Blue Cloud Softech: consolidated PAT -35% YoY on GIX-led D&A surge; revenue +19%

Blue Cloud Softech's consolidated PAT fell 34.9% YoY (-44.1% QoQ) to ₹10.03 Cr even as revenue grew a healthy 18.9% YoY (+2.8% QoQ) to ₹300.80 Cr. Basic EPS dropped even more sharply, to ₹0.11 from ₹0.35 a year ago (-69%), because the ~22.6% increase in share count from the all-share Global Impx Inc (GIX) acquisition (equity capital up to ₹92.31 Cr from ₹75.31 Cr) diluted earnings on top of the lower profit base. On a YoY basis this is a weak bottom-line print despite the top-line growth; there is no formal analyst coverage of the stock (0 analysts per Screener.in), so no street consensus exists to beat or miss. The PAT decline is almost entirely a margin-bridge story below the operating line. EBITDA margin (OPM) actually expanded sharply to 21.2% from 9.4% a year ago (and from 20.4% last quarter), so the core business got more profitable, not less. What ate into it: depreciation and amortisation jumped to ₹42.49 Cr from just ₹1.41 Cr a year ago, as FY26 software licences now amortise for a full period and GIX's intangibles are consolidated for the entire quarter versus only 14 days in Q1 — management's own notes say this makes the YoY comparison not like-for-like. Finance costs also rose to ₹4.92 Cr from ₹0.60 Cr YoY on acquisition-related borrowings. Consolidated tax came in at a 38.4% effective rate versus 20.0% standalone, which is why standalone PAT (₹10.43 Cr) actually exceeds the consolidated figure. Management's FY27 guidance from the last concall called for revenue of roughly ₹3,000 Cr; H1 FY27 consolidated revenue of ₹593.4 Cr tracks well behind the pace needed to hit that, so this quarter reads as missing the guided trajectory unless H2 accelerates sharply. No separate management press release was available with this filing to cross-check framing. The same board meeting that approved these results also approved an MD handover (Bhaskar Nallamilli succeeds Vinod Babu Bollikonda, who remains a non-executive director focused on the company's US business) and a CFO handover (Chirravuri Leeladhar succeeds Telli Rama Rao, who is elevated to Director-Finance) — both effective 14 November 2026, the results date itself. This sets up the next quarter as the first with GIX in the base for a full comparable period, so Q3 should show whether the D&A step-up normalises. Order wins disclosed after the quarter-end — a $15.5M IBM AI-infrastructure order, ₹25 Cr of completed SpaceX work, and MoUs in Ghana and Senegal — aren't in these numbers but will be the test of whether revenue accelerates toward the ₹3,000 Cr guidance.