Blue Jet Health Q1 FY27 Results (NSE: BLUEJET)
Signal: Margin expansion
The read
Blue Jet's Q1FY27 shows a sequential rebound after a weak FY26, but revenue and profit still trail prior year by double digits. Margin expansion on input cost tailwind is encouraging; however, the subsequent QIP of ₹800 Cr will dilute EPS and the high P/E (48.5x) leaves little room for error.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹293.11 Cr | -17.4% | 24.9% |
| EBIT | ₹106.61 Cr | -13.7% | |
| Net profit | ₹78.26 Cr | -14.2% | |
| EPS | ₹4.51 | -14.3% | |
| EBIT margin | 38.7% |
P&L walk
Revenue down 17.4% YoY but QoQ revived 24.9%; gross margin expanded 480bps YoY to 53.2% on input cost tailwind, lifting EBITDA margin 227bps to 38.7%. PAT fell 14.2% YoY but grew 21.6% QoQ; other income up 84.7% YoY. Subsequent QIP of ₹800 Cr will dilute EPS from Q2 FY27.
Key positives
- Sequential revenue growth of 24.9% QoQ from Q4FY26 low base
- Gross margin expanded 480bps YoY to 53.2% on input cost tailwind
- EBITDA margin improved 227bps YoY to 38.7%
- Other income up 84.7% YoY providing cushion
Key concerns
- Revenue still down 17.4% YoY, indicating demand recovery is early
- Employee cost as % of revenue rose from 4.9% to 6.9% YoY
- Subsequent QIP of ₹800 Cr will dilute equity by ~9%, pressuring EPS
- Valuation at P/E 48.5x vs industry 33.5x is stretched
Research and educational content only. Not investment advice.