3B Blackbio Q1 FY27 Results (NSE: 3BBLACKBIO)
Signal: Margin pressure
The read
The growth engine remains diagnostic kits, but Q1FY27 marks a sharp quality deterioration: consolidated revenue rose 50.7% YoY while EBITDA fell 9.2%, margin contracted 942bps to 43.8%, and PAT fell 24.3%; the 46.4% other-income contribution to PBT and the ₹55.35 lakh minority loss make reported earnings less representative of operating momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹33.49 Cr | 50.7% | -5.5% |
| EBIT | ₹13.32 Cr | -16.1% | |
| Net profit | ₹9.53 Cr | -24.3% | |
| EPS | ₹10.48 | -29.0% | |
| EBIT margin | 43.8% |
P&L walk
Revenue increased to ₹3349.08 lakh (+50.7% YoY, -5.5% QoQ), led by diagnostic kits, but EBITDA declined 9.2% and margin compressed to 43.8% from 53.2% YoY; PAT fell 24.3% to ₹953.19 lakh, with EPS down 29.0% to ₹10.48 and non-operating other income equal to 46.4% of PBT.
Segments
Diagnostic kits drove the group with ₹3205.74 lakh of revenue and ₹1332.16 lakh of segment profit, while agrochemicals fell to ₹143.34 lakh of revenue and only ₹0.03 lakh of profit; consolidated PAT of ₹953.19 lakh was also far below standalone PAT of ₹1411.21 lakh.
Key positives
- Diagnostic kits revenue increased to ₹3205.74 lakh, up 60.6% YoY, and represented approximately 95.7% of consolidated operating revenue.
- Consolidated gross margin expanded approximately 245bps YoY to 77.5% as materials consumed declined to 23.4% of revenue from 25.3%.
- Standalone EBITDA rose 16.9% YoY to ₹1859 lakh and standalone EBITDA margin expanded 288bps to 81.0%.
- Agrochemicals returned to a ₹0.03 lakh segment profit from a ₹4.36 lakh loss YoY, although on materially lower revenue.
Key concerns
- Consolidated EBITDA fell 9.2% despite revenue growth of 50.7%, with EBITDA margin compressing 942bps to 43.8%.
- Consolidated PAT attributable to owners fell 24.3% to ₹953.19 lakh, while the subsidiaries and group structure produced a ₹55.35 lakh non-controlling-interest loss.
- Employee costs rose 384.2% YoY to ₹854.74 lakh and other expenses rose 188.4% to ₹886.91 lakh on a consolidated basis.
- Standalone and consolidated performance diverged materially: standalone PAT rose 13.2% to ₹1411.21 lakh while consolidated PAT attributable to owners fell 24.3% to ₹953.19 lakh.
Earnings quality: includes non-operating other income
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