Vascon Engineers Q1 FY27 Results (NSE: VASCONEQ)
Signal: Revenue declined
The read
The trajectory deteriorated sharply: consolidated revenue fell 31.3% YoY to ₹15,194 lakh, EBITDA declined 71.0% to ₹9.8 Cr and PAT fell 91.1% to ₹201 lakh; EPC still generated ₹2,345 lakh of segment profit, but real estate nearly disappeared and finance cost rose 22.0% YoY to ₹605 lakh. Other income of ₹485 lakh exceeded PBT of ₹245 lakh, making the reported profit low-quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹151.94 Cr | -31.3% | -40.0% |
| EBIT | ₹8.5 Cr | -73.7% | |
| Net profit | ₹2.01 Cr | -91.1% | |
| EPS | ₹0.09 | -90.9% | |
| EBIT margin | 6.4% |
P&L walk
Revenue declined to ₹15,194 lakh, -31.3% YoY and -40.0% sequentially; EBITDA fell 71.0% to ₹9.8 Cr, EBIT fell 73.7% to ₹8.5 Cr, and PAT fell 91.1% to ₹201 lakh, with ₹485 lakh of other income materially exceeding reported PBT of ₹245 lakh.
Segments
EPC remained the group’s earnings engine with ₹14,770 lakh of revenue and ₹2,345 lakh of segment result, while Real Estate Development revenue fell 77.3% YoY to ₹424 lakh and result declined to ₹6 lakh from ₹235 lakh.
Key positives
- EPC remained profitable at ₹2,345 lakh of segment result despite revenue declining 27.1% YoY to ₹14,770 lakh, suggesting the core contracting business remained earnings-positive.
- Consolidated PAT of ₹201 lakh and EPS of ₹0.09 tracked closely, with PAT down 91.1% and EPS down 90.9% YoY; there is no material consolidated dilution signal in this quarter's reported figures.
Key concerns
- Consolidated revenue fell 31.3% YoY to ₹15,194 lakh, while EBITDA declined 71.0% to ₹9.8 Cr and EBIT declined 73.7% to ₹8.5 Cr.
- Real Estate Development revenue fell 77.3% YoY to ₹424 lakh and segment result fell 97.5% to ₹6 lakh from ₹235 lakh.
- Finance cost rose 22.0% YoY to ₹605 lakh despite the revenue contraction, increasing pressure on already weak operating earnings.
- The filing discloses no order-book, booking, collections or execution-volume data, limiting visibility into whether the revenue decline is temporary or structural.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.