Nalwa Sons Q1FY27: consolidated PAT steady at ₹26.69 Cr (+3.5% YoY) as trading exit trims revenue -7.3%
PAT +3.51% YoY · revenue -7.32% · margins expanding
₹34.38 Cr
-7.32% YoY
₹26.69 Cr
+3.51% YoY
77.64%
+8.1pp YoY
₹51.96
Nalwa Sons Investments, the Jindal-group investment holding company, posted consolidated PAT of ₹26.69 Cr (owners' share ₹26.66 Cr) for Q1 FY27, up 3.5% YoY from ₹25.79 Cr, on revenue of ₹34.38 Cr, down 7.3% YoY from ₹37.09 Cr. Standalone PAT was ₹23.90 Cr, up 2.8% YoY, telling a broadly consistent story to the consolidated print since the parent entity accounts for the bulk of group earnings; the two are not materially divergent.
Q1 FY-2027 vs prior quarters
The revenue decline is a segment-mix effect, not a weakening core business. The group's incidental 'trading of goods' business (run through subsidiary Jindal Steel & Alloys) contributed nil revenue this quarter versus ₹3.63 Cr a year ago, while a ₹0.11 Cr derecognition gain also didn't repeat. That was partly offset by interest income rising 6.4% YoY to ₹9.45 Cr, and dividend income and fair-value gains holding flat at ₹21.42 Cr and ₹3.51 Cr respectively. Because the trading segment was low-margin (it carried ₹3.61 Cr of purchases of stock-in-trade against similar revenue last year), losing it actually lifted profitability: consolidated NPM expanded to 77.6% from 69.5% YoY, and PBT margin to 98.5% of total income from 88.3% YoY. Net effect: PAT still edged up despite the lower topline.
The stock went into the print at ₹5,636, up 4.7% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
What the summary numbers don't show
EPS (not annualised) — consolidated ₹51.96 vs ₹50.20 YoY vs ₹10.72 QoQ; standalone ₹46.53 vs ₹45.25 YoY vs ₹7.42 QoQ.
The ~26x QoQ jump in PAT (₹5.51 Cr to ₹26.69 Cr) and the 25.5% QoQ revenue rise are not sequential acceleration — they are a dividend-timing artifact. Dividend income was just ₹0.10 Cr in Q4 FY26 versus ₹21.42 Cr in both Q1 FY26 and this Q1 FY27, and segment data confirm the core Investment & Finance segment's PBT swung from ₹8.09 Cr in Q4 to ₹33.85 Cr this quarter almost entirely on that timing; investee dividends evidently land in the June quarter each year. The YoY comparison is the meaningful one, and it shows a broadly flat, steady quarter rather than growth or deterioration.
W1
Whether the trading-of-goods segment (Jindal Steel & Alloys) stays wound down — it swung from ₹3.63 Cr revenue YoY to nil this quarter and was margin-dilutive when active.
W2
Dividend income trajectory from JSPL-group investee holdings — ₹21.42 Cr has now recurred in the June quarter for two straight years; the next test is whether Q2/Q3 stay near-nil as in the FY26 pattern.
W3
Shareholder approval of Mahender Kumar Goel's re-appointment as Whole Time Director, effective 30 November 2026.
Consolidated PAT ₹26.69 Cr includes ₹0.03 Cr NCI (owners' share ₹26.66 Cr); no exceptional items this quarter or year-ago quarter (Q4 FY26 had a negligible ₹0.90L item), so adjusted vs reported YoY growth is the same. Statement headers say 'Unaudited'/Limited Review Report, though the boilerplate notes text says 'statutory auditors...carried out audit' — treated as unaudited (review only) per the auditor's report and column headers. Two subsidiaries (revenue ₹3.55 Cr, PAT ₹2.60 Cr) were reviewed by other auditors per the consolidated review report.