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Latest filing: 2026-08-14 13:49
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Garnet Construction Reports ₹1.04 Cr Net Loss in Q1 FY27 as Revenue Turns Negative
Garnet Construction reported a sharp decline in performance for Q1 FY27, posting a net loss of ₹1.04 Cr compared to a profit of ₹18.21 Cr in the same quarter last year. Revenue from operations was reported at -₹12.92 Lacs, a significant drop from ₹40.39 Cr in June 2025. The company follows Ind AS 115, recognizing revenue only upon delivery of units, which leads to highly volatile quarterly results. Despite the quarterly loss, the company maintains a low debt-to-equity ratio of 0.06 and a very low TTM P/E of 2.3.
Confidence: HIGH
What changedThe company swung from a high-profit quarter to a net loss due to the absence of project deliveries during the April-June 2026 period.
Why it mattersFor real estate firms using the delivery-based revenue model, quarterly P&L statements often do not reflect actual sales or construction progress, making inventory and cash flow more critical metrics.
Revenue (Q1 FY27): ₹(12.92) LacsNet Profit (Q1 FY27): ₹(103.79) LacsYoY Revenue Growth: -100.3%Debt-to-Equity Ratio: 0.06TTM P/E Ratio: 2.3
📅 Short termThe stock may face downward pressure due to the reported loss and negative revenue figure, which might alarm retail investors unaware of the lumpy nature of real estate accounting.
📈 Long termThe company's long-term value depends on its ability to complete and deliver its project pipeline; the low valuation and high ROCE (41%) suggest potential if execution remains consistent.
⚠ Risk flags
- Extreme revenue volatility due to Ind AS 115 accounting
- Negative revenue reported for the quarter
- Micro-cap liquidity risk
Key Highlights
Net Loss of ₹103.79 Lacs for the quarter ended June 30, 2026, vs a profit of ₹1,821.10 Lacs YoY.
Revenue from operations fell to -₹12.92 Lacs from ₹4,038.98 Lacs in the year-ago period.
Total expenses reduced drastically to ₹95.33 Lacs from ₹1,602.42 Lacs YoY, reflecting lower project activity.
Earnings Per Share (EPS) dropped to -₹0.75 from ₹13.10 in June 2025.
Inventory levels saw a change of -₹202.34 Lacs during the quarter.
👀 What to Watch
Investors should focus on the project completion and delivery schedule rather than quarterly fluctuations, as revenue is only recognized upon possession under current accounting standards.
₹1.04 Cr Net Loss for Garnet Construction in Q1 FY27 as Revenue turns negative
Garnet Construction reported a net loss of ₹1.04 crore for Q1 FY27, a sharp decline from the ₹18.21 crore profit recorded in Q1 FY26. Revenue from operations was negative at ₹(12.92) lakhs, compared to ₹40.39 crore in the previous year's corresponding quarter. This volatility is primarily due to the company's accounting policy of recognizing revenue only upon the delivery of units (Ind AS 115). While the headline numbers are poor, the company added ₹2.02 crore to its inventory, suggesting ongoing project development. Investors should note that quarterly results for this company are often not representative of its annual performance.
Confidence: HIGH
What changedThe company swung from a high-delivery, high-profit quarter last year to a non-delivery, loss-making quarter this year.
Why it mattersIt demonstrates the extreme volatility in real estate earnings under Ind AS 115, where financial performance is tied to project completion cycles rather than steady progress.
Net Profit (Q1 FY27): (103.79) LacsRevenue (Q1 FY27): (12.92) LacsInventory Change: (202.34) LacsRevenue vs TTM Revenue: ~0%Market Cap: ₹90 Cr
📅 Short termNegative sentiment is expected due to the reported loss and negative revenue figure, despite the accounting-driven nature of the results.
📈 Long termStructural performance depends on the successful completion and handover of the current inventory; the low debt (D/E 0.06) provides some cushion.
⚠ Risk flags
- Extreme earnings volatility
- Revenue recognition timing risk
- Small-cap liquidity risk
Key Highlights
Net Loss of ₹103.79 Lacs in Q1 FY27 compared to a profit of ₹1,821.10 Lacs in Q1 FY26
Revenue from operations fell to negative ₹12.92 Lacs from ₹4,038.98 Lacs YoY
Inventory increased by ₹202.34 Lacs during the quarter, indicating ongoing construction activity
Earnings Per Share (EPS) dropped to ₹(0.75) from ₹13.10 in the year-ago period
👀 What to Watch
Investors should monitor project completion and delivery schedules rather than quarterly profit, as revenue recognition is lumpy and dependent on final unit handovers.
