Bajaj Electrical Q2 FY27 Results (NSE: BAJAJELEC)
Signal: Steady quarter
The read
The operating inflection remains concentrated in Consumer Products: its PBIT margin reached 4.0% versus 0.9% YoY, but group momentum is diluted by Lighting Solutions margin falling to 3.1% from 7.9% and H1 operating cash flow remaining negative at ₹4,296 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,123.32 Cr | +1.5% | +3.1% |
| EBIT | ₹42.46 Cr | +45.4% |
P&L walk
Standalone revenue was ₹112,332 lakh, up 1.5% YoY and 3.1% QoQ; aggregate segment PBIT increased 45.4% YoY to ₹4,246 lakh, led by Consumer Products, while Lighting Solutions PBIT declined 61.4% YoY to ₹839 lakh and finance cost rose 21.1% YoY to ₹1,537 lakh.
Segments
Consumer Products drove the recovery: revenue rose 2.4% YoY to ₹85,272 lakh and PBIT jumped 358.5% to ₹3,407 lakh, while Lighting Solutions revenue fell 1.3% to ₹27,060 lakh and PBIT dropped 61.4% to ₹839 lakh.
Key positives
- Consumer Products PBIT rose 358.5% YoY to ₹3,407 lakh and its margin expanded to 4.0% from 0.9%, extending the EBIT-positive recovery referenced in recent company context.
- Consumer Products revenue grew 2.4% YoY to ₹85,272 lakh despite consolidated revenue growth of only 1.5%, indicating the current operating recovery is concentrated in the core consumer franchise.
Key concerns
- Lighting Solutions PBIT fell 61.4% YoY to ₹839 lakh, with margin compressing to 3.1% from 7.9%; this offset part of the Consumer Products improvement.
- H1 operating cash flow was negative at ₹4,296 lakh versus negative ₹2,504 lakh in H1FY26, despite H1 profit before tax of ₹9,969 lakh disclosed in the cash-flow statement.
- Finance cost rose 21.1% YoY to ₹1,537 lakh in Q2, limiting conversion of the segment PBIT improvement into bottom-line earnings.
Research and educational content only. Not investment advice.