Bharat Wire Q1 FY27 Results (NSE: BHARATWIRE)
Signal: Revenue declined
The read
The trajectory weakened in Q1FY27: revenue fell 7.9% YoY to ₹13,038.61 lakh, gross margin compressed 624bps to 49.5%, EBITDA margin fell 320bps to 19.8%, and PAT declined 21.7% to ₹1,222.00 lakh; the June 2026 plant restart has not yet translated into reported growth, while the filing does not identify the volume, pricing or mix cause.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹130.39 Cr | -7.9% | -7.8% |
| EBIT | ₹19.28 Cr | N/A | |
| Net profit | ₹12.22 Cr | -21.7% | |
| EPS | ₹1.77 | -22.4% | |
| EBIT margin | 19.8% |
P&L walk
Revenue declined to ₹13,038.61 lakh, -7.9% YoY and -7.8% QoQ, while gross margin compressed to 49.5% from 55.7% YoY and 51.3% QoQ; EBITDA fell to ₹2,586.00 lakh and PAT to ₹1,222.00 lakh, with the filing not disclosing the operating-volume or pricing driver.
Key positives
- Finance costs declined 27.5% YoY to ₹275.71 lakh, partly cushioning the operating decline.
- Basic EPS of ₹1.77 broadly tracked the 21.7% YoY PAT decline, with no material dilution signal.
- The company had received permission to restart manufacturing at the Chalisgaon plant and resumed operations in June 2026, although this filing does not quantify the earnings contribution.
Key concerns
- Revenue declined 7.9% YoY to ₹13,038.61 lakh and 7.8% QoQ, extending the weak trajectory from Q4FY24 revenue of ₹147 crore equivalent.
- Gross margin compressed 624bps YoY to 49.5% as raw-material cost increased to 57.1% of revenue from 56.8%; the filing does not disclose the cause, indicating cost absorption or adverse mix until proven otherwise.
- EBITDA margin fell 320bps YoY to 19.8% and EBITDA declined 14.6% to ₹2,586.00 lakh, while employee cost increased 6.3% YoY to ₹1,770.95 lakh.
- Depreciation rose 13.2% YoY to ₹658.13 lakh without accompanying fixed-asset or CWIP disclosure, limiting assessment of whether new capacity is becoming productive.
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