Blue Jet Q2 FY27: revenue +127% YoY to ₹375.7 Cr, PAT +97% to ₹102.5 Cr; margins dip

Blue Jet Healthcare's standalone revenue from operations for Q2 FY27 came in at ₹375.7 Cr, up 127.1% year-on-year from ₹165.5 Cr and 28.2% sequentially from ₹293.1 Cr. PAT rose 96.6% YoY to ₹102.5 Cr (from ₹52.1 Cr) and 31.0% QoQ (from ₹78.3 Cr), with basic EPS at ₹5.46 versus ₹3.01 a year ago. No exceptional items appear in the statement, so these are clean reported numbers on both sides of the comparison. There is no Q2-specific Street estimate on record to grade this against — searches turned up only the FY27 full-year consensus (~₹1,180 Cr revenue, ~₹17.3 EPS per Trendlyne-sourced estimates); H1 FY27 revenue of ₹668.9 Cr already covers 56.7% of that full-year number, which is more a flag that the annual estimate may be due for an upward revision than a basis for a beat/miss call on this quarter alone. On margins, the operating (EBITDA) margin — computed consistently with revenue minus operating costs excluding finance cost and depreciation — came in at 31.6% of revenue, down from 33.2% YoY and 33.5% QoQ, so the YoY-primary read is one of margin compression even as absolute profit grew strongly. The driver sits in the "change in inventories" line: it was an unusually large ₹505.6 Cr cost offset in the year-ago quarter versus just ₹83.0 Cr this quarter, making last year's base atypically light on net cost of goods; materials cost alone actually fell as a share of revenue (53.7% now vs 65.5% YoY). Net profit margin (PAT/total income) was 25.5%, versus 27.5% YoY and roughly flat against 25.4% QoQ — the PBT margin was cushioned by finance costs collapsing to ₹0.6 Cr from ₹4.6 Cr YoY and other income rising to ₹26.2 Cr, both aided by the large cash balance built up this quarter. The standout corporate action this quarter was a ₹800 Cr Qualified Institutional Placement — 1.58 Cr shares allotted at ₹506 apiece — which lifted cash and bank balances to ₹401.6 Cr from ₹148.9 Cr at FY26-end and pushed other equity to ₹2,260.7 Cr from ₹1,325.2 Cr. Capital work-in-progress rose to ₹357.9 Cr from ₹301.4 Cr at FY26-end, and H1 FY27 capex (PP&E + intangibles) was ₹76.1 Cr — tracking toward, though at H1 pace running below, management's previously stated ₹250 Cr FY27 capex guidance tied to the Vizag build-out (commercialization still guided for end-FY29–FY30). Management gave no formal numeric revenue or margin guidance at the Q1 FY27 call, so there is no like-for-like target to grade the topline or margin print against beyond the capex figure; the prior concall tone was described as cautious with a cautiously-optimistic short-term outlook, which this print's strong YoY growth does not contradict, though the margin compression is consistent with that caution. No press release or management commentary was filed alongside these results to corroborate or frame the numbers.