Bajaj Steel Inds Q4 FY26 Results (NSE: BAJAJST)
Signal: Revenue declined
The read
Q4FY26 marks the worst margin quarter in at least three years, with OPM falling below 5% for the first time, as input cost inflation and weak demand crushed profitability; full-year FY26 consolidated PAT ₹36.91 Cr (-60.2% YoY) reflects a severe cyclical downturn.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹116.76 Cr | -23.9% | -6.8% |
| EBIT | ₹5.62 Cr | -39.6% | |
| Net profit | ₹2.32 Cr | -87.1% | |
| EPS | ₹1.12 | -87.1% | |
| EBIT margin | 4.81% |
P&L walk
Revenue declined 23.9% YoY to ₹116.76 Cr, OPM collapsed 1094bps to 4.81% as raw material costs surged, PAT fell 87.1% to ₹2.32 Cr — the worst margin quarter in the series.
Segments
Single-segment 'Multiple Engineering Products' drives entire consolidated result; no subsidiary-level data disclosed to identify drag lift.
Key positives
- Standalone operating cash flow improved 51.9% to ₹74.89 Cr in FY26, supported by inventory and receivable management.
- Net cash position remains strong at ₹31.21 Cr (standalone), providing buffer against downturn.
- Dividend maintained at ₹1.00 per share, signalling board confidence despite earnings collapse.
Key concerns
- OPM contracted 1094bps YoY to 4.81% — the lowest since at least FY23 — due to input cost inflation and negative operating leverage.
- Consolidated PAT down 87.1% YoY; full-year PAT down 60.2% — earnings quality weak as other income (₹12.35 Cr FY26) contributed 24.7% of consolidated PBT.
- Revenue declined for the fourth consecutive quarter YoY, indicating structural demand weakness in core ginning machinery market.
Earnings quality: includes non-operating other income
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