Surya Roshni Q1 FY27 Results (NSE: SURYAROSNI)
Signal: Margin expansion
The read
The key inflection is revenue growth re-accelerating to 27.5% YoY from 0.8% in Q4FY26, with EBITDA growth of 45.7% and PAT growth of 77.2%; however, the 5.9% EBITDA margin, despite expanding 160bps YoY, remains below Q4FY25's 9% and requires confirmation through sustained margin recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,046.48 Cr | 27.5% | N/A |
| EBIT | ₹85.97 Cr | 69.3% | |
| Net profit | ₹59.6 Cr | 77.2% | |
| EPS | ₹2.74 | 76.8% | |
| EBIT margin | 5.9% |
P&L walk
Revenue rose to ₹204648 lakh, +27.5% YoY, and EBITDA to ₹12030 lakh, +45.7%, lifting EBITDA margin to 5.9%; EBIT grew 69.3% to ₹8597 lakh and PAT grew 77.2% to ₹5960 lakh, with the bottom line tracking the operating recovery rather than a material other-income distortion.
Segments
No segment results table is disclosed; the ₹204648 lakh consolidated revenue versus ₹204630 lakh standalone revenue and ₹5960 lakh versus ₹5948 lakh PAT show that subsidiaries neither materially lift nor drag group earnings.
Key positives
- Revenue rose 27.5% YoY to ₹204648 lakh, a clear acceleration from 0.8% YoY growth in Q4FY26.
- EBITDA increased 45.7% YoY to ₹12030 lakh versus revenue growth of 27.5%, with EBITDA margin expanding 160bps YoY to 5.9%.
- PAT grew 77.2% YoY to ₹5960 lakh and EPS grew 76.8% to ₹2.74, showing no material PAT-to-EPS divergence.
- Standalone PAT of ₹5948 lakh was almost identical to consolidated PAT of ₹5960 lakh, limiting subsidiary-related earnings uncertainty.
Key concerns
- The 5.9% EBITDA margin remains 310bps below Q4FY25's 9% despite the YoY improvement, so the margin recovery is incomplete.
- The filing does not disclose revenue volume, realisation, raw-material intensity or the specific reason for the 160bps margin expansion, limiting assessment of its durability.
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