Likhitha Infra Q1 FY27: consolidated PAT down 47% YoY to ₹7.3 Cr as revenue slumps 30%
PAT -47% YoY · revenue -30.5% · margins compressing · miss vs street
₹85.06 Cr
-30.5% YoY
₹7.31 Cr
-47% YoY
8.46%
-2.7pp YoY
₹1.85
Likhitha Infrastructure's consolidated (primary) Q1 FY27 revenue fell 30.5% YoY to ₹85.06 Cr from ₹122.41 Cr, and consolidated PAT fell 47.0% YoY to ₹7.31 Cr (EPS ₹1.85) from ₹13.80 Cr (EPS ₹3.51) a year ago — profit declined faster than revenue, so net margin compressed to 8.46% from 11.15% YoY, despite a QoQ bounce (PAT +78.6% QoQ, OPM up to ~12.9% from 5.96% in Q4 FY26). Standalone tracks consolidated almost exactly (PAT ₹7.34 Cr vs ₹7.31 Cr).
Q1 FY-2027 vs prior quarters
The QoQ margin recovery is largely a base effect rather than a fresh operating improvement: work-in-progress inventory swung ₹10.08 Cr in the company's favour this quarter (from a ₹2.09 Cr build in Q4 FY26 to a ₹10.08 Cr build now), lowering reported contract-execution cost even as revenue itself kept falling. We have no prior management guidance or concall commentary on record for this company, and the filing itself carries no separate press release or management commentary beyond the standard notes (single-segment gas-pipeline-laying disclosure under Ind AS 108, so no guidance verdict is possible either from our records or the filing). No quarter-specific Street estimate could be sourced; the closest available reference is a general analyst call (Univest) for 15-20% PAT growth over FY27 as a whole — this quarter's 47% YoY PAT decline is well off that full-year pace. The quarter's more consequential development sits outside the P&L: a ₹510 Cr order from China Petroleum booked June 26, 2026 — larger than all of FY26 revenue (₹456.73 Cr) — alongside a board-approved ₹600 Cr preferential issue and warrants (June 22, 2026) now working through EGM approvals, which together suggest the company is capitalising for execution capacity even as its current order execution has shrunk sharply.
The stock went into the print at ₹222, down 8.6% over the past month of trading.
What the summary numbers don't show
Standalone (PAT ₹7.34 Cr, EPS ₹1.86) is nearly identical to consolidated — the Saudi subsidiary Likhitha HAK Arabia remains immaterial (₹3.01 lakh comprehensive loss, unreviewed).
W1
Execution ramp on the ₹510 Cr China Petroleum order — watch Q2 FY27 revenue from operations for recovery off the current ₹85.06 Cr quarterly run-rate.
W2
Whether NPM (8.46%) and OPM (~12.9%) hold once the ₹10.08 Cr WIP inventory tailwind that boosted Q1 reverses.
W3
Pricing, dilution and closure of the ₹600 Cr preferential issue/warrants against current paid-up equity capital of ₹19.73 Cr.
Clean typed table, both statements tie out exactly (totalIncome and PBT-tax checks pass to the rupee). Saudi subsidiary Likhitha HAK Arabia is unreviewed and posted only a ₹3.01 lakh comprehensive loss this quarter, so standalone and consolidated are nearly identical.