Brahmaputra Infra consolidated PAT +37% YoY to ₹20.1 Cr; core margin cools, revenue +31%

Brahmaputra Infrastructure's consolidated Q2 FY27 revenue rose 31.0% YoY to ₹118.12 Cr (from ₹90.19 Cr) and consolidated PAT rose 37.4% YoY to ₹20.11 Cr (from ₹14.64 Cr), with EPS at ₹6.93 versus ₹5.04 a year ago. Sequentially, revenue was up 9.2% and PAT up 22.0% over Q1 FY27 (₹108.19 Cr revenue, ₹16.48 Cr PAT), but for a project-execution business the QoQ move tracks billing milestones rather than any seasonal pattern and is secondary to the YoY read. There is no analyst or consensus coverage tracked for this micro-cap (market cap near ₹470 Cr), so the print cannot be benchmarked against a street estimate.

The margin picture is mixed and worth separating out. Net profit margin (PAT/total income) expanded to 16.9% from 16.1% a year ago and 14.9% last quarter, but the core EPC operating margin (EBITDA — PBT plus finance cost and depreciation, less other income, over revenue from operations) compressed to ~23.3% from ~24.7% YoY, as combined cost of materials and work-in-progress movement rose to 73.8% of revenue from 71.4% a year earlier on a shifting project mix. The net-margin expansion despite that operating compression came from financing: finance costs fell to ₹3.69 Cr from ₹5.32 Cr YoY on a lighter debt load, cushioning the bottom line. Standalone PAT of ₹19.64 Cr (+34.2% YoY) trailed the consolidated growth rate by about 3 points — the gap is the JCC Infraprojects-BIL and Pawan-Brahmaputra JVs being consolidated for the first time this half.

The stock went into the print at ₹172, up 12.7% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Management's only numeric guidance on record — a 22%-plus FY27 EBITDA margin target flagged on the Q1 call — is being met this quarter at ~23.3%, even with the YoY compression noted above. The qualitative order-book target (₹2,500 Cr by FY27 year-end, from a ₹1,600 Cr base cited in August) is progressing: the filing's own notes put the order book, including JVs, at '₹2,000 Cr plus' as of September 30, helped by fresh wins this quarter including an ₹89.73 Cr and a ₹46.63 Cr road-over-bridge contract. The Real Estate segment (PBT ₹3.83 Cr) continues to track the mall-led plan — the filing notes the City Centre mall is 'almost fully operational' with over 150 brands signed, ahead of the FY27 phase-1 launch and the eventual ₹50-60 Cr annual rental target. No exceptional items appear in either period, so the YoY growth is on a clean base.