TransIndia Real Q1 FY27 Results (NSE: TREL)
Signal: Growth decelerated
The read
The quarter marks a sharp margin rebound to 82.7% from 66.4% YoY and 58.3% QoQ, but the trajectory is not yet clean: revenue grew only 4.2% YoY, equipment hiring contracted 71.6%, and ₹6.07 Cr of other income supplied 46.2% of consolidated PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹21.85 Cr | +4.2% | +1.3% |
| EBIT | ₹13.68 Cr | N/A | N/A |
| Net profit | ₹11.47 Cr | +54.0% | N/A |
| EPS | ₹0.47 | +56.7% | N/A |
| EBIT margin | 82.7% |
P&L walk
Revenue increased to ₹21.85 Cr (+4.2% YoY, +1.3% QoQ), while EBITDA reached ₹18.06 Cr and margin expanded to 82.7% from 66.4% YoY; PAT rose to ₹11.47 Cr (+54.0% YoY), aided materially by other income of ₹6.07 Cr, equal to 46.2% of PBT.
Segments
Logistics Park and commercial properties drove the group with revenue of ₹21.64 Cr (+7.0% YoY), while non-crane equipment hiring dragged with revenue down 71.6% YoY to ₹0.21 Cr; consolidated revenue exceeded standalone revenue by ₹9.98 Cr because of subsidiaries.
Key positives
- Consolidated revenue reached ₹21.85 Cr, up 4.2% YoY and 1.3% QoQ, with the core Logistics Park and commercial properties segment up 7.0% YoY to ₹21.64 Cr.
- EBITDA margin expanded to 82.7% from 66.4% YoY and 58.3% QoQ; employee cost declined 9.3% YoY to ₹3.13 Cr while revenue grew.
- Consolidated PAT rose 54.0% YoY to ₹11.47 Cr and EPS rose 56.7% YoY to ₹0.47, with the PAT-to-EPS cross-check clean.
- The group asset base was broadly expanding, with standalone segment assets up 1.8% YoY to ₹1,372.69 Cr while depreciation rose 1.2% YoY.
Key concerns
- Other income of ₹6.07 Cr increased 68.6% YoY and represented 46.2% of consolidated PBT, limiting the quality and repeatability of the ₹11.47 Cr PAT.
- Non-crane equipment hiring revenue fell 71.6% YoY to ₹0.21 Cr, leaving the group increasingly dependent on Logistics Park and commercial properties.
- Revenue growth of 4.2% YoY remains modest relative to the 1,629bps EBITDA-margin expansion, and the filing does not identify a recurring operating cause for the margin step-up.
Earnings quality: includes non-operating other income
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