B.L. Kashyap Q1 FY27: consolidated PAT falls 8% YoY to ₹10 Cr on margin compression
PAT -7.8% YoY · revenue +2.59% · margins compressing
₹345.12 Cr
+2.59% YoY
₹10 Cr
-7.8% YoY
2.89%
-0.3pp YoY
₹0.44
B.L. Kashyap's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue rose 2.6% YoY to ₹345.12 Cr from ₹336.42 Cr, but consolidated PAT fell 7.8% YoY to ₹10.00 Cr from ₹10.85 Cr, as net margin compressed to 2.90% from 3.20% a year earlier. Basic/diluted consolidated EPS was ₹0.44 versus ₹0.48 in Q1 FY26. There were no exceptional items in either period, so the YoY comparison is clean and not distorted by one-offs. Sequentially, the company swung back to profit from a ₹12.52 Cr consolidated loss in Q4 FY26 (on ₹363.71 Cr of revenue), but that comparison is against a weak base rather than evidence of a sustained acceleration.
Q1 FY-2027 vs prior quarters
Standalone PAT of ₹10.88 Cr came in above the consolidated ₹10.00 Cr this quarter, indicating BLK's subsidiaries and joint venture (BLK Lifestyle, Security Information System (India), BLK Infrastructure, the Soul Space entities, BLK-NCC Consortium) modestly diluted the group's bottom line rather than adding to it — a gap worth tracking if it widens further. On the order-book side, the company announced a ₹91.57 Cr work order from Embassy Development for Verde Phase II, Bengaluru on July 29, 2026, just ahead of this print, which supports near-term revenue visibility though it wasn't large enough to move this quarter's numbers. The filing itself carries no management commentary or press release beyond the results table and limited-review audit reports, and we found no prior formal guidance from the company or published analyst/consensus estimates for this quarter to benchmark the print against — both the guidance and street comparisons are unknown.
The stock went into the print at ₹53.37, down 9.6% over the past month of trading.
W1
Order momentum: the ₹91.57 Cr Embassy Development order (Jul 29, 2026) — watch whether inflow lifts the ~₹345 Cr quarterly revenue run-rate in Q2 FY27.
W2
Margin trajectory: consolidated NPM at 2.90% vs 3.20% YoY — watch whether the ₹10.00 Cr PAT holds after the QoQ recovery from Q4 FY26's ₹12.52 Cr loss.
W3
Standalone-consolidated gap: standalone PAT (₹10.88 Cr) exceeded consolidated (₹10.00 Cr) this quarter — watch whether subsidiary/JV drag widens or narrows next quarter.
No exceptional items in current or year-ago quarter (the ₹37.82 Cr exceptional item appears only in the FY26 full-year column, not either quarterly column); standalone PAT (₹10.88 Cr) runs ~8% above consolidated PAT (₹10.00 Cr) this quarter; figures converted from ₹ Lakhs to ₹ Crore.