Bhatia Communic. Q1 FY27 Results (BSE: 540956)
Signal: Growth reaccelerated
The read
The trajectory is positive: revenue reached ₹18,999.84 lakh, +70.3% YoY, EBIT grew +77.6% YoY and PAT grew +90.5% YoY, with employee costs up only 31.0% and finance costs down 20.0%; however, EPS growth of +65.5% lagged PAT because the share base expanded, and the filing provides no volume, mix, store-addition or inventory-quality detail.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹190 Cr | 70.3% | +11.7% |
| EBIT | ₹9.61 Cr | 77.6% | |
| Net profit | ₹6.82 Cr | 90.5% | |
| EPS | ₹0.48 | 65.5% | |
| EBIT margin | 5.7% |
P&L walk
Standalone revenue increased to ₹18,999.84 lakh, +70.3% YoY and +11.7% QoQ, while PAT rose to ₹681.67 lakh, +90.5% YoY and +49.9% QoQ; operating costs remained controlled relative to growth, but EPS growth of +65.5% trailed PAT because paid-up capital increased 12.4% YoY.
Key positives
- Revenue increased to ₹18,999.84 lakh, +70.3% YoY and +11.7% QoQ, sustaining strong top-line momentum.
- PAT rose to ₹681.67 lakh, +90.5% YoY, ahead of revenue growth of +70.3%, while other income of ₹68.08 lakh was modest relative to PBT of ₹910.12 lakh.
- Employee costs increased 31.0% YoY to ₹230.02 lakh versus revenue growth of 70.3%, indicating improving cost intensity.
- Finance costs declined 20.0% YoY to ₹50.99 lakh and interest service coverage improved to 49.48x from 24.78x.
- The company declared an interim dividend of ₹0.01 per equity share.
Key concerns
- EPS increased 65.5% YoY to ₹0.48, materially below PAT growth of 90.5%, as paid-up capital rose 12.4% YoY to ₹1,406.52 lakh.
- The filing does not disclose handset/electronics sales volumes, average selling prices, store additions, same-store growth or product mix, limiting assessment of the quality and repeatability of 70.3% revenue growth.
- Inventory changes reduced reported cost by ₹1,064.30 lakh in the quarter; without inventory-day or cash-flow disclosure, the contribution of inventory movements to gross margin cannot be assessed.
Research and educational content only. Not investment advice.