Indian Hume Pipe Q1 FY27 Results (NSE: INDIANHUME)
Signal: Revenue declined
The read
The quarter shows modest operating resilience rather than demand acceleration: revenue declined 1.5% YoY to ₹30280.55 lakh, EBITDA rose 2.5% with margin up 60bps to 15.4%, and PAT grew 7.5% to ₹2356.95 lakh, but the earnings uplift is lower quality because other income of ₹1697.23 lakh was 53.8% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹302.81 Cr | -1.5% | -13.8% |
| EBIT | ₹42.09 Cr | 2.6% | |
| Net profit | ₹23.57 Cr | 7.5% | |
| EPS | ₹4.47 | 7.5% | |
| EBIT margin | 15.4% |
P&L walk
Revenue fell to ₹30280.55 lakh, down 1.5% YoY and 13.8% QoQ, while derived gross margin was approximately 28.6%, EBITDA rose 2.5% to ₹4672.63 lakh and margin expanded to 15.4%; PAT grew 7.5% to ₹2356.95 lakh, helped materially by ₹1697.23 lakh of other income.
Segments
Construction generated ₹30280.55 lakh of revenue and ₹4262.72 lakh of segment result, with revenue down 1.5% YoY but result up 3.9%; Real Estate remained loss-making at ₹53.60 lakh despite zero revenue.
Key positives
- EBITDA increased 2.5% YoY to ₹4672.63 lakh despite revenue declining 1.5%, with EBITDA margin expanding 60bps to 15.4%.
- Finance costs declined 11.7% YoY to ₹1053.85 lakh, providing support below EBITDA.
- Construction segment result rose 3.9% YoY to ₹4262.72 lakh despite 1.5% revenue contraction.
Key concerns
- Revenue declined 1.5% YoY to ₹30280.55 lakh and 13.8% QoQ, indicating that execution momentum has not yet re-accelerated.
- Employee benefits expense rose 11.8% YoY to ₹3091.28 lakh while revenue fell 1.5%, lifting employee-cost intensity to 10.2% of revenue.
- Real Estate recorded a ₹53.60 lakh loss on zero revenue, continuing to drag reported segment profitability.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.