Bajaj Electricals: consol. PAT up 2.6x YoY to ₹26 Cr as OPM turns positive; revenue flat

Bajaj Electricals' consolidated Q2 FY27 (quarter ended September 30, 2026) profit after tax came in at ₹26.10 Cr, up roughly 2.6x from ₹9.86 Cr a year earlier, while revenue from operations rose just 1.46% YoY to ₹1,123.32 Cr (company rounds this to 1.5%). Sequentially, PAT fell 46% from ₹48.38 Cr in Q1 FY27, but that Q1 base included an ₹8.78 Cr one-off gain on sale of immovable property plus the seasonally stronger summer quarter for fans and coolers; neither the current nor the year-ago quarter carried any exceptional items, so the YoY comparison itself is clean. No consensus estimate specific to this quarter turned up in public sources, so the print cannot be graded against Street expectations.

The improvement was driven almost entirely by the Consumer Products (CP) segment, where EBIT more than quadrupled to ₹34.07 Cr from ₹7.44 Cr a year ago on revenue up 2.4% YoY to ₹852.72 Cr — still only a ~4.0% EBIT margin, below the 6-7% band management had guided to stabilize at over the next two years. Lighting Solutions (LS) moved the other way: revenue degrew 1.3% YoY to ₹270.60 Cr and EBIT nearly halved to ₹8.39 Cr from ₹21.77 Cr, a ~3.1% margin far short of the double-digit level management had targeted. Company-level EBIT (PBT plus finance costs) rose 51% YoY to ₹49.82 Cr per the press release, and consolidated OPM flipped from -3.34% a year ago to roughly +4.45% this quarter, while NPM improved to 2.32% from 1.31%. Against management's own prior guidance of 8-10% quarterly revenue growth, the 1.46% YoY print is a clear miss even as the margin recovery itself is real.

The stock went into the print at ₹305.75, down 4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

The result landed alongside a significant board-approved leadership transition: Shekhar Bajaj will cease as Executive Chairman effective December 31, 2026, moving to a non-executive 'Chairman Emeritus' role from January 1, 2027, with Sudarshan Sampathkumar stepping in as Non-Executive Independent Chairman; MD & CEO Sanjay Sachdeva's current term was curtailed to March 31, 2027 ahead of a fresh five-year reappointment to March 2032 — governance changes unrelated to the numbers but material to the same filing. Separately, the company disclosed an adverse appellate tax order for a ₹627.36 Lakh demand (October 13) alongside a GST appeal won with penalty reduced to ₹1.28 Lakh, both minor relative to the P&L. Management's own framing — Sachdeva citing PAT up 2.6x year-on-year while continuing to invest behind brands — matches the reported profit jump but does not address the sharp sequential decline or that both segments remain below their respective guided margin targets.