Bedmutha's consolidated PAT turns positive YoY, margin near-zero as costs climb
PAT +132.08% YoY · revenue +63.76% · margins compressing
₹595.55 Cr
+63.76% YoY
₹0.3 Cr
+132.08% YoY
0.05%
+0.3pp YoY
₹0.09
Bedmutha's consolidated revenue rose 63.8% YoY to ₹595.5 Cr (and +10.0% QoQ from ₹541.4 Cr), with the copper segment — now 77% of total revenue — nearly doubling YoY to ₹457.5 Cr from ₹245.1 Cr; steel grew a more modest 16.4% YoY to ₹138.0 Cr. Against that, consolidated PAT came in at just ₹0.30 Cr, versus a ₹0.93 Cr loss a year ago (a YoY turnaround) but down 95.7% from ₹6.92 Cr in Q1 FY27. Net margin collapsed to roughly 0.05% from 1.27% last quarter. The squeeze sits below the operating line: segment profit before finance cost fell 23.4% QoQ to ₹11.91 Cr even as revenue grew, while finance cost rose to ₹11.60 Cr (+34.6% QoQ, +12.9% YoY) and depreciation to ₹7.03 Cr (+29.5% QoQ) — consistent with the company's ongoing capex, with gross block up from ₹193.1 Cr to ₹244.1 Cr and ₹52.1 Cr spent on fixed assets/CWIP in H1 FY27 per the cash-flow statement. Standalone PAT of ₹0.31 Cr is marginally higher than the consolidated ₹0.30 Cr, the gap being the associate-company loss share.
Q2 FY-2027 vs prior quarters
There is no management guidance or prior concall commentary on record to grade this print against, and no management press release accompanied this filing to quote. Street expectations are also absent: Bedmutha carries no visible analyst coverage, so there is no consensus PAT or revenue estimate to compare against — vsStreet is unknown rather than a judged miss or beat. Alongside the results, the board also approved the sale of a 1,000 sq. mtr non-operational land parcel at Sinnar for ₹1.09 Cr to an unrelated third party; this is a balance-sheet/corporate item with no P&L impact in the quarter (no exceptional item was booked), separate from the trading-window closure (Sep 30) and the >5% stake acquisition by S R Foundation & Others (Sep 9) disclosed earlier in the quarter.
The stock went into the print at ₹113.7, up 3.4% over the past month of trading.
What the summary numbers don't show
Nil tax provided (current, deferred and prior-year) despite a ₹0.31 Cr standalone pre-tax profit
W1
Whether copper's share of revenue (77% this quarter, up from ~67% a year ago) keeps growing or reflects a pass-through price move rather than volume gains — watch next quarter's segment split
W2
Finance cost and depreciation trajectory as capex continues (₹94.1 Cr of CWIP still unconverted) — watch whether PBT margin recovers once added capacity is online
W3
Follow-through on the ₹1.09 Cr non-operational land sale and any further asset monetisation the board flags
Consolidated PAT (₹0.2974 Cr) is pre-associate PBT of ₹0.3138 Cr less a ₹0.0164 Cr share of loss from associate Ashoka Precon Pvt Ltd; no exceptional items in either period; nil tax (current/deferred/prior-year) in both standalone and consolidated for the third straight quarter shown.