Shriram Properties Ltd Q1 FY27 Results

Shriram Properties' consolidated PAT fell 46.4% YoY to ₹11.04 Cr (from ₹20.59 Cr in Q1 FY26) as revenue from operations slipped 7.4% YoY to ₹224.28 Cr (from ₹242.32 Cr). Sequentially the drop looks far steeper — PAT down 85.9% and revenue down 65% from Q4 FY26 (₹78.53 Cr PAT on ₹640.88 Cr revenue) — but that comparison is largely a real-estate accounting artifact: Q4 concentrated a disproportionate share of project completions and associated revenue/profit recognition, so the QoQ base is not comparable and shouldn't be read as a sudden deterioration on its own. The YoY trend is the one that matters, and it shows a genuine, if moderate, slowdown.

The bottom-line compression is sharper than the topline decline because margins narrowed: consolidated net profit margin (PAT/total income) fell to 4.07% this quarter from 7.87% a year ago and 11.85% last quarter, and operating profitability (profit before JV share, as a share of revenue from operations) eased to roughly 8.1% from about 13.6% in Q4 FY26. No exceptional items are disclosed on either the standalone or consolidated P&L, so this is a mix/timing effect from which projects hit completion milestones in the quarter, not a one-off charge — hence no adjusted-growth figure is warranted here. Standalone (the holding entity alone) actually swung to a ₹12.82 Cr profit from an ₹8.95 Cr loss a year ago, aided by other income of ₹48.11 Cr, but that too was down sharply from Q4 FY26's ₹38.61 Cr standalone PAT.

The stock went into the print at ₹83.3, down 4.7% over the past month of trading.

Consolidated basic EPS ₹0.65 vs ₹1.21 YoY and ₹4.60 in Q4 FY26

Management's FY27 guidance from the Q4 FY26 call (5–5.5 msf sales volume, ₹3,300–3,500 Cr sales value, ₹2,100–2,200 Cr collections, 3,750–3,800 handovers, ~₹1,740 Cr of completion-linked revenue) cannot be checked against this filing, since the board-outcome letter and financial statements carry no operational metrics (bookings, collections, handovers) for the quarter — that data typically comes via the investor presentation/concall, and an earnings call is scheduled for August 13. No street/consensus estimates for this specific quarter surfaced in search, so vs-Street is marked unknown rather than guessed. Management issued no accompanying press release in the material reviewed, so there is no company framing to reconcile against the numbers. Corporate developments this quarter were largely non-P&L: the company appointed new statutory auditors for a 5-year term (23 Jul), signed a Bengaluru project JDA (15 Jun), saw promoter-linked entities both add (5.91% indirect stake) and trim small stakes, and the same board meeting also approved convening the 5th post-IPO AGM. The auditors retained an unmodified Emphasis of Matter on the October 2024 Enforcement Directorate search at the company's premises, noting no findings have been communicated to date and no adjustments were required to the financials.