Bhageria Indust. Q2 FY27 Results (NSE: BHAGERIA)
Signal: Margin expansion
The read
The key inflection is a return to strong profitability after the prior series' Q3FY26-Q4FY26 margin pressure: Q2FY27 revenue grew 121.2% YoY and derived operating margin reached 18.2%, while gross margin expanded 448bps; however, H1 operating cash flow of ₹5,254.17 lakh fell 48.7% YoY as receivables increased by ₹6,414.51 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹453.01 Cr | +121.2% | +59.5% |
| EBIT | ₹74.47 Cr | +456.4% | |
| Net profit | ₹58.29 Cr | +378.2% | |
| EPS | ₹13.35 | +378.5% | |
| EBIT margin | 18.2% |
P&L walk
The supplied filing text includes consolidated-results references and segment disclosures but not the consolidated P&L face; consolidated line items are therefore not populated.
Segments
The filing identifies Chemicals, Solar Power, Pharma and Others as reportable segments, but the supplied segment table is OCR-degraded and does not provide reliably transcribable current-quarter values; no segment-level driver is asserted.
Key positives
- Revenue reached ₹45,300.95 lakh, +121.2% YoY and +59.5% QoQ, reversing the weaker growth base seen in the prior quarter series.
- Gross margin expanded 448bps YoY to 27.7% while raw-material cost declined to 62.2% of revenue from 62.8%; the filing does not disclose whether this reflects pricing, mix or input-cost deflation.
- Derived operating margin rose to 18.2% from approximately 11.3% YoY as employee cost grew 10.8% and other expenses grew 29.6%, both materially below revenue growth.
- PAT increased 378.2% YoY to ₹5,828.51 lakh and EPS increased 378.5% to ₹13.35, with EPS tracking PAT.
Key concerns
- H1 operating cash flow declined 48.7% YoY to ₹5,254.17 lakh versus H1 PBT of ₹12,722.59 lakh.
- Trade receivables increased to ₹22,352.06 lakh from ₹15,937.55 lakh at March 31, 2026, while the cash-flow statement recorded a ₹6,414.51 lakh receivables outflow.
- Finance costs increased 100.6% YoY to ₹92.61 lakh, albeit from a low base.
- The filing does not disclose the volume-realisation split or the specific reason for the 448bps gross-margin expansion.
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