Sri Lotus Q1 FY27 Results (NSE: LOTUSDEV)
Signal: Growth reaccelerated
The read
Q1FY27 marks a margin inflection after three consecutive quarters of contraction: consolidated EBITDA margin improved to 46.7% from 39% in Q4FY26 while revenue grew 115.83% YoY to ₹132.35 Cr and pre-sales surged 567% to ₹409 Cr; however, ₹13.65 Cr of other income contributed 22.4% of PBT, and the filing's ₹48 Cr/36.4% EBITDA headline conflicts with the authoritative XBRL ₹61.78 Cr/46.7% figure.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹132.35 Cr | 115.83% | N/A |
| EBIT | ₹61.42 Cr | N/A | |
| Net profit | ₹45.46 Cr | 77.51% | |
| EPS | ₹0.93 | N/A | |
| EBIT margin | 46.7% |
P&L walk
Revenue increased 115.83% YoY to ₹132.35 Cr on stronger project execution and 567% YoY pre-sales growth; EBITDA was ₹61.78 Cr with a 46.7% margin, while PAT rose 77.51% to ₹45.46 Cr despite ₹13.65 Cr of other income contributing 22.4% of PBT.
Segments
No segment table was disclosed; the ₹132.35 Cr consolidated revenue versus ₹10 Cr standalone revenue shows that subsidiaries or project entities generate most group operating earnings.
Key positives
- Pre-sales rose 567% YoY to ₹409 Cr, materially outpacing revenue growth of 115.83% YoY to ₹132.35 Cr and improving future revenue visibility.
- Collections increased 115% YoY to ₹150 Cr, supporting execution and liquidity conversion.
- Two projects launched in Q1FY27 carry combined GDV of ₹1,350 Cr, with construction commenced and customer interest described as strong.
- Consolidated EBITDA margin was 46.7%, up from the 39% reported in Q4FY26, reversing three quarters of prior margin contraction.
- Management stated that the company remains net debt-free and is pursuing selective project acquisitions with disciplined capital allocation.
Key concerns
- PAT growth of 77.51% lagged revenue growth of 115.83%, while other income of ₹13.65 Cr represented 22.4% of consolidated PBT.
- Standalone revenue was only ₹10 Cr versus consolidated revenue of ₹132.35 Cr, increasing dependence on subsidiaries and project entities for earnings delivery.
- The FY27 guidance requires pre-sales of ₹1,800–2,000 Cr and 55–60% revenue and PAT growth, placing significant execution and launch demands on the ₹3,500–4,000 Cr planned launch pipeline.
Earnings quality: includes non-operating other income
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