Blue Jet profit rises 31%, but margin slips as costs outpace revenue
Other income contributed 19.08% of PBT, while the operating margin remained 9.92 percentage points above the sector median.
Filed 05 Nov 2026, 12:53 IST · Blue Jet Healthcare Ltd (BLUEJET)
Key takeaways
- Revenue grew +28.19% QoQ, but expenses grew faster at +31.76%, narrowing operating margin by 1.86 percentage points to 31.60%.
- Net profit rose +31.00% QoQ to Rs 102.52 cr, helped by a 0.75-percentage-point fall in the tax rate and other income equal to 19.08% of PBT.
- Blue Jet's 31.60% operating margin was 9.92 percentage points above the 21.68% Healthcare median across 82 reported peers.
Price around the results
Costs outpaced revenue in the standalone Q2FY27 result
Blue Jet Healthcare's standalone revenue growth remained strong sequentially, but the 31.76% rise in expenses exceeded the 28.19% increase in revenue. That cost gap limited operating profit growth to +21.07% and reduced operating margin by 1.86 percentage points. Net profit still increased +31.00% to Rs 102.52 cr as other income and the lower tax rate supported earnings below operating profit.
Other income and tax provided a meaningful earnings lift
Other income rose +71.98% QoQ and accounted for 19.08% of profit before tax, making reported profit less dependent on operations than the operating-profit increase suggests. The tax rate fell from 26.13% to 25.38%, a reduction of 0.75 percentage points that also aided net profit growth. Interest expense fell 3.03%, while depreciation increased 3.13%.
Margin remains above peers despite the sequential decline
Operating margin declined from 33.46% in Q1FY27 to 31.60% in Q2FY27, marking a clear sequential deterioration as expenses grew faster than revenue. Even after that decline, Blue Jet's margin was 9.92 percentage points above the 21.68% median for the 82 Healthcare peers that had reported.
Q2FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹376 cr | ₹293 cr | +28.19% |
| Other income | ₹26 cr | ₹15 cr | +71.98% |
| Expenses | ₹257 cr | ₹195 cr | +31.76% |
| Operating profit | ₹119 cr | ₹98 cr | +21.07% |
| Operating margin (%) | 31.60% | 33.46% | — |
| Interest | ₹1 cr | ₹1 cr | -3.03% |
| Depreciation | ₹7 cr | ₹7 cr | +3.13% |
| Profit before tax | ₹137 cr | ₹106 cr | +29.67% |
| Tax | ₹35 cr | ₹28 cr | +26.01% |
| Net profit | ₹103 cr | ₹78 cr | +31.00% |
| EPS (₹) | ₹5.46 | ₹4.51 | +21.06% |
Operating margin of 31.60% compares with a Healthcare sector median of 21.68% across 82 peers that have reported Q2FY27.
What to watch
- Whether operating margin improves from 31.60% in the next quarter.
- Whether expense growth falls below the +31.76% QoQ pace recorded in Q2FY27.
- Whether other income's contribution to PBT moves below or above 19.08%.