Bajel Projects Q1 FY27 Results (NSE: BAJEL)
Signal: Revenue declined
The read
The operating trajectory weakened in Q1FY27: revenue declined 6.7% YoY to ₹566.88 Cr, EBITDA declined 5.3% to ₹23.61 Cr and EBIT declined 8.2% to ₹18.66 Cr, while PAT growth of 59.8% to ₹4.73 Cr was primarily non-operating because other income of ₹5.07 Cr was 73.7% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹566.88 Cr | -6.7% | N/A |
| EBIT | ₹18.66 Cr | -8.2% | N/A |
| Net profit | ₹4.73 Cr | 59.8% | N/A |
| EPS | ₹0.41 | 57.7% | N/A |
| EBIT margin | 4.2% |
P&L walk
Revenue declined to ₹566.88 Cr, -6.7% YoY, and EBITDA declined to ₹23.61 Cr, -5.3% YoY, while EBIT fell 8.2% to ₹18.66 Cr; PAT nevertheless rose 59.8% to ₹4.73 Cr because other income of ₹5.07 Cr represented 73.7% of PBT.
Key positives
- Consolidated EBITDA remained positive at ₹23.61 Cr with a reported 4.2% margin despite revenue declining 6.7% YoY.
- EPS rose 57.7% YoY to ₹0.41, broadly tracking PAT growth of 59.8%, with no material dilution signal from the PAT-to-EPS cross-check.
Key concerns
- Revenue declined 6.7% YoY to ₹566.88 Cr, reversing the 25.8% growth recorded in Q4FY26 and indicating a weaker start to FY27.
- EBITDA declined 5.3% YoY to ₹23.61 Cr and EBIT declined 8.2% to ₹18.66 Cr, so the 4.2% operating margin did not translate into operating profit growth.
- Consolidated PAT of ₹4.73 Cr was supported by ₹5.07 Cr of other income, which represented 73.7% of PBT; the 59.8% PAT growth therefore has weak operating quality.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.