Bizotic Commer. H1FY27 Results (BSE: 543926)
Signal: Margin pressure
The read
The trajectory is rapid top-line expansion but weaker economic quality: revenue grew 172.18% while stock/service costs grew 191.78%, compressing gross margin 581bps to 13.50%; EBITDA rose only 90.37%, operating cash flow was negative ₹963.32 lakh and EPS fell 73.80% after equity dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹200.83 Cr | +172.18% | N/A |
| Net profit | ₹15.78 Cr | +88.31% | |
| EPS | ₹2.73 | -73.80% | |
| EBIT margin | 11.06% |
P&L walk
Revenue increased to ₹20,083.33 lakh, +172.18% YoY, but stock/service costs grew +191.78%, compressing gross margin by 581bps; EBITDA grew +90.37% to ₹2,221.26 lakh, well below revenue growth, while PAT rose +88.31% to ₹1,577.82 lakh and EPS fell 73.80% because the equity base expanded.
Key positives
- Revenue increased +172.18% YoY to ₹20,083.33 lakh, extending the company's high-growth trajectory.
- PAT rose +88.31% YoY to ₹1,577.82 lakh despite zero other income and no exceptional item.
- Finance costs remained modest at ₹10.53 lakh, equal to approximately 0.05% of revenue, despite higher borrowings.
Key concerns
- Gross margin compressed 581bps to 13.50% as purchase of stock in trade and cost of service rose to 86.50% of revenue from 80.69%; the filing provides no explanation.
- EBITDA grew +90.37% to ₹2,221.26 lakh, materially below revenue growth of +172.18%, and EBITDA margin fell 475bps to 11.06%.
- Operating cash flow was negative ₹963.32 lakh versus negative ₹450.14 lakh, with loans and advances increasing to ₹5,806.77 lakh and trade receivables to ₹10,055.85 lakh.
- EPS declined 73.80% to ₹2.73 despite PAT growth because paid-up equity capital expanded to ₹5,785.20 lakh from ₹804.00 lakh.
Research and educational content only. Not investment advice.