Texmaco Infrast. Q1 FY27 Results (NSE: TEXINFRA)
Signal: Revenue declined
The read
The trajectory remains volatile: revenue fell 10.9% YoY to ₹361.19 lakh and the recent margin arc reverted to contraction after Q4FY26, while ₹472.04 lakh of other income—248.4% of PBT—supported ₹150 lakh of PAT; Real Estate is profitable, but Mini Hydro and unallocated costs continue to dilute recurring operating earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3.61 Cr | -10.9% | -17.3% |
| EBIT | ₹2.38 Cr | N/A | |
| Net profit | ₹1.5 Cr | -7.4% | |
| EPS | ₹0.13 | -50.0% | |
| EBIT margin | 82% |
P&L walk
Revenue declined to ₹361.19 lakh, -10.9% YoY and -17.3% QoQ, but EBITDA of ₹296 lakh and 82% margin are not representative of operating traction because other income was ₹472.04 lakh, or 248.4% of PBT; depreciation was ₹58.50 lakh and finance cost ₹47.45 lakh.
Segments
Real Estate drove the group with ₹185.71 lakh of revenue and ₹333.97 lakh of PBIT, while Mini Hydro dragged with a ₹61.38 lakh loss; consolidated results also include ₹153.04 lakh of Job Work Services revenue and ₹40.13 lakh of associate profit reported in the review note.
Key positives
- Real Estate generated ₹333.97 lakh of PBIT, up 5.5% YoY and 58.5% QoQ, making it the clear operating profit engine.
- Consolidated finance cost declined 20.1% YoY to ₹47.45 lakh, reducing pressure below operating profit.
- The company approved a ₹736.425 lakh investment in wholly owned subsidiary High Quality Steels Limited, whose FY26 turnover was ₹638.57 lakh versus ₹705.20 lakh in FY25.
Key concerns
- Revenue declined 10.9% YoY to ₹361.19 lakh and 17.3% QoQ, reversing the growth seen in Q4FY26.
- Other income of ₹472.04 lakh was 248.4% of PBT and exceeded operating revenue, making ₹150 lakh of PAT low-quality and non-recurring in character.
- Mini Hydro remained loss-making at ₹61.38 lakh versus a ₹6.75 lakh profit a year earlier.
- EPS declined 50.0% YoY to ₹0.13 while PAT declined 7.4%, a material PAT-to-EPS divergence.
Earnings quality: includes non-operating other income
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