Bharat Bijlee Q2 FY27: PAT surges 63% YoY to ₹46 Cr as margins expand sharply
PAT +63.09% YoY · revenue +55.49% · margins expanding
₹736.16 Cr
+55.49% YoY
₹46.04 Cr
+63.09% YoY
6.12%
+0.3pp YoY
₹40.73
Bharat Bijlee's standalone revenue from operations came in at ₹736.16 Cr for Q2 FY27, up 55.5% YoY from ₹473.44 Cr and 34.5% QoQ from ₹547.17 Cr. Standalone PAT rose 63.1% YoY to ₹46.04 Cr (from ₹28.23 Cr) and 134.5% QoQ (from ₹19.63 Cr), with EPS at ₹40.73 against ₹24.98 a year ago. Profit grew faster than revenue both YoY and QoQ, so this is a margin-expansion story, not just a volume print. We found no analyst consensus or brokerage preview for this quarter (standard web search), so vs-street positioning is unknown; the company also has no formal guidance on record in our database or found via search, so a vs-guidance verdict cannot be made either way.
Q2 FY-2027 vs prior quarters
The expansion sits on operating leverage: operating profit margin (ex-other income) rose to 7.98% from 7.35% YoY and sharply from 5.27% in the preceding Q1 FY27 quarter, while net profit margin (on total income) improved to 6.12% from 5.82% YoY and 3.52% in Q1. By segment, Power Systems (transformers, turnkey sub-station projects) drove the topline, with revenue up 69.4% YoY to ₹440.11 Cr and segment PBIT up 29.3% YoY to ₹49.18 Cr; Industrial Systems (motors, drives, magnet technology) grew revenue 38.6% YoY to ₹296.05 Cr but more than doubled segment PBIT, up 115.8% YoY to ₹30.00 Cr — the stronger margin mover of the two. Finance costs nearly doubled YoY to ₹7.55 Cr (from ₹3.86 Cr) as short-term bank borrowings rose to ₹395.04 Cr from ₹301.00 Cr at FY26-end, funding a capex ramp (capital work-in-progress up to ₹140.84 Cr from ₹82.56 Cr) and a build-up in inventories to ₹719.17 Cr from ₹474.29 Cr — consistent with Power Systems' lumpy, project-execution-driven revenue recognition rather than a one-off.
The stock went into the print at ₹2,612, up 18.6% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
This print is a sharp reversal from Q1 FY27, when standalone PAT had fallen 30% YoY to ₹19.6 Cr as margins compressed on rising costs — our records show no management commentary or concall read from that quarter to indicate whether this rebound was flagged in advance. No press release or management commentary beyond the filing's own figures and notes was available for this quarter. Two minor tax matters from our event records (a ₹58.3 Lakh income tax demand on October 1, 2026 and a ₹4.58 Lakh IT department fine on September 15, 2026) are both lakh-scale and immaterial against the crore-scale P&L, with no visible impact on this quarter's tax expense. Half-year PAT stands at ₹65.67 Cr versus ₹56.11 Cr YoY (+17.0%), still positive despite the weak Q1 FY27 starting point, underscoring that the H2-opening quarter did the heavy lifting.
W1
Whether OPM holds near 7.98% into Q3 FY27 or reverts toward Q1 FY27's 5.27%, given the swing already seen this year
W2
Finance-cost trajectory as short-term borrowings rose to ₹395.04 Cr (from ₹301.00 Cr) to fund the capex/CWIP ramp to ₹140.84 Cr
W3
Whether Industrial Systems' PBIT more than doubling YoY (+115.8% on +38.6% revenue) is broad-based demand or concentrated in large orders
Company has no subsidiary/associate/JV as of 30.09.2026 (note 3), so only a standalone statement exists; figures are Unaudited, Limited-Reviewed by Deloitte Haskins & Sells. No exceptional/one-off line items in the P&L this quarter or year-ago quarter, so no adjusted-PAT calculation applies. Large OCI swings relate to fair-value movement of equity investments, not P&L.