KD Green Industries Q1 FY27 Results (NSE: MANBRO)
Signal: Steady quarter
The read
The operating trajectory improved sequentially: revenue rose 49.7% QoQ to ₹3,418.36 lakh and EBITDA margin expanded 1,114bps to 17.7% after the 6.55% OPM trough in Q3FY26, but the thesis is now dependent on subsidiaries because standalone revenue was ₹0 lakh and EPS growth of 33.3% materially lagged PAT growth of 82.9% after warrant dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹34.18 Cr | N/A | +49.7% |
| EBIT | ₹5.54 Cr | N/A | |
| Net profit | ₹3.67 Cr | N/A | |
| EPS | ₹0.24 | N/A | |
| EBIT margin | 17.7% |
P&L walk
Consolidated revenue rose to ₹3,418.36 lakh, +49.7% QoQ from ₹2,283.25 lakh, while EBITDA was ₹606 lakh and EBITDA margin 17.7% versus 15.86% in Q4FY26; PAT increased to ₹367.15 lakh from ₹200.79 lakh, supported by the operating recovery and ₹2.88 lakh of associate profit.
Segments
Structured Steel was the primary earnings driver at ₹2,321.55 lakh revenue and ₹442.21 lakh segment result, while Construction Material added ₹1,096.81 lakh revenue and ₹114.83 lakh result; both segments were profitable, but Structured Steel generated 79.4% of reported segment results.
Key positives
- Consolidated revenue recovered 49.7% QoQ to ₹3,418.36 lakh from ₹2,283.25 lakh in Q4FY26.
- EBITDA margin expanded from 15.86% in Q4FY26 to 17.7%, with EBITDA of ₹606 lakh.
- Both disclosed segments were profitable: Structured Steel generated ₹442.21 lakh and Construction Material generated ₹114.83 lakh of segment result.
- The company approved up to ₹1,500 lakh of further investment in its 99.84%-owned KD Infrastructures subsidiary to fund expansion, capex, working capital and loan repayment.
Key concerns
- Standalone revenue was ₹0 lakh and standalone PAT only ₹0.02 lakh, making consolidated earnings almost entirely subsidiary-dependent.
- EPS rose only 33.3% QoQ to ₹0.24 versus 82.9% PAT growth to ₹367.15 lakh following the conversion of 4,35,00,000 warrants into equity shares.
- Finance costs increased 102.4% QoQ to ₹15.97 lakh, while other expenses rose 540.3% QoQ to ₹491.99 lakh.
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