BEPL Q1: consolidated PAT +43% YoY to ₹65.6 Cr as revenue surges 53%, NPM slips
PAT +42.94% YoY · revenue +53.34% · margins compressing
₹472.15 Cr
+53.34% YoY
₹65.6 Cr
+42.94% YoY
13.61%
-0.8pp YoY
₹2.64
Bhansali Engineering Polymers reported a strong first quarter of FY27 on a consolidated basis, with revenue from operations up 53.3% year-on-year to ₹472.15 Cr (from ₹307.91 Cr) and net profit up 42.9% to ₹65.60 Cr (from ₹45.89 Cr). Sequentially, revenue rose 38.2% and PAT 27.1% over Q4 FY26's ₹341.61 Cr / ₹51.60 Cr. Basic EPS came in at ₹2.64 versus ₹1.84 a year ago. The standalone print is materially the same story — PAT ₹65.14 Cr, EPS ₹2.62 — with the ₹0.46 Cr gap being the equity-method share of joint venture Bhansali Nippon A&L; the two bases do not diverge.
Q1 FY-2027 vs prior quarters
The topline surge was volume/trading-led rather than pure ABS demand: purchase of stock-in-trade jumped roughly 3.9x YoY to ₹75.14 Cr (from ₹19.50 Cr) and cost of materials consumed rose to ₹265.93 Cr (from ₹181.86 Cr). Because the incremental traded volume carries thinner margins, profit grew slower than revenue — net margin eased to 13.89% from 14.37% a year ago and 14.66% last quarter, so PAT growth (+43%) trailed revenue growth (+53%). There are no exceptional or one-off items on either side, so reported and adjusted growth are identical. Other income was slightly lower YoY at ₹9.75 Cr (vs ₹11.36 Cr), and finance costs remain negligible (₹0.09 Cr), reflecting a near-debt-free balance sheet.
The stock went into the print at ₹113.1, up 11.4% 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.
The company gives no formal guidance and no brokerage consensus/preview exists for this small-cap, so the print cannot be benchmarked against a street number. Alongside the results the board declared a Re.1/- (100%) first interim dividend for FY27 (record date 23 July 2026), consistent with its steady payout posture. The read-through into next quarter is a genuinely higher revenue run-rate, but with the margin mix now leaning more on lower-value traded goods — the key thing to watch is whether that mix normalises or continues to dilute profitability.
What to watch
W1
Whether the low-margin traded-goods share (stock-in-trade purchases ₹75.14 Cr this quarter) normalises or keeps diluting net margin below the ~14% band
W2
Net margin trajectory — 13.89% this quarter vs 14.66% in Q4 FY26; recovery or further compression next quarter
W3
JV Bhansali Nippon A&L contribution — ₹0.46 Cr equity-method profit this quarter vs a ₹0.08 Cr drag in Q4 FY26
Source in ₹ Lakh, converted to Cr. Unaudited, limited review (Azad Jain & Co). No exceptional/extraordinary items. Consolidated PBT/PAT exceed standalone only by JV (Bhansali Nippon A&L) equity-method share of ₹0.46 Cr; tax = current ₹25.00 Cr + deferred ₹0.08 Cr. Single segment (specialty thermoplastics). Re.1/- interim dividend declared.