Bedmutha Indus. Q2 FY27 Results (NSE: BEDMUTHA)
Signal: Loss reversed
The read
The inflection is revenue acceleration without margin conversion: sales rose 63.8% YoY to ₹59,554.90 lakh, but gross margin contracted 434bps to 9.6% and EBITDA margin fell 137bps to 1.45%; PAT recovery to ₹692.75 lakh is therefore less durable until copper profitability improves.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹595.55 Cr | +63.8% | +10.0% |
| Net profit | ₹6.93 Cr | N/M (loss to profit) | |
| EPS | ₹2.15 | N/M (loss to profit) | |
| EBIT margin | 1.45% |
P&L walk
Consolidated revenue increased to ₹59,554.90 lakh, +63.8% YoY and +10.0% QoQ, but gross margin compressed to 9.6% from 14.0% as material and purchase costs reached 90.4% of revenue; EBITDA fell 16.1% YoY to ₹861.47 lakh and PAT recovered to ₹692.75 lakh from a ₹92.85 lakh loss.
Segments
Copper drove revenue with ₹45,751.75 lakh of sales but generated a ₹6.21 lakh loss, while Steel contributed ₹13,803.15 lakh of revenue and ₹631.26 lakh of segment result; EPC Projects contributed ₹0.51 lakh of result.
Key positives
- Revenue reached ₹59,554.90 lakh, up 63.8% YoY and 10.0% QoQ, accelerating from the 30.4% YoY growth recorded in Q3FY26.
- PAT recovered to ₹692.75 lakh from a ₹92.85 lakh loss in the year-ago quarter.
- H1 operating cash flow was ₹5,511.28 lakh against H1 pre-tax profit of ₹1,282.08 lakh, providing cash support despite the weak quarterly margin.
Key concerns
- Gross margin compressed 434bps YoY to 9.6% as raw-material, stock-in-trade and inventory-change costs rose to 90.4% of revenue; the filing does not disclose the cause.
- EBITDA declined 16.1% YoY to ₹861.47 lakh despite 63.8% revenue growth, and EBITDA margin fell 137bps YoY and 337bps QoQ to 1.45%.
- Copper generated ₹45,751.75 lakh of revenue but a ₹6.21 lakh segment loss, making the largest revenue contributor a drag on operating profitability.
Research and educational content only. Not investment advice.