Eldeco Q1 FY27: consolidated PAT jumps ~4x YoY to ₹15.1 Cr as NPM triples to 30%
PAT +382% YoY · revenue +71.03% · margins expanding
₹49.07 Cr
+71.03% YoY
₹15.11 Cr
+382% YoY
30.02%
+19.9pp YoY
₹15.36
Eldeco Housing's consolidated PAT for Q1 FY27 came in at ₹15.11 Cr, up roughly 382% YoY from ₹3.13 Cr and 212% QoQ from ₹4.85 Cr, on consolidated revenue of ₹49.07 Cr (+71% YoY, but -18% QoQ off a seasonally heavy Q4 FY26 base — the sequential dip is a base-quarter artifact in a lumpy, project-completion-driven business and not the headline here). Standalone told a near-identical story: revenue ₹44.82 Cr and PAT ₹15.58 Cr, marginally ahead of the consolidated PAT because the 34 subsidiaries collectively posted a small net loss (~₹0.44 Cr drag on PBT) this quarter — a minor divergence, not a red flag.
Q1 FY-2027 vs prior quarters
The real story is margin: consolidated NPM expanded to ~30.0% from 10.1% YoY and 7.5% QoQ, and the operating margin trend points the same way. The driver sits in the cost line — Cost of Material Consumed/Construction & Related Project Cost was ₹164.98 Cr against a Change in Inventories credit of -₹146.12 Cr, netting to just ₹18.86 Cr of P&L-recognized project cost against ₹49.07 Cr of revenue. That is percentage-of-completion accounting reflecting which projects hit revenue-recognition thresholds this quarter, not a step-change in unit economics.
The stock went into the print at ₹748.8, down 5% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
What the summary numbers don't show
Basic/diluted consolidated EPS ₹15.36 (not annualised) vs ₹4.93 in Q4 FY26 and ₹3.19 in Q1 FY26
Results are unaudited, subject to limited review by Doogar & Associates — no exceptional items in either the current or year-ago quarter
Eldeco Housing and Industries Limited delivered a strong FY26 with record bookings and collections, significantly expanding its growth pipeline. Management is focused on scaling execution, driving collections, and converting the expanded pipeline into launches. The company anticipates margin improvement in the coming y
— This quarter: beat
This directly confirms what management flagged on the May 2026 (Q4 FY26) concall: FY27 margin improvement driven by recognition of high-margin projects like Imperia 2. There is no formal analyst/street coverage for this small-cap developer — a web search turned up only the earnings-call scheduling (Aug 13, 2026) and no consensus estimates, so vsStreet is unknown rather than assumed. No press release beyond the regulatory outcome letter was available, and no fresh guidance number was issued in this filing itself. The only other board action this quarter was the routine appointment of Paliwal & Associates as cost auditor for FY27; no capital-raise or M&A activity to fold into the print.
W1
Whether consolidated NPM holds near the ~30% level as more Imperia 2 units clear revenue-recognition thresholds, or reverts toward the ~10% band seen through FY26, per management's own margin-improvement guidance
W2
Launch cadence and collections against the ₹4,000 Cr GDV pipeline flagged in the Q4 FY26 concall, with new launches guided for late FY27 and beyond
W3
Whether the ~₹0.44 Cr combined net loss at the 34 subsidiaries this quarter (standalone PAT > consolidated PAT) persists or normalizes
Clean typed statement, both columns unambiguous. Standalone Other Income read as ₹117.11 Lacs (ties Total Income exactly, not ₹17.11 as a first OCR pass suggested). No exceptional items in current or year-ago quarter. Consolidated includes 34 subsidiaries the auditor did not review directly (~₹4 Cr revenue, ~nil net profit, per limited-review report) — immaterial to totals. Real-estate revenue/cost recognition is percentage-of-completion based, so quarter-to-quarter swings are structurally lumpy rather than one-off.
Informational and educational content only. Not investment advice.