Bajaj Steel Q2 FY27: consol PAT -64% YoY to ₹7.70 Cr, revenue -11%, margins halve

Bajaj Steel Industries' consolidated Q2 FY27 (quarter ended Sep 30, 2026) revenue fell 11.1% YoY to ₹155.21 Cr from ₹174.62 Cr, while consolidated PAT dropped 63.8% YoY to ₹7.70 Cr (EPS ₹3.70) from ₹21.28 Cr (EPS ₹10.23) a year ago. Sequentially the picture looks better — revenue rose 29.0% QoQ and the company swung from a ₹0.27 Cr net loss in Q1 FY27 to this quarter's profit — but on a YoY-primary read this is a weak print: both the topline and bottom line are down against last year, and a QoQ recovery off a loss-making base is not comparable in scale to the YoY slide.

Margin compression is the core story: operating margin (OPM, EBITDA/revenue) nearly halved YoY to 8.0% from 18.2%, as material and employee costs did not shrink in step with revenue; net profit margin similarly fell to 5.0% from 12.2% a year ago. Sequentially OPM did recover from Q1 FY27's depressed 4.9%, so the quarter marks a partial stabilisation off a weak base rather than a reversal of the YoY squeeze. No exceptional items appear in the current, year-ago, or prior quarters in either statement, so the YoY decline is not an artefact of one-offs — it is a clean comparison.

The stock went into the print at ₹329.7, down 0.6% over the past month of trading.

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

There is no formal management guidance on record, and a web search turned up no brokerage consensus estimates or Street preview for this quarter — Bajaj Steel is a micro-cap with limited analyst coverage, so both vsStreet and vsGuidance are genuinely unknown rather than a miss or beat. No management press release accompanying this filing was available to cross-check tone against the numbers. The only corporate development in the window is this result's own board meeting (Nov 6, 2026); the AGM (Sep 23) and the two trading-window closures earlier in the quarter were routine procedural items unconnected to the financial outcome.