Bombay Dyeing Q1 FY27 Results (NSE: BOMDYEING)
Signal: Steady quarter
The read
The quarter shows a fragile earnings recovery: revenue rose 8.7% to ₹410.8 crore, but material cost increased to 86.9% of revenue from 68.1%, EBITDA fell 0.4% to ₹22.54 crore, and PAT fell 48.7% to ₹7.08 crore; the THREE ICC launch creates a real-estate growth option but currently adds ₹12.94 crore of segment loss and ₹92.46 crore of disclosed project expenses.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹410.8 Cr | 8.7% | 3.8% |
| EBIT | ₹13.79 Cr | -6.8% | |
| Net profit | ₹7.08 Cr | -48.7% | |
| EPS | ₹0.34 | -49.3% | |
| EBIT margin | 5.5% |
P&L walk
Revenue increased 8.7% YoY to ₹410.8 crore, but gross margin compressed by approximately 1,880bps as material cost rose to 86.9% of revenue from 68.1%; EBITDA margin was 5.5%, while PAT fell 48.7% to ₹7.08 crore because operating profit weakened and other income remained material at ₹23.12 crore.
Segments
Real Estate drove new revenue of ₹42.05 crore but dragged segment results to a ₹12.94 crore loss from a ₹4.38 crore loss YoY, while Polyester improved to ₹8.14 crore from a ₹8.42 crore loss but its revenue declined 2.7% YoY.
Key positives
- Revenue increased 8.7% YoY to ₹410.8 crore and 3.8% sequentially, reversing the prior Q3FY26 revenue decline of 21.9% YoY.
- Polyester segment result improved to ₹8.14 crore from a ₹8.42 crore loss YoY, despite segment revenue declining 2.7% to ₹350.79 crore.
- THREE ICC received approvals, was launched during the quarter, and generated ₹42.05 crore of Real Estate revenue.
Key concerns
- Gross margin compressed approximately 1,880bps YoY as raw-material cost rose to 86.9% of revenue from 68.1%, indicating severe input-cost or mix pressure.
- EBITDA declined 0.4% YoY to ₹22.54 crore despite 8.7% revenue growth, while EBITDA margin fell approximately 49bps to 5.5%.
- Real Estate reported a ₹12.94 crore segment loss versus a ₹4.38 crore loss YoY, and THREE ICC-related employee and other expenses totaled ₹92.46 crore.
- Other expenses rose 115.3% YoY to ₹184.45 crore, making the current project-spend burden significant relative to operating profit.
Earnings quality: includes non-operating other income
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