Bella Casa Fashi H1FY27 Results (NSE: BELLACASA)
Signal: Margin pressure
The read
The trajectory is topline-positive but earnings-negative: H1 revenue reached ₹245.97 crore, up 13.9% YoY, while EBITDA margin fell roughly 305bps to 5.2% and PAT dropped 43.9% to ₹5.02 crore. The immediate thesis risk is whether higher input and manufacturing costs can be passed through; the balance sheet also absorbed ₹13.47 crore of negative operating cash as receivables and inventory expanded.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹245.97 Cr | +13.9% | N/A |
| Net profit | ₹5.02 Cr | -43.9% | |
| EPS | ₹3.75 | -54.8% | |
| EBIT margin | 5.2% |
P&L walk
Standalone H1 revenue was ₹245.97 crore, up 13.9% YoY, but the roughly 5.2% EBITDA margin was about 305bps lower and PAT fell 43.9% to ₹5.02 crore as manufacturing and input costs weighed on earnings; operating cash flow was negative ₹13.47 crore.
Key positives
- Revenue increased 13.9% YoY to ₹245.97 crore, extending the company's topline growth trajectory.
- PPE increased to ₹75.60 crore and CWIP to ₹2.76 crore from ₹1.49 crore at 31 March 2026, supporting the stated integrated manufacturing model.
- The auditor issued an unmodified limited-review conclusion with no material qualification reported.
Key concerns
- EBITDA margin compressed roughly 305bps YoY to 5.2%, showing that cost inflation is currently outpacing operating pass-through.
- PAT fell 43.9% YoY to ₹5.02 crore despite 13.9% revenue growth, indicating substantial earnings conversion pressure.
- Operating cash flow was negative ₹13.47 crore in H1, while trade receivables rose to ₹90.25 crore and inventories to ₹111.75 crore at 30 September 2026.
- EPS declined 54.8% to ₹3.75, materially worse than the 43.9% PAT decline and requiring monitoring for share-count or minority-interest effects.
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