Bondada Engineer Q1 FY27 Results (BSE: 543971)
Signal: Growth decelerated
The read
The quarter confirms a scaled EPC growth trajectory: consolidated revenue reached ₹69,165.47 lakh, +24.0% YoY, while EBITDA margin was 12.3% and raw-material intensity fell to 49.5% from 57.7%; however, QoQ revenue declined 24.3%, Products revenue fell 4.8% YoY, and finance costs rose 24.6% YoY, so execution cadence and margin durability remain the key watchpoints.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹691.65 Cr | +24.0% | -24.3% |
| EBIT | ₹82.69 Cr | N/A | |
| Net profit | ₹53.94 Cr | +29.3% | |
| EPS | ₹4.74 | +37.0% | |
| EBIT margin | 12.3% |
P&L walk
Revenue rose to ₹69,165.47 lakh, +24.0% YoY and -24.3% QoQ, while EBITDA margin was 12.3%; lower raw-material intensity supported profitability, but finance costs rose 24.6% YoY and PAT growth of 29.3% remained partly below EPS growth of 37.0%.
Segments
EPC remained the earnings engine at ₹60,024.69 lakh of revenue and ₹6,658.81 lakh of segment result, while Services was the fastest-growing segment at +39.4% YoY and Products declined 4.8% YoY; consolidated PAT of ₹5393.74 lakh exceeded standalone PAT of ₹4769.53 lakh by ₹624.21 lakh.
Key positives
- Consolidated revenue increased 24.0% YoY to ₹69165.47 lakh, led by EPC revenue growth of 25.4% and Services growth of 39.4%.
- Gross margin expanded 813bps YoY as raw-material and inventory-related costs declined to 49.5% of revenue from 57.7%; the filing does not disclose the precise driver.
- Consolidated EBITDA margin was 12.3%, above standalone EBITDA margin of 11.8%, while consolidated PAT grew 29.3% YoY to ₹5393.74 lakh.
- Segment assets rose 87.7% YoY to ₹243502.11 lakh while depreciation rose 70.6% to ₹270.17 lakh, a clean asset-base/depreciation relationship consistent with scaling.
Key concerns
- Revenue declined 24.3% QoQ to ₹69165.47 lakh, and Products revenue declined 4.8% YoY to ₹4119.32 lakh, highlighting quarterly execution volatility and weaker product momentum.
- Finance costs increased 24.6% YoY to ₹998.43 lakh and 7.3% QoQ despite the sequential revenue decline.
- Standalone PAT grew 21.0% YoY to ₹4769.53 lakh versus consolidated PAT growth of 29.3%, leaving the group increasingly reliant on subsidiary contributions for incremental profit growth.
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