Bedmutha Indus. Q1 FY27 Results (NSE: BEDMUTHA)
Signal: Loss reversed
The read
The operating trajectory improved as revenue rose 74.3% YoY to ₹54,143.33 lakh and EBITDA rose 85.7% to ₹2,097 lakh, but the ₹692.20 lakh consolidated PAT turnaround is not yet clean because ₹1,719.93 lakh of leasehold-rights profit and ₹320.74 lakh other income materially supported PBT; the next test is whether the 3.9% EBITDA margin holds without those gains.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹541.43 Cr | 74.3% | +24.3% |
| EBIT | ₹15.54 Cr | 176.5% | |
| Net profit | ₹6.92 Cr | N/A | |
| EPS | ₹2.15 | N/A | |
| EBIT margin | 3.9% |
P&L walk
Consolidated revenue increased 74.3% YoY to ₹54,143.33 lakh, while EBITDA rose 85.7% YoY to ₹2,097 lakh and margin expanded to 3.9%; the ₹692.20 lakh PAT turnaround was weakened by ₹320.74 lakh other income and a ₹0.55 lakh associate loss.
Segments
Copper drove the quarter with revenue of ₹41,466.42 lakh, +97.4% YoY, while Steel grew 26.1% to ₹12,676.91 lakh; both segments remained profitable at ₹714.03 lakh and ₹842.90 lakh respectively, whereas EPC Projects reported a ₹2.77 lakh loss.
Key positives
- Copper revenue reached ₹41,466.42 lakh, +97.4% YoY, materially outpacing group revenue growth of +74.3% and becoming the main growth engine.
- EBITDA rose 85.7% YoY to ₹2,097 lakh versus revenue growth of 74.3%, a +11.4 percentage-point growth gap, while EBITDA margin expanded 90bps to 3.9%.
- Finance cost declined 61.8% YoY to ₹342.45 lakh from ₹895.69 lakh, supporting the move from a ₹333.50 lakh loss to ₹692.20 lakh consolidated PAT.
Key concerns
- ₹1,719.93 lakh leasehold-rights transfer profit was recognised in the quarter; excluding this disclosed one-off, the ₹692.20 lakh PAT turnaround would be substantially less representative of recurring operations.
- Other income of ₹320.74 lakh represented 46.3% of PBT, so reported profit quality is weaker than the EBITDA recovery suggests.
- Consolidated segment assets increased to ₹76,613.50 lakh while depreciation fell 44.7% YoY to ₹313.10 lakh, creating an asset-base/depreciation mismatch that requires monitoring.
Earnings quality: includes non-operating other income
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