Bizotic H1 FY27: standalone PAT +88% YoY to Rs15.8 Cr, but margin dips, EPS -74% on dilution

Bizotic Commercial's standalone H1 FY27 (half year ended 30 September 2026) revenue came in at ₹200.83 Cr, up 172% YoY from ₹73.78 Cr in H1 FY26, with net profit of ₹15.78 Cr, up 88% YoY from ₹8.38 Cr. There were no exceptional items in either period, so this is a clean YoY comparison. Basic EPS fell 74% to ₹2.73 (half-year, not annualised) from ₹10.42, purely a function of a 7.2x increase in the paid-up equity base rather than weaker fundamentals. Profit growth lagged revenue growth by a wide margin because the cost of stock-in-trade (₹17,424.60 Lacs, ~97% of total expenses) scaled faster than revenue, pulling net profit margin down to 7.86% from 11.35% and PBT margin to 10.57% from 15.18%. Employee costs and finance costs roughly doubled to tripled YoY (₹144.33 Lacs and ₹10.53 Lacs) but remain small next to the cost-of-goods line, so the compression looks like a trading-mix/pricing effect in the core business rather than overhead creep. No brokerage previews or consensus estimates for this micro-cap (BSE scrip 543926) turned up in a web search, and the company has no formal guidance on record in our database or the filing, so both vsStreet and vsGuidance are unknown — flagged rather than guessed. Beyond the board-meeting outcome letter, no separate management press release accompanies this filing, so there is no quoted management framing to reconcile against the print. The paid-up equity base jumped from ₹804.00 Lacs to ₹5,785.20 Lacs via a preferential issue (₹5.742 Cr raised, per the funds-utilization statement, directed to working capital) — the direct cause of the EPS decline. The board separately approved a fresh share capital increase/preferential issue price on 30 September 2026, with an EGM held 23 October 2026, just ahead of this results announcement, meaning further dilution is already in motion. H1 FY27 PAT of ₹15.78 Cr is already 87% of FY26's full audited PAT (₹18.09 Cr) on revenue that is 80% of FY26's full-year revenue (₹250.79 Cr) — H1 alone is tracking close to all of FY26. The next print should be read on whether NPM can hold above the 7.86% H1 level and on how much the share count expands from the newly approved preferential issue.