Blue Jet Health Q2 FY27 Results (NSE: BLUEJET)
Signal: Growth reaccelerated
The read
The revenue recovery strengthened sequentially, with Q2 revenue up 28.2% after Q1's 24.9% sequential rise, but the quality of the rebound is mixed: gross margin fell 1,649bps YoY to 48.55%, EBITDA margin fell 1,050bps to 38.58%, and H1 operating cash flow turned negative at -256.12 million despite PAT of 1,807.81 million; the QIP also caused EPS growth of 81.4% to trail PAT growth of 96.6%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹375.74 Cr | +127.0% | +28.2% |
| Net profit | ₹102.52 Cr | +96.6% | |
| EPS | ₹5.46 | +81.4% | |
| EBIT margin | 38.6% |
P&L walk
Standalone revenue increased to 3,757.44 million, +127.0% YoY and +28.2% QoQ, but gross margin contracted to 48.55% from 65.03% YoY as material and inventory costs rose; EBITDA margin was 38.58%, while PAT grew 96.6% to 1,025.17 million and EPS growth lagged after the QIP.
Key positives
- Revenue from operations reached 3,757.44 million, +127.0% YoY and +28.2% QoQ, extending the sequential recovery from Q1FY27.
- PAT increased to 1,025.17 million, +96.6% YoY and +31.0% QoQ, with finance costs falling 86.1% YoY to 6.41 million.
- PPE plus CWIP increased to 6,257.19 million at September 30, 2026 from 5,542.86 million at March 31, 2026, while depreciation rose 18.0% YoY to 69.23 million, a clean capex-maturity signal.
Key concerns
- Gross margin compressed 1,649bps YoY to 48.55%, with the net material-and-inventory charge rising to 1,933.35 million from 578.66 million; the filing does not disclose the cause.
- H1 operating cash flow was negative at -256.12 million versus +2,071.87 million a year ago, as trade receivables rose to 4,446.52 million and inventories to 2,512.57 million.
- EPS grew 81.4% YoY to 5.46, below PAT growth of 96.6%, following the issuance of 15,810,276 QIP shares.
Research and educational content only. Not investment advice.