Texmaco Infra Q1FY27: consolidated PAT down 52% YoY to ₹1.62 Cr as margins compress
PAT -52.36% YoY · revenue -10.8% · margins compressing
₹3.61 Cr
-10.8% YoY
₹1.62 Cr
-52.36% YoY
19.44%
-14.2pp YoY
₹0.13
Texmaco Infrastructure & Holdings reported consolidated PAT of ₹1.62 Cr for Q1 FY27 (quarter ended June 30, 2026), down 52.4% year-on-year from ₹3.40 Cr in Q1 FY26, even as it rose sharply quarter-on-quarter from a weak ₹0.69 Cr in Q4 FY26 — the QoQ jump is a low-base effect and should not be read as momentum given the YoY decline. Consolidated revenue from operations fell 10.8% YoY to ₹3.61 Cr (also down 17.3% QoQ), and net profit margin compressed to 19.5% from 33.6% a year ago, even though it expanded from an unusually weak 8.3% in the prior quarter.
Q1 FY-2027 vs prior quarters
The margin and revenue pressure trace to the non-real-estate segments: Mini Hydro power-generation revenue nearly halved YoY to ₹0.48 Cr and swung to a ₹0.61 Cr segment loss (from a ₹0.07 Cr profit in Q1 FY26), consistent with lower water availability in this pre-monsoon quarter, while HQSL's job-work/manpower-services business — consolidated only, not present in the standalone numbers — saw revenue slip 11.1% YoY to ₹1.46 Cr and posted a ₹0.04 Cr segment loss. Real estate, the core segment, held up better on revenue (+3.7% YoY to ₹1.86 Cr) but its segment PBIT of ₹3.34 Cr was down 16.9% YoY; it is now effectively the sole profitable segment carrying the group, with the associate Lionel India's ₹0.40 Cr equity-accounted contribution adding to consolidated PBT of ₹2.30 Cr.
The stock went into the print at ₹114, up 1.3% over the past month of trading.
What the summary numbers don't show
Standalone PAT was ₹1.20 Cr on revenue of ₹2.26 Cr with EPS ₹0.09 — consolidated EPS was ₹0.13, both non-annualised.
There is no formal management guidance or prior concall commentary on record for this company, and no management press release accompanied this filing beyond the standard board-outcome letter, so the print cannot be benchmarked against company-stated targets. A web search for quarter-specific analyst estimates turned up nothing usable — the only public figure found was a generic FY27 full-year PAT growth call (15-20%) from a retail-research blog, which is not a verifiable quarterly consensus and is not treated as a street benchmark here. The quarter's other corporate action was the board approving a further ₹7.36 Cr investment (rights-issue subscription) in wholly-owned subsidiary High Quality Steels Ltd, which runs the loss-making job-work/manpower-services segment, plus approval to align the company's MOA/AOA with the Companies Act, 2013 — neither is a P&L item. No exceptional items appear in either statement for the current or comparative periods, so the YoY profit decline is on a like-for-like operating basis.
W1
Mini Hydro segment: revenue was ₹0.48 Cr this quarter (₹0.79 Cr a year ago) with a ₹0.61 Cr PBIT loss; watch for a return to segment profitability as generation normalises.
W2
HQSL (job-work/manpower services): revenue ₹1.46 Cr this quarter versus ₹1.64 Cr a year ago and a ₹0.04 Cr PBIT loss; watch whether the fresh ₹7.36 Cr capital infusion translates into revenue/margin recovery.
W3
Real estate segment PBIT of ₹3.34 Cr is currently offsetting losses elsewhere; its trajectory is the key swing factor for consolidated profitability next quarter.
Figures in ₹ Lakh in source, converted to ₹ Crore (÷100). No exceptional items in either statement across any period shown. Consolidated PAT of ₹1.6202 Cr is the total (incl. non-controlling interest ₹0.1191 Cr); owners-of-parent share is ₹1.5011 Cr. Consolidated PBT includes ₹0.4013 Cr share of associate (Lionel India) profit. Auditor's consolidated review report flags two subsidiaries/step-down subsidiaries (assets ₹49.65 Cr) reviewed by other auditors, unmodified conclusion.