Modi Rubber Q1 FY27 Results (NSE: MODIRUBBER)
Signal: Growth decelerated
The read
The quarter shows a sharp sequential recovery from the Q4FY26 consolidated loss of ₹1,387.87 lakh to PAT of ₹424.68 lakh, but this is not yet an operating turnaround: the core consolidated result remained a ₹66.08 lakh loss and JV/associate income of ₹520.07 lakh exceeded pre-share operating profit.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7.81 Cr | +10.1% | -35.0% |
| EBIT | ₹-0.66 Cr | -68.4% | |
| Net profit | ₹4.25 Cr | -12.9% | |
| EPS | ₹1.7 | -12.8% | |
| EBIT margin | -8.5% |
P&L walk
Revenue rose to ₹781.44 lakh, up 10.1% YoY but down 35.0% QoQ, while the operating loss narrowed to ₹66.08 lakh from ₹209.11 lakh; PAT of ₹424.68 lakh was supported by ₹520.07 lakh of JV and associate profit rather than core operations.
Segments
Travel services drove the group with ₹672.91 lakh of revenue and ₹136.20 lakh of segment profit, while real estate services remained the primary drag with a ₹264.92 lakh loss; consolidated PAT was lifted by ₹520.07 lakh of JV and associate profit.
Key positives
- Consolidated revenue increased 10.1% YoY to ₹781.44 lakh, led by travel services revenue growth of 9.3% to ₹672.91 lakh.
- Consolidated pre-tax operating loss narrowed 68.4% YoY to ₹66.08 lakh as total expenses grew only 3.1% to ₹1,406.16 lakh.
- Real estate services loss narrowed 37.7% YoY to ₹264.92 lakh, while travel services remained profitable at ₹136.20 lakh.
Key concerns
- PAT declined 12.9% YoY to ₹424.68 lakh despite the narrower operating loss because JV and associate profit fell 20.9% to ₹520.07 lakh.
- Real estate services continued to lose ₹264.92 lakh on revenue of ₹122.03 lakh, leaving the parent standalone business deeply loss-making.
- Quarterly revenue declined 35.0% from ₹1,202.60 lakh in the preceding quarter, showing volatile operating momentum.
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