Batliboi Q2 FY27 Results (NSE: BATLIBOI)
Signal: Growth decelerated
The read
The quarter marks a sharp consolidated recovery from Q1FY27's ₹49.10 lakh PAT to ₹662.26 lakh, but the trajectory is mixed: revenue accelerated 21.82% YoY while EBITDA margin declined 83bps to 6.65%, and the ₹2.08 lakh standalone PAT shows that earnings remain heavily subsidiary-led.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹147.33 Cr | +21.82% | +17.58% |
| EBIT | ₹7.63 Cr | +1.43% | |
| Net profit | ₹6.62 Cr | +8.59% | |
| EPS | ₹1.4 | +7.69% | |
| EBIT margin | 6.65% |
P&L walk
Consolidated revenue rose 21.82% YoY to ₹14,732.53 lakh, but gross margin declined 142bps to 34.27% and EBITDA margin fell 83bps to 6.65%; PAT still grew 8.59% to ₹662.26 lakh, helped by the subsidiary base and higher other income.
Segments
The group operates as one reported Industrial Equipment segment, but subsidiaries are driving the consolidated result: consolidated PAT was ₹662.26 lakh versus standalone PAT of only ₹2.08 lakh, while standalone revenue grew 5.10% YoY compared with 21.82% for the group.
Key positives
- Consolidated revenue rose 21.82% YoY to ₹14,732.53 lakh and 17.58% QoQ, recovering from the ₹6,954.00 lakh revenue base in Q1FY27.
- Consolidated PAT increased 8.59% YoY to ₹662.26 lakh and rebounded from ₹49.10 lakh in the prior quarter, with no exceptional item recorded in the quarter.
- PPE increased to ₹23,688.53 lakh from ₹21,537.50 lakh while depreciation rose 42.16% to ₹216.11 lakh, a clean depreciation-to-asset-base signal.
- The group reported ₹74,133.39 lakh of business handled including agency business, providing a disclosed activity indicator beyond reported revenue.
Key concerns
- EBITDA margin fell 83bps YoY to 6.65% despite 21.82% revenue growth, with derived EBITDA growth of 8.28% lagging the top line.
- Standalone PAT fell 99.43% YoY to ₹2.08 lakh from ₹362.87 lakh, while standalone revenue grew only 5.10%; consolidated earnings quality is therefore dependent on subsidiaries.
- Cash flow from operations was negative at ₹1,113.78 lakh for H1FY27 despite ₹995.41 lakh of pre-tax profit, as inventories increased by ₹1,800.40 lakh and trade receivables absorbed ₹2,264.93 lakh.
- Finance costs rose 21.81% YoY to ₹154.64 lakh, while consolidated borrowings were ₹10,107.20 lakh at 30 September 2026 versus ₹8,031.57 lakh at 31 March 2026.
Research and educational content only. Not investment advice.