Key Financial Figures - Standalone
- Revenue: ₹9.99 Cr (Q1 FY27) vs ₹4.38 Cr (Q1 FY26) - 128% YoY increase
- Other Income: (₹0.36) Cr vs ₹2.62 Cr (Q1 FY26)
- Total Income: ₹9.62 Cr vs ₹7.00 Cr (Q1 FY26)
- Employee Benefits Expense: ₹1.84 Cr vs ₹1.32 Cr (Q1 FY26)
- Finance Costs: ₹0.08 Cr vs ₹0.07 Cr (Q1 FY26)
- PBT: ₹5.79 Cr vs ₹4.01 Cr (Q1 FY26)
- Tax: ₹1.58 Cr vs ₹0.54 Cr (Q1 FY26)
- PAT: ₹4.20 Cr vs ₹3.47 Cr (Q1 FY26)
- PAT Margin: 43.7% vs 49.6% (Q1 FY26)
Key Financial Figures - Core Business
- Revenue: ₹27.54 Cr (Q1 FY27) vs ₹28.40 Cr (Q1 FY26) - 8.7% QoQ decline
- Employee Benefits Expense: ₹5.46 Cr vs ₹3.69 Cr (Q1 FY26) - 50% YoY increase
- Finance Costs: ₹2.13 Cr vs ₹0.32 Cr (Q1 FY26)
- Depreciation & Amortization: ₹2.92 Cr vs ₹1.33 Cr (Q1 FY26)
- PBT: ₹11.92 Cr vs ₹20.02 Cr (Q1 FY26)
- PAT: ₹10.08 Cr vs ₹16.85 Cr (Q1 FY26)
- PAT Margin: 36.7% vs 58.6% (Q1 FY26)
Key Financial Figures - Consolidated (with NCCCL)
- Total Income: ₹186.48 Cr (Q1 FY27)
- PAT: ₹12.37 Cr vs ₹16.85 Cr (Q1 FY26)
- PAT Margin: 6.6% vs 58.6% (Q1 FY26)
- 370% YoY PAT growth on consolidated basis
Business Updates
NCCCL Subsidiary Performance:
- Acquired on August 21, 2025 (54% stake as of March 31, 2026)
- New orders: ₹1,089 Cr in Q1 FY27 (Lodha, Wellspun, Mahindra)
- Revenue growth: +14% YoY
- EBITDA margin: 10.5% (+100 bps YoY)
NiYAM Fund Development:
- SEBI approval received for NiYAM fund
- Strong domestic and global investor response
- Investments to start from Q3 onwards in phased manner
- GIFT City feeder converts NRI appetite into real estate AIF exposure
UAE Operations:
- Headcount increased from 8 to 18 in UAE
- First exit expected by Q3 with over 30% IRR
- New investments deferred to Q2 due to West Asia crisis
- 28% drop in transaction volume in Apr-June 2026
SM REIT: Set to launch in H2 FY27
Industry Context
- India institutional RE investment: $8.5 Bn (all-time high, +29% YoY)
- Domestic capital now 57% of all institutional RE flows
- Private credit deployed $12.4 Bn in CY2025; RE = 40% of all transactions
- AIF market: ₹15+ lakh crore in commitments; RE being largest recipient
- $60.5 Bn FCNR(B) deposits mobilized in <60 days post RBI swap facility
Forward-Looking Scenarios
Management outlined two FY27 scenarios:
Stabilization Case:
- West Asia stabilizes Q2 FY27, Gulf shipping normalizes by H1FY27
- AUM: ₹4,000-5,000 Cr
- Revenue: ₹130-150 Cr (8%-25% growth)
- PAT: ₹65-75 Cr
Recovery Case:
- West Asia de-escalates Q1 FY27, Hormuz passage secured
- AUM: ₹5,000-6,000 Cr
- Revenue: ₹170-200 Cr (41%-66% growth)
- PAT: ₹85-100 Cr
Rationale for Performance
- Revenue impact due to UAE slowdown in Q1
- PAT margin decline due to tax impact, increased team size, acquisition debt, and new fund setup
- Finance cost increase due to NCCCL acquisition debt taken in Q2 FY26
- Headcount increased from 46 to 57 overall
- UAE expansion on plan despite regional challenges
Investor Relations Contacts
- Sakshi Shah, Go India Advisors: sakshis@GoIndiaAdvisors.com
- Raashi Khatri, Go India Advisors: raashi@GoIndiaAdvisors.com