Bharat Bijlee lifts margin as Q2 revenue grows 34.54% sequentially
Expenses grew slower than revenue, but the 7.98% operating margin remained 2.96 percentage points below the Industrials peer median.
Filed 27 Oct 2026, 14:01 IST · Bharat Bijlee Ltd (BBL)
Key takeaways
- Standalone revenue rose 34.54% QoQ as expenses grew 30.69%, lifting operating margin by 2.71 percentage points to 7.98%.
- Net profit increased 134.54% QoQ to Rs 46.04 cr, helped by a 3.21% decline in interest and a 0.24 percentage-point lower tax rate.
- Other income contributed 26.2% of standalone profit before tax, while operating margin remained 2.96 percentage points below the 37-peer Industrials median.
Price around the results
Revenue growth translated into a sharp profit rebound
Bharat Bijlee's standalone revenue rose 34.54% QoQ to Rs 736.16 cr, while operating profit increased 103.82% to Rs 58.74 cr. Net profit grew 134.54% to Rs 46.04 cr, with the larger increase reflecting the operating improvement, slightly lower interest and the tax-rate change.
Lower cost growth lifted margin, but profit quality needs attention
Expenses grew 30.69% QoQ, slower than revenue, which raised operating margin by 2.71 percentage points to 7.98%. Interest declined 3.21%, while depreciation rose 6.01%; the tax rate also fell by 0.24 percentage points to 24.52%. Other income made up 26.2% of profit before tax, so a meaningful portion of reported profit came from outside operations.
Margin improved from Q1 but stayed below the sector median
The 7.98% operating margin was 2.96 percentage points below the 10.94% median for 37 Industrials peers that had reported the same quarter. Bharat Bijlee ranked ninth from the bottom on this measure, despite improving from the 5.27% margin reported in Q1FY27.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹736 cr | ₹547 cr | +34.54% |
| Other income | ₹16 cr | ₹11 cr | +46.74% |
| Expenses | ₹677 cr | ₹518 cr | +30.69% |
| Operating profit | ₹59 cr | ₹29 cr | +103.82% |
| Operating margin (%) | 7.98% | 5.27% | — |
| Interest | ₹8 cr | ₹8 cr | -3.21% |
| Depreciation | ₹6 cr | ₹6 cr | +6.01% |
| Profit before tax | ₹61 cr | ₹26 cr | +133.81% |
| Tax | ₹15 cr | ₹6 cr | +131.58% |
| Net profit | ₹46 cr | ₹20 cr | +134.54% |
| EPS (₹) | ₹40.73 | ₹17.37 | +134.48% |
Operating margin of 7.98% compares with a Industrials sector median of 10.94% across 37 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 7.98% in the next quarter.
- Whether expenses continue to grow below the 34.54% QoQ revenue growth recorded in Q2FY27.
- Whether other income remains close to its 26.2% share of profit before tax.