Puravankara Q1 FY27 Results (NSE: PURVA)
Signal: Loss reversed
The read
The operating inflection continued for a third consecutive quarter, with consolidated EBITDA margin at 25.6% versus 20.0% in Q4FY26 and 13.0% in Q1FY26, but revenue fell 43.5% QoQ from the Q4 peak and PAT quality is weak because other income of ₹28.43 crore exceeded consolidated PBT of ₹26.02 crore.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹848.72 Cr | 61.8% | -43.5% |
| EBIT | ₹205 Cr | 189.6% | |
| Net profit | ₹28.93 Cr | N/A | |
| EPS | ₹1.22 | N/A | |
| EBIT margin | 25.6% |
P&L walk
Consolidated revenue increased to ₹848.72 crore, +61.8% YoY, while EBITDA rose 168.2% and EBITDA margin expanded to 25.6%; however, PAT attributable to owners of ₹28.93 crore was aided by other income of ₹28.43 crore against PBT of ₹26.02 crore.
Segments
There is no reportable segment split, but subsidiaries materially lift the group: consolidated revenue of ₹848.72 crore versus standalone revenue of ₹511.92 crore, while consolidated PAT attributable to owners was ₹28.93 crore versus standalone PAT of ₹17.87 crore.
Key positives
- Consolidated revenue reached ₹848.72 crore, +61.8% YoY, reversing the -20.4% YoY decline recorded in Q1FY26.
- EBITDA increased 168.2% YoY to ₹217.07 crore and EBITDA margin expanded to 25.6% from 13.0% YoY, extending the margin expansion seen in Q3FY26 and Q4FY26.
- Consolidated EBIT rose 189.6% YoY to ₹205 crore, while standalone EBITDA turned positive at ₹110.30 crore from a ₹19.01 crore loss.
- The consolidated group contributed ₹201.25 crore of revenue from 31 subsidiaries during the quarter, supporting the material gap between consolidated revenue of ₹848.72 crore and standalone revenue of ₹511.92 crore.
Key concerns
- Revenue declined 43.5% QoQ to ₹848.72 crore from ₹1,501.92 crore, indicating significant sequential volatility after the Q4FY26 execution peak.
- Finance cost remained elevated at ₹178.94 crore, +11.2% YoY, against consolidated PBT of only ₹26.02 crore.
- Consolidated PAT attributable to owners of ₹28.93 crore was not fully operating-led because other income was ₹28.43 crore, exceeding PBT of ₹26.02 crore.
- The group remains exposed to real-estate execution and funding risk, with land purchase cost of ₹716.33 crore and inventories/WIP movement of negative ₹796.15 crore in the quarter.
Earnings quality: includes non-operating other income
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