Oswal Greentech Q1 FY27: standalone PAT +26% YoY to Rs8.4 Cr as realty revenue slumps 62%

Oswal Greentech's only reported financial statement this quarter is standalone (no consolidated statement is presented, since the proposed Dubai subsidiary is still being incorporated). Standalone PAT for Q1 FY27 came in at ₹8.42 Cr, up 26.4% YoY from ₹6.66 Cr in Q1 FY26 (EPS ₹0.33 vs ₹0.26, not annualised). Revenue from operations — flat sales from the Centra Greens residential project in Ludhiana — was just ₹4.71 Cr, down 61.6% YoY and 56.3% QoQ, reflecting the lumpy, project-linked nature of the company's small real-estate business rather than a demand slowdown per se. Sequentially the company swung from a reported loss of ₹83.16 Cr in Q4 FY26 to this quarter's profit, but that loss was entirely a one-off: Q4 FY26 carried a ₹101.22 Cr exceptional charge tied to an adverse Inter-Corporate Deposit (ICD) arbitration outcome, with no exceptional item in either Q1 FY27 or Q1 FY26 — so the clean YoY comparison (+26.4% PAT, no adjustment needed on either side) is the number that matters, not the QoQ swing.

Profitability is being carried by investment/other income rather than the operating real-estate book: other income of ₹13.94 Cr was nearly 3x revenue from operations, pushing net margin (PAT/total income) to 45.2% versus 24.1% a year ago — a genuine expansion, though driven by portfolio/interest income mix rather than operating leverage in the core business. That other-income line is itself understated: the auditors flag that the company has stopped accruing interest on the disputed ICD, pending its Delhi High Court appeal of a ₹97.17 Cr arbitration award against a ₹472.12 Cr claim (a ₹374.95 Cr shortfall), understating other income and current assets by ₹10.59 Cr this quarter — so reported margins are, if anything, conservative.

The stock went into the print at ₹22.21, up 1.9% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

There is no prior guidance or concall commentary in the record to grade this print against, and management issued no separate press release — the filing's own notes (the arbitration status, and a note that the board approved a wholly-owned Dubai LLC subsidiary on 17 June 2026, to be capitalised with AED 40 million and still under incorporation) are the only management commentary available. No brokerage coverage or consensus estimate could be found for this quarter, consistent with this being a small, thinly covered promoter-controlled holding company (~₹500-550 Cr market cap per recent quote) rather than a name Street actively models. The quarter also saw a leadership reshuffle unrelated to the print itself: a new CFO (Alok Gupta, effective July 1) and a new Company Secretary and independent director alongside a secretarial auditor resignation (both in the July 20-27 window) — none of which show up in these numbers but are worth tracking into Q2.