Stocks Market
SRM Reports 28% Q1 2026 Revenue Drop Amid BTP and Industry Sector Weakness
SRM saw its Q1 2026 revenue plummet 28% to MAD 37.35 million, driven by a sharp decline in BTP (Bâtiment Travaux Publics) and Industrie sectors. EBITDA turned negative at MAD -7.15 million, reflecting the combined impact of domestic economic slowdowns and global challenges like geopolitical tensions and oil price volatility. The Mécaniques division declined steadily while pièces de rechange fell more dramatically (-38%), amplified by adverse weather conditions affecting project timelines.
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SRM Reveals Q1 2026 Financial Performance
Key Metrics:
- Revenue: MAD 37.35 million (↓28% YoY)
- EBITDA: MAD -7.15 million (vs +1.47M in 2025)
- BTP Sector: ↓20%
- Industrie Sector: ↓23%
Segment Breakdown:
- Mécaniques: -25% due to delayed billing cycles
- Pièces de rechange: -38% impacted by monsoon weather affecting construction projects
- Services: -20% aligned with sector-wide declines
Market Context
The decline coincided with international instability, including Iran-related geopolitical tensions and surging oil prices creating market uncertainty. SRM's performance reflects broader economic headwinds affecting Morocco's industrial sector.