Behari Lal Engg. Q1 FY27 Results (NSE: BLEL)
Signal: Steady quarter
The read
The key trajectory is healthy YoY operating growth—revenue ₹1,516.74 million, +18.0%, and PAT ₹191.94 million, +24.5%—but sequential quality weakened: PAT fell 10.3% because other income dropped 70.0% from ₹72.53 million to ₹21.74 million, while employee and other expenses grew faster than revenue YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹151.67 Cr | +18.0% | +15.6% |
| EBIT | ₹26.19 Cr | N/A | |
| Net profit | ₹19.19 Cr | +24.5% | |
| EPS | ₹4.92 | +24.6% | |
| EBIT margin | 19.6% |
P&L walk
Standalone revenue grew 18.0% YoY and EBITDA margin was 19.6%; PAT grew 24.5% YoY, but sequential PAT declined 10.3% as other income fell 70.0% from the preceding quarter.
Key positives
- Revenue increased to ₹1,516.74 million, +18.0% YoY and +15.6% QoQ, indicating a strong sequential recovery in the steel-products business despite no disclosed volume or realisation split.
- PAT rose 24.5% YoY to ₹191.94 million and EPS rose 24.6% to ₹4.92, with unchanged paid-up capital of ₹390.39 million; the PAT-to-EPS relationship is clean.
- EBITDA was ₹297.30 million with a reported 19.6% margin, while finance costs remained low at ₹4.32 million.
Key concerns
- Other expenses increased 22.7% YoY and employee costs increased 21.2%, both faster than revenue growth of 18.0%, limiting evidence of operating leverage.
- PAT declined 10.3% QoQ as other income fell 70.0% from ₹72.53 million to ₹21.74 million, making the sequential earnings profile less robust.
- Depreciation increased 26.4% YoY to ₹35.48 million, but the filing does not provide fixed-asset or CWIP data to determine whether this reflects productive new capacity.
Research and educational content only. Not investment advice.