NIBE Q1 FY27 Results (NSE: NIBE)
Signal: Slipped to loss
The read
Q1FY27 revenue of ₹63.01 Cr declined 23.6% YoY and consolidated EBITDA fell to -₹7.48 Cr, reversing the Q4FY26 rebound of ₹260 Cr revenue, 20% OPM and ₹28 Cr PAT; the key issue is whether the sharp Q4FY26 recovery was project-timing-driven rather than a sustainable earnings inflection.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹63.01 Cr | -23.6% | N/A |
| EBIT | ₹-11.79 Cr | N/A | |
| Net profit | ₹-11.03 Cr | N/A | |
| EPS | ₹-7.34 | N/A | |
| EBIT margin | -11.9% |
P&L walk
Consolidated revenue was ₹63.01 Cr, down 23.6% YoY, while EBITDA was -₹7.48 Cr at a -11.9% margin and PAT was -₹11.03 Cr; the operating loss, rather than other income of ₹2.05 Cr, drove the quarter.
Key positives
- Preferential-allotment proceeds of Rs. 1,346,689,000 provide funding for capital expenditure, debt repayment and working capital, with no deviation or variation reported in fund utilization.
- ₹2,400.00 lakh of the preferential-allotment proceeds was deployed toward capital expenditure and ₹7,500 lakh toward repayment of existing borrowings during the reported utilization period.
Key concerns
- Consolidated revenue fell 23.6% YoY to ₹63.01 Cr and EBITDA was -₹7.48 Cr at a -11.9% margin, indicating the Q4FY26 recovery has not yet stabilized.
- Standalone revenue declined 29.8% YoY to ₹57.02 Cr and standalone EBITDA was -₹5.24 Cr at a -9.2% margin, confirming that weakness is present in the parent business rather than solely at subsidiaries.
- The company reported consolidated PAT of -₹11.03 Cr after reporting ₹28 Cr PAT in Q4FY26, highlighting substantial quarter-to-quarter earnings volatility.
- The filing notes that 75% of the warrant subscription remains pending for 1242000 warrants, leaving part of the proposed funding yet to be received.
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