Bombay Super Hyb Q2 FY27 Results (NSE: BSHSL)
Signal: Steady quarter
The read
The business delivered ₹8,586.11 lakh of Q2 revenue, up 219.8% YoY but down 52.9% QoQ after Q1's ₹18,257.01 lakh; the actionable inflection is negative gross-margin momentum, with gross margin compressing 1,867bps YoY to 14.93% and EBITDA margin falling 1,099bps to 4.61%, leaving PAT growth at only 5.1% despite the revenue increase.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹85.86 Cr | +219.8% | -52.9% |
| Net profit | ₹2.36 Cr | +5.1% | |
| EPS | ₹0.22 | +4.8% | |
| EBIT margin | 4.61% |
P&L walk
Q2 revenue was ₹8,586.11 lakh, up 219.8% YoY but down 52.9% QoQ; gross margin compressed to 14.93% from 33.60% YoY as purchases and inventory movement absorbed 85.07% of revenue, while EBITDA margin fell to 4.61% and PAT still rose 5.1% to ₹235.91 lakh.
Key positives
- Revenue from operations was ₹8,586.11 lakh, up 219.8% YoY, although it declined 52.9% QoQ from ₹18,257.01 lakh.
- Finance costs fell 62.9% YoY to ₹51.89 lakh and 74.6% QoQ, supporting profit despite margin pressure.
- PPE increased 52.5% from ₹989.95 lakh at 31 March 2026 to ₹1,509.28 lakh, while H1 capex was ₹602.59 lakh.
- H1 operating cash flow was ₹10,374.27 lakh versus negative ₹1,580.11 lakh in the prior-year period, although the improvement was largely inventory-release driven.
Key concerns
- Gross margin compressed 1,867bps YoY to 14.93% as purchases/production and inventory movement rose to 85.07% of revenue from 66.40%; the filing does not disclose the driver.
- EBITDA margin fell 1,099bps YoY to 4.61% and 506bps QoQ, showing that the revenue increase did not translate into operating profitability.
- Revenue declined 52.9% QoQ to ₹8,586.11 lakh from ₹18,257.01 lakh, while PAT declined 83.5% QoQ to ₹235.91 lakh.
- Current tax rose to ₹59.46 lakh from ₹14.57 lakh YoY, limiting PAT growth to 5.1% despite revenue growth of 219.8%.
Research and educational content only. Not investment advice.