Sunteck Q1: PAT +25% YoY to ₹42 Cr on margin surge to 35%; revenue near-flat
PAT +25.51% YoY · revenue +1.72% · margins expanding
₹191.56 Cr
+1.72% YoY
₹41.96 Cr
+25.51% YoY
20.77%
+4.2pp YoY
₹2.88
Sunteck Realty's consolidated Q1 FY27 (quarter ended 30 June 2026) is a margin-led profit print, not a growth one. Revenue from operations was essentially flat YoY at ₹191.56 Cr (+1.7% vs ₹188.32 Cr), yet net profit rose 25.5% to ₹41.96 Cr, because the profitability mix improved sharply: operating EBITDA margin expanded to ~35% from ~25% a year ago (EBITDA up ~39% to ~₹67 Cr), reflecting a shift toward higher-margin luxury inventory. The sequential picture looks weak — revenue down ~44% and PAT down ~33% versus Q4 FY26 (₹339 Cr / ₹63 Cr) — but that is real-estate seasonality: Q4 is the recognition-heavy quarter and Ind-AS revenue is booked on completion, so the QoQ drop is not the signal; the YoY margin step-up is.
Q1 FY-2027 vs prior quarters
Against management's own FY26-concall guidance the result is a partial delivery: the ~35% EBITDA margin lands at the low end of the guided 35-40% band (met), while operating momentum ran slightly below the guided ~25% pace — pre-sales grew ~20% YoY to ₹787 Cr and collections ~17% to ₹409 Cr (per management's release), against the ~₹7,000 Cr GDV launch pipeline and a ₹42,700 Cr total GDV cited. There is no published Street PAT consensus for a developer of this size (analysts track pre-sales/GDV, not quarterly P&L); the stock fell ~5% after the print, consistent with pre-sales tracking below the guided 25% rather than any profit disappointment.
The stock went into the print at ₹306.25, down 5.2% over the past month of trading.
What the summary numbers don't show
Consolidated EPS ₹2.88 (vs ₹2.28 YoY) — results unaudited, limited review unmodified
Management guides for sustained pre-sales growth similar to the 25% achieved in FY26, driven by a strong launch pipeline of approximately INR 7,000 crores GDV, independent of the delayed Dubai project. They anticipate improved, blended EBITDA margins in the 35-40% range, supported by a favorable sales mix towards luxur
— This quarter: met
Two items to keep separate. The standalone entity swung to a ₹34.73 Cr profit from a ₹1.97 Cr year-ago loss, but that is flattered by a one-time deferred-tax remeasurement from electing the Section 115BAA concessional tax regime and by higher standalone revenue (₹137.7 Cr) — it is not comparable to the consolidated trend and readers should anchor on the consolidated ₹41.96 Cr. Alongside results, the board approved an enabling resolution to raise up to ₹2,250 Cr (₹1,500 Cr NCD + ₹750 Cr equity/convertibles); it is a yearly enabling mandate with no specific issue, and the balance sheet remains conservative at ~0.07x net debt/equity.
W1
Pre-sales pace: Q1 +20% YoY (₹787 Cr) vs guided ~25% — watch if the ~₹7,000 Cr GDV launch pipeline lifts it back toward the FY26 run-rate
W2
EBITDA margin at ~35% sits at the LOW end of the guided 35-40% band — watch luxury sales-mix sustaining/expanding it
W3
₹2,250 Cr fund-raise mandate: watch for any actual QIP/NCD issuance and its dilution/leverage impact against the current 0.07x net D/E
Clear digital filing, ₹ lakhs. Consolidated PBT 52.48 Cr includes ₹0.48 Cr share of JV profit; PAT 41.96 Cr is total (owners 42.28 Cr, NCI -0.32 Cr). No exceptional items on consol. Standalone swung to ₹34.73 Cr profit (from ₹-1.97 Cr yr-ago) aided by a one-time deferred-tax remeasurement on adopting the 115BAA concessional regime (Note 5) — standalone story diverges materially from consolidated. Q4-FY26 comparator is a balancing figure (Note 6).
Informational and educational content only. Not investment advice.