Ramky Infra Q1 FY27 Results (NSE: RAMKY)
Signal: Growth reaccelerated
The read
The quarter shows a sharp standalone-versus-consolidated divergence: standalone PAT rose 30.9% to ₹714.55 million, but consolidated PAT fell 49.6% to ₹387.97 million because construction swung to a ₹369.29 million loss and finance costs rose 65.7%; reported profit quality is weakened by ₹720.93 million consolidated other income and a ₹158.83 million liability write-back.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹451.5 Cr | 27.5% | -7.0% |
| EBIT | ₹103.47 Cr | 13.9% | |
| Net profit | ₹71.46 Cr | 28.6% | |
| EPS | ₹10.33 | 28.6% |
P&L walk
Consolidated revenue rose to ₹4,712.28 million, +24.3% YoY but -7.0% QoQ; operating expenses rose 52.2% YoY, finance costs rose 65.7%, and PAT fell 49.6% to ₹387.97 million, with the result supported by ₹720.93 million of other income.
Segments
Developer business drove the consolidated result by turning from a ₹725.63 million loss to a ₹566.01 million profit, while construction revenue grew 27.8% but swung from a ₹498.63 million profit to a ₹369.29 million loss.
Key positives
- Standalone revenue increased 27.5% YoY to ₹4,514.95 million, while standalone PAT increased 30.9% to ₹714.55 million.
- Developer business turned around from a ₹725.63 million loss in the prior quarter to a ₹566.01 million profit, despite developer revenue declining 22.3% YoY.
- Standalone finance costs declined 20.6% YoY to ₹130.88 million and depreciation declined 5.0% to ₹88.90 million.
Key concerns
- Construction business swung from a ₹498.63 million profit YoY to a ₹369.29 million loss despite construction revenue growth of 27.8%.
- Standalone gross margin compressed about 1,555bps YoY as raw-material cost rose to 31.6% of revenue from 20.0%; the filing does not disclose the driver.
- Consolidated finance costs rose 65.7% YoY to ₹368.23 million, materially faster than revenue growth of 24.3%.
- Consolidated PAT fell 49.6% YoY to ₹387.97 million despite standalone PAT growth, highlighting earnings drag from subsidiaries and consolidated operations.
Earnings quality: includes non-operating other income
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