Reliance Infra. Q1 FY27 Results (NSE: RELINFRA)
Signal: Margin pressure
The read
The operating trajectory has not yet repaired: consolidated revenue grew 7.4% YoY to ₹6344.27 crore, but EBITDA remained negative at -₹89.27 crore and EBIT deteriorated to -₹431.14 crore from -₹25.07 crore. The ₹371.78 crore owner PAT was primarily a non-operating outcome supported by ₹1446.98 crore regulatory income and ₹140.56 crore exceptional income, while the auditors highlighted substantial uncertainty around asset recovery, regulatory proceedings, debt restructuring and subsidiary going concerns.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,344.27 Cr | 7.4% | +58.6% |
| EBIT | ₹-431.14 Cr | -1619.7% | |
| Net profit | ₹371.78 Cr | 521.3% | |
| EPS | ₹9.1 | 313.6% | |
| EBIT margin | -1.4% |
P&L walk
Revenue improved to ₹6344.27 crore, +7.4% YoY, but EBITDA fell to -₹89.27 crore and margin contracted to -1.4% from 4.0%; reported PAT of ₹371.78 crore was supported by ₹1446.98 crore of regulatory income and ₹140.56 crore of exceptional income, while ₹396.01 crore accrued to non-controlling interests.
Segments
Power Business drove the group, with revenue of ₹7334.03 crore, +20.3% YoY, and result of ₹1369.19 crore, +31.7%; Infrastructure revenue fell 21.6% to ₹278.94 crore, although its result rose 86.3% to ₹59.69 crore, while the standalone parent remained loss-making.
Key positives
- Power Business revenue increased 20.3% YoY to ₹7334.03 crore and segment result increased 31.7% to ₹1369.19 crore, remaining the main earnings engine.
- Consolidated revenue increased 7.4% YoY to ₹6344.27 crore, reversing the -2.6% YoY decline reported in Q4FY26.
- Infrastructure Business result improved 86.3% YoY to ₹59.69 crore despite revenue declining 21.6% to ₹278.94 crore.
Key concerns
- EBITDA was -₹89.27 crore and EBITDA margin contracted 540bps YoY to -1.4%, so the revenue recovery has not translated into operating profitability.
- PAT of ₹371.78 crore included ₹1446.98 crore of regulatory income and ₹140.56 crore of exceptional income, making reported profit a weak indicator of recurring earnings.
- Standalone revenue was only ₹47.35 crore and standalone PAT was a loss of ₹51.80 crore, leaving consolidated earnings dependent on subsidiaries, associates and regulated assets.
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