Om Infra Q1 FY27 Results (NSE: OMINFRAL)
Signal: Loss reversed
The read
The operating inflection is real: consolidated gross margin expanded 835bps YoY to 60.36% and PAT recovered to ₹1145.36 lakh from a ₹98.40 lakh loss, but revenue at ₹12436.61 lakh remains 22.3% below the prior quarter and the recovery depends on JJM execution; the ₹357.75 lakh tax credit and real-estate losses reduce earnings quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹124.37 Cr | +19.2% | -22.3% |
| Net profit | ₹11.45 Cr | +1263.4% | |
| EPS | ₹2.1 | +1600.0% | |
| EBIT margin | 10.20% |
P&L walk
Consolidated revenue increased to ₹12436.61 lakh, +19.2% YoY but -22.3% QoQ; gross margin expanded to 60.36% from 52.01% YoY, supporting EBITDA margin of approximately 11.07%, while PAT recovered to ₹1145.36 lakh from a ₹98.40 lakh loss despite real-estate losses of ₹226.55 lakh.
Segments
Engineering generated ₹9856.87 lakh revenue and ₹1266.28 lakh result, while consolidated real estate lost ₹226.55 lakh versus a ₹42.70 lakh loss YoY, making real estate the principal group drag.
Key positives
- Consolidated revenue increased to ₹12436.61 lakh, +19.2% YoY, and engineering segment result rose to ₹1266.28 lakh, +130.6% YoY.
- Gross margin expanded 835bps YoY to 60.36% as raw-material cost declined to 39.64% of revenue from 48.00%.
- The company reported two L1 bids with aggregate project value of approximately ₹1,050 crore, improving order-book visibility if awarded.
- Consolidated owner PAT recovered to ₹1145.39 lakh from a ₹98.47 lakh loss, while EPS recovered to ₹2.10 from ₹-0.14 without disclosed equity dilution.
Key concerns
- Consolidated revenue of ₹12436.61 lakh declined 22.3% QoQ from ₹16010.41 lakh, indicating that the recovery is not yet sequentially established.
- Consolidated real estate reported a ₹226.55 lakh loss on ₹395.09 lakh revenue, materially worse than the ₹42.70 lakh loss YoY.
- The ₹357.75 lakh consolidated tax credit, including a ₹367.08 lakh deferred-tax credit, materially supported PAT of ₹1145.36 lakh.
- JJM fund flow has commenced but remains slower than initially anticipated, so the stated execution ramp is still prospective.
Research and educational content only. Not investment advice.