RDB Real Estate Q1 FY27 Results (NSE: RRECL)
Signal: Slipped to loss
The read
The key inflection is a widening standalone-versus-consolidated disconnect: standalone PAT rose 1104.3% YoY to ₹2.77 crore, but consolidated PAT swung to a ₹8.55 crore loss as subsidiary losses and 230.0% YoY depreciation overwhelmed 98.9% revenue growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹39.48 Cr | 98.9% | -78.0% |
| EBIT | ₹-5.88 Cr | N/A | |
| Net profit | ₹-8.55 Cr | N/A | |
| EPS | ₹-5.12 | N/A | |
| EBIT margin | -4% |
P&L walk
Consolidated revenue increased to ₹39.48 crore, +98.9% YoY, but the group moved to EBITDA of -₹1.58 crore and PAT of -₹8.55 crore because total expenses exceeded total income and subsidiary losses remained material.
Segments
The consolidated group is being dragged by subsidiaries: two subsidiaries contributed ₹26.96 crore of revenue but a ₹15.57 crore loss, while nine unreviewed subsidiaries added a further ₹0.62 crore loss; this contrasts with standalone PAT of ₹2.77 crore.
Key positives
- Standalone revenue reached ₹7.50 crore, +305.4% YoY, with EBITDA of ₹3.80 crore and a 50.7% implied margin.
- Standalone PAT increased 1104.3% YoY to ₹2.77 crore, supported by finance costs falling 7.8% YoY to ₹0.30 crore.
- Consolidated revenue grew 98.9% YoY to ₹39.48 crore, indicating reported activity expansion despite weak group profitability.
Key concerns
- Consolidated EBITDA margin fell to -4%, down 3297bps YoY, and PAT was -₹8.55 crore despite revenue growth of 98.9%.
- Two subsidiaries reported ₹15.57 crore of losses on ₹26.96 crore revenue, making subsidiary execution the dominant group-level risk.
- Standalone other income was ₹2.50 crore, equal to 71.6% of standalone PBT of ₹3.49 crore, reducing the quality of the parent-level earnings improvement.
- Standalone EPS growth of 650.0% materially lagged PAT growth of 1104.3%, consistent with dilution as paid-up equity capital rose from ₹17.28 crore to ₹26.31 crore.
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