: Loss narrowed
The read
The trajectory remains structurally weak: Q2 revenue fell 47.2% YoY to ₹12.84 lakh and 12.1% QoQ, while finance costs of ₹218.21 lakh were 16.99x revenue; the ₹160.1250 crore Bopkhel advance is a balance-sheet liquidity event, not yet operating revenue, and the loss widened sequentially to ₹348.24 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0.13 Cr | -47.2% | -12.1% |
| Net profit | ₹-3.48 Cr | -3.7% | |
| EPS | ₹-0.12 | -7.7% | |
| EBIT margin | N/A |
P&L walk
Standalone revenue fell 47.2% YoY and 12.1% QoQ to ₹12.84 lakh; finance costs of ₹218.21 lakh remained the dominant expense, while the PAT loss narrowed 3.7% YoY but widened 8.7% QoQ to ₹348.24 lakh.
Key positives
- PAT loss narrowed 3.7% YoY to ₹348.24 lakh from ₹361.76 lakh, despite revenue declining 47.2% YoY.
- The company received ₹160.1250 crore, representing 25% of the ₹640.50 crore Bopkhel land-sale consideration, improving liquidity ahead of the remaining contractual receipts.
- Other expenses plus employee costs declined 29.0% YoY to ₹195.36 lakh, although this was not enough to offset the revenue collapse and finance costs.
Key concerns
- Revenue from operations fell 47.2% YoY and 12.1% QoQ to ₹12.84 lakh, with no disclosed volume, booking or realisation driver.
- Finance costs rose 20.2% YoY to ₹218.21 lakh and were 16.99x quarterly revenue, keeping the business deeply loss-making.
- The ₹160.1250 crore advance has not yet translated into reported revenue; the remaining consideration and sale deed remain conditional on stipulated terms and approvals.
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