Shriram Properti Q1 FY27 Results (NSE: SHRIRAMPPS)
Signal: Revenue declined
The read
The operational trajectory remains constructive, with Q1 sales of ₹484 Cr (+10% YoY), 690+ handovers and a new project of approximately ₹650 Cr GDV, but financial momentum is uneven: consolidated revenue fell 7.4% YoY and PAT fell 46.4% despite EBITDA rising 0.7%, while other income was 258.5% of PBT. The recent margin arc is volatile rather than steadily improving, with Q1FY27 EBITDA margin at 18.7% following 9% in Q1FY26, -2% in Q2FY26, -10% in Q3FY26 and 11% in Q4FY26.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹224.28 Cr | -7.4% | N/A |
| EBIT | ₹39.29 Cr | 0.1% | |
| Net profit | ₹11.04 Cr | -46.4% | |
| EPS | ₹0.65 | -46.3% | |
| EBIT margin | 18.7% |
P&L walk
Consolidated revenue was ₹224.28 Cr, down 7.4% YoY, while EBITDA was ₹41.9 Cr, up 0.7% and implying an 18.7% margin; PAT fell 46.4% to ₹11.04 Cr despite ₹46.76 Cr of other income, with ₹21 Cr of finance costs remaining a material drag.
Segments
The filing provides no segment table, but the standalone-versus-consolidated gap is material: standalone PAT was ₹12.82 Cr on ₹41.5 Cr revenue versus consolidated PAT of ₹11.04 Cr on ₹224.28 Cr revenue, indicating earnings drag from subsidiaries or consolidation adjustments.
Key positives
- Operational sales reached ₹484 Cr in Q1FY27, up 10% YoY, with 0.85 msf sold and successful launches of Forest View in Kolkata and King Life in Chennai.
- Gross customer collections rose 8% YoY to ₹365 Cr, while 690+ units were handed over, supporting execution-led cash generation.
- The development pipeline expanded to 33.7 msf across 41 projects, including a new project with estimated GDV of approximately ₹650 Cr and an additional 7+ msf of development potential at an advanced closure stage.
- Operating cash flow was ₹54 Cr versus consolidated PAT of ₹11.04 Cr, while cash and equivalents remained ₹219 Cr and net debt-to-equity was 0.3x.
- Standalone EBITDA turned around to ₹27.38 Cr from a ₹7.37 Cr loss, although the turnaround requires confirmation without the support of other income.
Key concerns
- Consolidated revenue declined 7.4% YoY to ₹224.28 Cr despite 10% YoY growth in operational sales, highlighting the gap between bookings and accounting revenue recognition.
- PAT fell 46.4% YoY to ₹11.04 Cr even as EBITDA increased 0.7% to ₹41.9 Cr, showing weak conversion from operating profit to reported earnings.
- Other income of ₹46.76 Cr was 258.5% of consolidated PBT, and standalone other income of ₹48.11 Cr was 330.7% of standalone PBT; bottom-line performance is therefore materially exposed to non-operating items.
- Net debt stood at ₹432 Cr despite ₹54 Cr of operating cash flow, and ₹88 Cr was deployed into new project investments, keeping capital allocation and leverage important monitoring points.
Earnings quality: includes non-operating other income
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