Sri Lotus Q1: revenue more than doubles YoY, consolidated PAT +77% to ₹45.7 Cr, tops guidance pace

Sri Lotus Developers opened FY27 with consolidated revenue of ₹132.35 Cr, up 115.8% year-on-year from the ₹61.32 Cr Q1 FY26 base, and consolidated PAT of ₹45.72 Cr, up 77.3% YoY from ₹25.79 Cr. Both lines ran ahead of the 55–60% revenue/PAT growth the company guided for FY27 on its Q4 concall, and comfortably beat the only public preview on record (Univest's trailing-growth projection of ₹95–109 Cr revenue / ₹27–34 Cr PAT) — so the print confirms rather than contradicts management's bullish stance. As a project-completion-basis luxury developer, revenue and profit are lumpy: the sharp ~57% revenue and ~55% PAT drop versus the seasonally heavy Q4 FY26 (₹307.50 Cr revenue, ₹100.92 Cr PAT) is a sequencing artifact of recognition timing, not deterioration — YoY is the right lens here. The one soft spot is margin mix: net margin (PAT/total income) held flat sequentially at 31.3% but compressed from 37.9% a year ago, so profit grew slower than revenue — the drag sits on cost of construction and lower operating leverage on a smaller recognition quarter rather than any one-off. There are no exceptional items on either side, so reported and underlying growth are the same. Corporate activity in the quarter was portfolio housekeeping consistent with the growth plan — completion of a wholly-owned subsidiary share acquisition, a ₹2.97 Cr rights-issue investment into subsidiaries, and the April-2026 ESOP grant of ~48.9 lakh options at ₹75 — while a ₹4.1 Cr GST demand order sits outside the P&L as a contingent item. Standalone numbers (₹10 Cr operating revenue, ₹6.62 Cr PAT) reflect only the holding entity and materially understate the group; consolidated is the correct basis and readers should anchor on it.