Shraddha Prime Q1 FY27 Results (NSE: SHRADDHA)
Signal: Growth decelerated
The read
The key inflection is execution visibility rather than a fresh margin expansion: Q1FY27 revenue reached ₹13,357.95 lakh (+127.57% YoY) and EBITDA margin held at 18.30%, reversing neither the 9% margin in Q2FY26 nor the 16% in Q3FY26 into a sustained upward arc, but two commencement certificates materially strengthen the pipeline for Mulund redevelopment projects and the upcoming premium Avyukta Imperial launch.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹133.58 Cr | 127.6% | N/A |
| EBIT | ₹27.43 Cr | 112.3% | |
| Net profit | ₹19.3 Cr | 118.1% | |
| EPS | ₹4.78 | 116.3% | |
| EBIT margin | 18.30% |
P&L walk
Revenue increased to ₹13,357.95 lakh, +127.57% YoY, with EBITDA up +128.52% and EBITDA margin broadly stable at 18.30%; PAT rose +107.32% to ₹1,928.02 lakh, though PAT margin declined to 14.43%.
Key positives
- Consolidated revenue reached ₹13,357.95 lakh, +127.57% YoY, supported by continued project progress.
- EBITDA rose +128.52% to ₹2,444.19 lakh and EBITDA margin held at 18.30% versus 18.22% YoY, despite revenue scaling sharply.
- Commencement certificates were received for Shraddha Phoenix, approximately 75,000 sq. ft. residential RERA carpet area, and Shraddha Paradise Enclave, approximately 1,30,000 sq. ft. residential plus 20,000 sq. ft. commercial RERA carpet area.
- The upcoming Avyukta Imperial in Matunga East expands the portfolio into premium 3 BHK and customised jodi residences with units up to approximately 2,700 sq. ft.
Key concerns
- PAT margin declined to 14.43% from 15.84% YoY even as EBITDA margin was broadly unchanged at 18.30%, indicating below-EBITDA items grew faster than operating profit.
- Quarterly OPM has been volatile, moving from 18% in Q1FY26 to 9% in Q2FY26, 16% in Q3FY26 and 13% in Q4FY26 before the filing-reported 18.30% in Q1FY27; sustained project-level profitability remains to be demonstrated.
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