Sri Lotus Q1: revenue more than doubles YoY, consolidated PAT +77% to ₹45.7 Cr, tops guidance pace
PAT +77.3% YoY · revenue +115.8% · margins compressing · beat vs street
₹132.35 Cr
+115.8% YoY
₹45.72 Cr
+77.3% YoY
31.32%
-6.5pp YoY
₹0.93
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.
Q1 FY-2027 vs prior quarters
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.
The stock went into the print at ₹197.01, up 32.5% over the past month of trading.
Management has issued very strong guidance for FY27, targeting pre-sales of INR 1,800-2,000 crores, backed by a robust pipeline of six planned launches with a GDV of up to INR 5,500 crores. They confidently project 55% to 60% growth in both revenue and PAT, while expecting to maintain current margin levels. The company
— This quarter: beat
W1
FY27 pre-sales delivery vs the ₹1,800–2,000 Cr guidance and the six planned launches (GDV up to ₹5,500 Cr) — Q1 P&L pace is ahead but bookings are the real gauge
W2
Net margin trajectory: whether 31% holds or the 37.9% YoY level returns as larger projects hit recognition
W3
Progress on the guided 4–6 new project signings and subsidiary build-out during FY27
Source in ₹ Millions, converted to ₹ Cr (÷10). OCR-garbled column headers, but page image confirms first column = Qtr ended Jun 30, 2026; comparison columns Q4FY26/Q1FY26 tie exactly to our DB, confirming column-lock. Consolidated PAT ₹45.72 Cr is total (incl NCI ₹0.26 Cr); owner's share ₹45.46 Cr. No exceptional items. Standalone is holding-co level (ops revenue only ₹10 Cr; ₹10.96 Cr other income). ESOP grant of 48.9 lakh options at ₹75 noted; ₹4.1 Cr GST demand is a separate contingent item, not in this P&L.
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