Meghna Infracon Q1 FY27 Results (NSE: MIIL)
Signal: Revenue declined
The read
The dominant trajectory is operating deterioration rather than a clean growth inflection: consolidated revenue fell 19.5% YoY to ₹8.43 crore, EBITDA declined 55.1% and margin contracted 867bps to 11.03%, marking the fourth consecutive quarter of margin contraction; the ₹32830 million ongoing-project GDV and launches exceeding ₹38400 million through December 2026 provide pipeline visibility but require conversion into recognized sales and margin recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8.43 Cr | -19.5% | N/A |
| EBIT | ₹0.8 Cr | -59.0% | |
| Net profit | ₹0.54 Cr | N/A | |
| EPS | ₹0.25 | -80.5% | |
| EBIT margin | 11.03% |
P&L walk
Consolidated revenue declined 19.5% YoY to ₹8.43 crore, EBITDA fell 55.1% to ₹0.93 crore and EBITDA margin contracted to 11.03%, while EBIT declined 59.0% to ₹0.80 crore; management attributed the softer quarter to project execution and sales-recognition timelines.
Segments
The consolidated-versus-standalone divergence is material: consolidated revenue fell 19.5% YoY to ₹8.43 crore while standalone revenue grew 64.0% to ₹1.82 crore, indicating that group-level project timing or subsidiary activity is driving the weakness.
Key positives
- Ongoing projects carry estimated GDV of ₹32830 million, while launches planned through December 2026 add over ₹38400 million of potential development value.
- Standalone revenue grew 64.0% YoY to ₹1.82 crore and standalone EBITDA margin was 49.5%, showing that the parent entity itself remained operationally profitable despite a 41.9% EBITDA decline.
- The company reported delivery of the Riviera redevelopment project in Goregaon West in 16 months, obtained its Occupation Certificate and commenced handovers.
Key concerns
- Consolidated revenue declined 19.5% YoY to ₹8.43 crore and EBITDA declined 55.1% to ₹0.93 crore, with EBITDA margin compressing 867bps to 11.03%.
- The margin contraction is persistent: OPM contracted in each of the last four quarters from Q2FY26 through Q1FY27, reaching 11.03% from 16.11% in Q2FY26.
- Standalone other income of ₹0.24 crore represented 38.1% of standalone PBT of ₹0.63 crore, making parent-level profit less purely operational.
- EPS fell 80.5% YoY to ₹0.25, materially exceeding the disclosed consolidated revenue decline of 19.5%.
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