Suratwwala Q1FY27: PAT +75% YoY to Rs.9.3 Cr on Solar scale-up, margin compresses sharply
PAT +75.28% YoY · revenue +164.05% · margins compressing
₹42.12 Cr
+164.05% YoY
₹9.34 Cr
+75.28% YoY
21.88%
-10.3pp YoY
₹0.53
Suratwwala Business Group's consolidated Q1 FY27 (unaudited) print shows revenue from operations up 164% YoY to Rs.42.12 Cr (Rs.15.95 Cr a year ago) and net profit up 75.3% YoY to Rs.9.34 Cr (Rs.5.33 Cr a year ago), with basic EPS at Rs.0.53 versus Rs.0.31 YoY. Because profit growth trails revenue growth by a wide margin, this is a growth print with clear margin compression rather than an unambiguously strong one: consolidated NPM fell to 21.9% from 32.2% YoY, and segment operating margin followed the same path. Sequentially, revenue and PAT are down ~29% from Q4 FY26 (Rs.58.97 Cr revenue, Rs.13.28 Cr PAT) — real estate/EPC revenue recognition is inherently lumpy around project milestones, and Q4 is typically the heaviest execution quarter, so this QoQ dip reads as a sequencing artifact rather than a demand issue.
Q1 FY-2027 vs prior quarters
The margin bridge is a mix-shift story: per the segment note, Solar Unit revenue jumped from Rs.0.82 Cr to Rs.23.25 Cr YoY (now ~55% of segment revenue versus ~5% a year ago), while Real Estate revenue grew a steadier 25.2% YoY to Rs.19.02 Cr. Segment PBT tells the same story — Real Estate Rs.8.92 Cr (+25.8% YoY) versus Solar Rs.4.03 Cr (up from Rs.0.11 Cr YoY) — confirming the Solar business is scaling fast but at thinner margins, diluting the consolidated ratio even as absolute profit rises. Standalone (real-estate only, ex-Solar) PAT grew a much more modest 25.8% YoY to Rs.6.60 Cr on 25.2% revenue growth to Rs.19.02 Cr — a sharp divergence from the consolidated print that is entirely attributable to Solar-subsidiary consolidation, not a change in the core real estate business.
The stock went into the print at ₹25.97, up 6.3% over the past month of trading.
For context: PAT has now risen for 3 consecutive quarters.
Our records carry no prior management guidance or concall read for this company, and no formal outlook was found in this filing either — so the print cannot be graded against guidance. No quarter-specific street consensus for Q1 FY27 was found; the only external estimate located was a full-year FY27 PAT growth projection of roughly 15-20% (Univest), which this quarter's YoY pace already runs well ahead of, though that is a full-year run-rate rather than a quarterly estimate, so vsStreet is marked unknown. Company developments this quarter include the June 19 investor meet highlighting FY26 performance (revenue up 301% to Rs.142.99 Cr, per our event records) and a Rs.100 Cr order pipeline, the trading-window closure from July 1 ahead of results, and the Board's August 13 approval of both the Q1 results and a final FY26 dividend of Rs.0.12/share (12%), record date September 11, 2026. No separate management press release was available in the context to check framing against.
W1
Whether Solar segment revenue holds near this quarter's Rs.23.25 Cr run-rate or reverts toward the Rs.0.82 Cr year-ago base — it currently determines whether consolidated growth stays well above standalone's ~25% pace
W2
Consolidated NPM trajectory — fell to 21.9% this quarter from 32.2% YoY; watch whether the Solar mix stabilizes margins at this lower level or recovers as project mix shifts
W3
Whether Q2 FY27 reverses the ~29% QoQ revenue/PAT decline, tracked against the ~Rs.100 Cr order pipeline the company cited at its June 19, 2026 investor meet
Both statements are reported in Rs. Lakhs (segment note explicitly says 'Rs. in Lakhs' and cross-checks exactly against the Cr comparison context) — converted /100 throughout. No exceptional items in any period. Consolidated PAT carries a Rs. 0.20 Cr share-of-loss from an associate (nil year-ago) and folds in two subsidiaries reviewed by other auditors (Rs. 23.25 Cr revenue, Rs. 3.02 Cr PAT per the limited review report). Consolidated growth is driven almost entirely by the Solar Unit segment (Rs. 0.82 Cr to Rs. 23.25 Cr YoY revenue); standalone real-estate-only growth is far more moderate — a material basis divergence.