Sindhu Trade Q1 FY27 Results (NSE: SINDHUTRAD)
Signal: Margin expansion
The read
The apparent earnings inflection is concentrated outside the core operating P&L: consolidated revenue fell 21.9% YoY to ₹12921.32 lakh and EBIT fell 2.4%, while PAT rose 106.2% because associate/JV profit contributed ₹3727.01 lakh and other income equalled 71.1% of PBT; the 20.2% EBITDA margin is encouraging but requires reconciliation and repeatability.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹129.21 Cr | -21.9% | +12.1% |
| EBIT | ₹18.51 Cr | -2.4% | |
| Net profit | ₹38.74 Cr | 106.2% | |
| EPS | ₹0.17 | 112.5% | |
| EBIT margin | 20.2% |
P&L walk
Revenue declined to ₹12921.32 lakh, down 21.9% YoY, but EBITDA increased 16.9% to ₹26.09 crore; PAT of ₹3873.97 lakh was lifted by ₹3727.01 lakh of associate/JV profit and other income of ₹477.36 lakh, making the bottom-line improvement low quality.
Segments
Overseas Coal Mining & Trading drove the consolidated result with a ₹3150.02 lakh segment profit versus ₹870.44 lakh YoY, while Transportations, Logistics, Mining & Construction remained the largest operating segment at ₹10122.60 lakh revenue and ₹1866.30 lakh result; Finance Operations continued to drag with a ₹106.56 lakh loss.
Key positives
- Overseas Coal Mining & Trading segment profit rose to ₹3150.02 lakh from ₹870.44 lakh YoY, a 261.9% increase.
- Consolidated EBITDA increased 16.9% YoY to ₹26.09 crore despite revenue declining 21.9%, with reported EBITDA margin at 20.2%.
- Generation and Supply of Electricity turned profitable at ₹123.63 lakh versus a ₹103.04 lakh loss YoY.
- Consolidated cash and cash equivalents increased to ₹14406.78 lakh from ₹913.97 lakh at 31 March 2026.
Key concerns
- Consolidated revenue declined 21.9% YoY to ₹12921.32 lakh, continuing the weak revenue trajectory after ₹115 lakh in Q4FY26 on the prior-results series.
- Associate and JV profit of ₹3727.01 lakh accounted for most of consolidated PBT of ₹4398.48 lakh, leaving core pre-associate profit at only ₹671.47 lakh.
- Depreciation rose 125.5% YoY to ₹758.30 lakh while consolidated PPE declined 7.5%, creating an asset-base quality and capitalisation signal that needs monitoring.
- Finance cost increased 22.9% YoY to ₹1179.43 lakh while consolidated borrowings rose from ₹45764.94 lakh to ₹55444.51 lakh.
- The company received in-principle approval and allotted 30,04,55,030 equity shares plus 9,71,76,757 CCPS preferentially for acquisitions, creating potential dilution and integration risk.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.