Bemco Hydraulics Q1 FY27 Results (BSE: 522650)
Signal: Margin expansion
The read
The operating trajectory improved sharply: consolidated revenue reached ₹1,558.40 lakh (+33.0% YoY) and EBITDA margin expanded to 29.9% from an implied 23.3%, following four consecutive quarters of YoY margin expansion through Q4FY26; however, ₹137.30 lakh of other income contributed 36.1% of PBT and the reported EPS growth data is internally inconsistent.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15.58 Cr | 33.0% | -58.6% |
| EBIT | ₹4.3 Cr | 83.0% | |
| Net profit | ₹2.72 Cr | 87.6% | |
| EPS | ₹0.62 | -90.6% | |
| EBIT margin | 29.9% |
P&L walk
Consolidated revenue increased to ₹1,558.40 lakh (+33.0% YoY), while EBITDA rose 71.3% and EBITDA margin reached 29.9%; lower other expenses and employee-cost intensity supported operating improvement, although other income of ₹137.30 lakh represented 36.1% of PBT.
Segments
The company reports a single segment, manufacturing of hydraulic press machines and equipment; subsidiaries lifted consolidated revenue to ₹1,558.40 lakh versus standalone revenue of ₹1,330.74 lakh and consolidated PAT to ₹272.40 lakh versus standalone PAT of ₹198.79 lakh.
Key positives
- Consolidated revenue of ₹1,558.40 lakh grew 33.0% YoY, reversing the -3.6% YoY decline in Q4FY26.
- EBITDA rose 71.3% YoY to ₹4.66 Cr versus revenue growth of 33.0%, while EBITDA margin expanded to 29.9% from an implied 23.3%.
- Other expenses declined 26.8% YoY to ₹242.33 lakh and employee cost intensity fell to 25.4% of revenue from 32.3%.
- Standalone revenue grew 49.6% YoY to ₹1,330.74 lakh, materially faster than consolidated revenue growth, indicating stronger parent-company execution.
Key concerns
- Other income of ₹137.30 lakh rose 162.9% YoY and represented 36.1% of consolidated PBT, making the quality of reported profit less operating-driven.
- Gross-margin expansion to 43.7% from 19.0% is substantial, but the filing does not disclose whether it came from input deflation, pricing power or product mix.
- Revenue declined 58.6% sequentially from ₹3,766.52 lakh, indicating substantial quarterly volatility despite YoY recovery.
- The verified EPS growth of -90.6% conflicts with the printed EPS increase from ₹0.33 to ₹0.62, requiring reconciliation before using per-share growth as a clean signal.
Earnings quality: includes non-operating other income
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