Consol PAT +12% YoY to ₹20.5 Cr, Atyati buy lifts revenue 57% but compresses margins

BLS E-Services posted consolidated revenue of ₹424.44 Cr (+57.3% YoY, +39.6% QoQ) and PAT of ₹20.54 Cr including minority interest (+12.4% YoY, +10.3% QoQ), with basic EPS of ₹0.96 (post the 1:2 share sub-division). The company's own notes flag that this quarter's and half-year's consolidated numbers include Atyati Technologies Private Limited (ATPL), bought for ₹156.82 Cr in cash and consolidated from July 2, 2026, and are therefore explicitly "not comparable with previous period" — so the headline YoY/QoQ jumps overstate organic growth, and profit growth (12.4% YoY) trailed revenue growth (57.3% YoY) by a wide margin.

Margins moved the other way despite the acquisition-led topline jump. Net profit margin (on total income) compressed to 4.80% from 6.62% a year ago and 6.01% last quarter; operating margin eased to 6.78% from 7.41% YoY and 6.98% QoQ — the third straight quarter of NPM decline. The driver sits squarely in the cost base added with ATPL: depreciation and amortisation jumped to ₹5.86 Cr from ₹1.43 Cr sequentially and employee benefit expense nearly tripled to ₹34.65 Cr from ₹11.16 Cr, as newly-recognised acquisition intangibles (₹93.09 Cr) and a provisional goodwill balance of ₹204.30 Cr (up from ₹166.95 Cr, with the purchase price allocation still to be finalised within a year per the filing's note 6) entered the consolidated book.

The stock went into the print at ₹150.96, down 8.1% over the past month of trading.

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

Equity shares sub-divided 1 — 2 (face value ₹10→₹5, record date Oct 6, 2026); EPS for all periods retrospectively restated — basic EPS ₹0.96 for the quarter.

No analyst consensus or brokerage preview for this specific quarter could be located, and the company has issued no formal guidance on record, so both the vs-Street and vs-guidance calls are unknown rather than beat or miss. On the structural side, ATPL's Joint Liability Group lending book was sold for a nominal ₹59.49 lakh to TVAM Technologies in a slump sale approved September 29, 2026 — effectively carving the credit-risk piece out of the newly acquired business almost immediately after consolidation, which should matter for how ATPL's contribution is read going forward. Standalone (parent-only) PAT of ₹4.25 Cr on revenue of ₹28.50 Cr remains a small fraction of the group total, consistent with BLS's existing holding-company structure where most scale sits in subsidiaries and the BC agent network.