Bhartiya International's Q2 revenue rose +35.98%; margin edged higher
Expenses grew +35.46%, allowing operating margin to improve, but a higher tax rate limited net-profit growth to +25.56%.
Filed 12 Nov 2026, 21:27 IST · after market close · Bhartiya International Ltd (BIL)
Key takeaways
- Consolidated revenue rose +35.98% sequentially in Q2FY27, while expenses increased +35.46%.
- Operating margin improved by 0.35 percentage points to 10.02% as revenue growth outpaced expense growth.
- Net profit rose +25.56% sequentially even as the tax rate increased by 6.33 percentage points to 29.22%.
Price around the results
Revenue growth outpaced costs in Q2FY27
Bhartiya International's consolidated revenue rose +35.98% sequentially, slightly ahead of the +35.46% increase in expenses. That operating leverage helped operating profit grow +40.87%, faster than revenue, and lifted margin by 0.35 percentage points. The results were filed after market close.
Higher tax and interest reduced profit conversion
Profit before tax increased +36.76% sequentially, but net profit grew a slower +25.56% as the tax rate rose 6.33 percentage points to 29.22%. Interest expense also increased +5.93%. Other income did not support earnings: it was negative and represented -7.46% of profit before tax.
Margin improved but remained below the sector median
Operating margin rose from 9.67% in Q1FY27 to 10.02% in Q2FY27, marking a sequential improvement. Among 333 Consumer Discretionary peers that have reported, BIL's margin was 1.14 percentage points below the 11.16% median. The available quarter-on-quarter direction is therefore positive, though the margin remains below the sector comparison.
No market reaction is included yet
The consolidated results were filed after market close, so this update covers the reported quarter rather than a trading response. The key near-term read-through is whether the improvement in operating leverage is maintained alongside the higher tax burden.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹507 cr | ₹373 cr | +35.98% |
| Other income | ₹-2 cr | ₹3 cr | — |
| Expenses | ₹456 cr | ₹337 cr | +35.46% |
| Operating profit | ₹51 cr | ₹36 cr | +40.87% |
| Operating margin (%) | 10.02% | 9.67% | — |
| Interest | ₹13 cr | ₹12 cr | +5.93% |
| Depreciation | ₹4 cr | ₹4 cr | +2.32% |
| Profit before tax | ₹32 cr | ₹23 cr | +36.76% |
| Tax | ₹9 cr | ₹5 cr | +74.76% |
| Net profit | ₹22 cr | ₹18 cr | +25.56% |
| EPS (₹) | ₹16.59 | ₹13.21 | +25.59% |
Operating margin of 10.02% compares with a Consumer Discretionary sector median of 11.16% across 333 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -5.17% | -4.55% |
Volume on the results session was 2.61× its 20-day average.
What to watch
- Whether operating margin holds above 10.02% after the 0.35-percentage-point sequential improvement.
- Whether expense growth remains below revenue growth, following +35.46% versus +35.98% in Q2FY27.
- Whether the tax rate moves from 29.22% in the next reported quarter.