Bajaj Hindusthan Q1 FY27 Results (NSE: BAJAJHIND)
Signal: Loss narrowed
The read
The operating inflection seen in Q4FY26 reversed sharply: consolidated revenue fell 9.8% YoY to ₹1125.97 crore, EBITDA margin contracted 852bps to -10.4%, and sugar segment losses widened to -₹145.75 crore; debt restructuring supports liquidity, but the core earnings trajectory remains highly volatile and loss-making.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,125.97 Cr | -9.8% | -32.5% |
| EBIT | ₹-173.6 Cr | -125.3% | |
| Net profit | ₹-184.65 Cr | -6.3% | |
| EPS | ₹-0.23 | 83.6% | |
| EBIT margin | -10.4% |
P&L walk
Revenue declined to ₹1125.97 crore (-9.8% YoY, -32.5% QoQ), gross margin compressed to approximately 2.7% from 12.1% YoY, EBITDA margin fell to -10.4% from -1.9%, and PAT remained loss-making at -₹184.65 crore versus -₹173.75 crore.
Segments
Sugar drove the consolidated loss with segment revenue of ₹1041.77 crore (-7.1% YoY) and result of -₹145.75 crore versus -₹61.06 crore, while distillery remained profitable at ₹7.58 crore and power dragged with a -₹23.94 crore result.
Key positives
- Debt restructuring provides a moratorium on OCD repayments until March 31, 2031, supporting near-term liquidity.
- Distillery remained profitable at ₹7.58 crore despite a 46.5% YoY revenue decline.
- Other income was only ₹2.31 crore, below 20% of PBT, so the quarterly loss was operational rather than driven by a material other-income distortion.
- Finance cost declined 37.0% QoQ to ₹11.40 crore.
Key concerns
- Sugar segment result deteriorated to -₹145.75 crore from -₹61.06 crore YoY while sugar revenue declined 7.1%, indicating severe operating pressure in the core business.
- Consolidated EBITDA margin fell to -10.4% from -1.9% YoY, extending the earnings volatility after Q4FY26's 22% margin.
- Power segment turned negative at -₹23.94 crore versus -₹22.38 crore YoY, while power revenue fell 69.0% YoY to ₹9.34 crore.
- The filing does not disclose the driver of the approximately 940bps YoY gross-margin compression.
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