BPL Q1 FY27 Results (NSE: BPL)
Signal: Slipped to loss
The read
The operating recovery remains fragile: revenue grew 9.8% YoY to ₹2,139.32 lakh, but gross margin contracted 1,420bps to 34.7% and EBITDA margin fell 1,080bps to 7.8%, while a ₹430.82 lakh non-cash EIR charge again converted positive pre-charge operating profit of ₹76.57 lakh into a ₹354.25 lakh loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹21.39 Cr | 9.8% | +9.1% |
| EBIT | ₹1.07 Cr | -65.7% | |
| Net profit | ₹-3.54 Cr | N/A | |
| EPS | ₹-0.72 | N/A | |
| EBIT margin | 7.8% |
P&L walk
Revenue increased 9.8% YoY to ₹2,139.32 lakh, but gross margin contracted 1,420bps to 34.7% as material cost rose to 70.6% of revenue, EBITDA fell 55.0% to ₹1.67 lakh, and the ₹430.82 lakh non-cash EIR charge pushed PAT to a ₹354.25 lakh loss.
Segments
PCB drove the operating result with revenue of ₹1,845.83 lakh, up 28.8% YoY, while Brand Licensing dragged momentum with revenue down 43.0% to ₹293.49 lakh and segment result down 94.9% to ₹8.42 lakh; Power Generation remained loss-making at ₹0.69 lakh on ₹33,852.23 lakh of assets.
Key positives
- PCB revenue increased 28.8% YoY to ₹1,845.83 lakh and its segment result remained positive at ₹95.45 lakh.
- Operating cash flow was positive at ₹429.86 lakh, compared with ₹8,578.70 lakh used in FY26.
- Cash finance cost declined 19.7% YoY to ₹30.73 lakh, even though the separate non-cash EIR charge remained material.
Key concerns
- Gross margin compressed 1,420bps YoY to 34.7% as raw material cost rose to 70.6% of revenue from 56.0%, with the driver not disclosed.
- EBITDA declined 55.0% YoY to ₹1.67 lakh and EBITDA margin fell 1,080bps to 7.8% despite 9.8% revenue growth.
- Brand Licensing revenue fell 43.0% YoY to ₹293.49 lakh and segment result fell 94.9% to ₹8.42 lakh.
- The ₹430.82 lakh non-cash EIR charge exceeded pre-exceptional operating profit of ₹76.57 lakh and resulted in a ₹354.25 lakh PAT loss.
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