PNB Housing Q1 FY27 Results (NSE: PNBHOUSING)
Signal: Earnings grew
The read
The key inflection is slower earnings conversion: revenue grew +9.0% YoY and EBIT +7.0%, but EBITDA margin contracted 170bps YoY to 91.6% and PAT growth slowed to +4.5%, while the recent series shows revenue growth below the 13.3%-13.9% range seen in Q1-Q2FY26.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,263.44 Cr | +9.0% | +3.8% |
| EBIT | ₹2,057.07 Cr | +7.0% | |
| Net profit | ₹557.34 Cr | +4.5% | |
| EPS | ₹21.39 | +4.2% | |
| EBIT margin | 0% |
P&L walk
Consolidated revenue increased to ₹2263.44 crore, +9.0% YoY and +3.8% QoQ, while EBIT rose +7.0% YoY to ₹2057.07 crore; finance cost grew +8.4% and EBITDA margin fell to 91.6% from an implied 93.3% a year earlier, limiting PAT growth to +4.5% at ₹557.34 crore.
Segments
There is no reportable segment split; the wholly owned subsidiary contributed ₹73.51 crore of revenue and ₹3.92 crore of PAT, lifting consolidated PAT by ₹2.84 crore versus standalone PAT of ₹554.50 crore.
Key positives
- Consolidated revenue reached ₹2263.44 crore, +9.0% YoY and +3.8% QoQ, with interest income of ₹2138.43 crore, +8.0% YoY.
- The impairment line remained a net reversal of ₹29.14 crore, and no stressed loans were transferred or acquired during the quarter.
- Basic EPS of ₹21.39 grew +4.2% YoY and broadly tracked PAT growth of +4.5%, indicating no material dilution impact.
- The subsidiary added ₹3.92 crore of PAT, with consolidated PAT of ₹557.34 crore exceeding standalone PAT by ₹2.84 crore.
Key concerns
- EBITDA margin declined 170bps YoY to 91.6% and 560bps QoQ, reversing the very high margin recorded in the prior quarter.
- Employee benefits expense rose 14.1% YoY to ₹134.67 crore, faster than revenue growth of 9.0%, following compensation restructuring under the Labour Codes.
- Finance cost increased 8.4% YoY to ₹1338.63 crore, while PAT growth of 4.5% lagged revenue growth.
- Revenue growth has moderated from +13.9% in Q1FY26 and +13.3% in Q2FY26 to +9.0% in Q1FY27.
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