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Banco Products Q2 FY27 results: net profit down 45.2% to ₹75.46 crore, revenue up 30.1%
Banco Products (I) Limited reported standalone Q2 FY27 revenue of ₹374.43 crore, up 30.1% from Q2 FY26, while net profit fell 45.2% to ₹75.46 crore. EBITDA rose 39.2% to ₹66.37 crore and margin expanded 1.1 percentage points to 17.7%, but profit before tax declined as other income fell sharply.
Key points
- Revenue rose 30.1% year on year to ₹374.43 crore and increased 9.5% from Q1 FY27’s ₹341.92 crore.
- EBITDA was ₹66.37 crore in Q2 FY27, up 39.2% year on year, with margin at 17.7% against 16.6% in Q2 FY26.
- Net profit fell 45.2% year on year to ₹75.46 crore but rose 69.5% from ₹44.51 crore in Q1 FY27.
- Basic EPS was ₹5.28, down from ₹9.63 in Q2 FY26 and up from ₹3.11 in Q1 FY27.
- For H1 FY27, revenue increased 21.6% to ₹716.35 crore, while PAT fell 35.4% to ₹119.97 crore.
How did Banco Products perform in Q2 FY27?
Banco Products reported standalone revenue of ₹374.43 crore for Q2 FY27, up 30.1% from ₹287.72 crore in Q2 FY26 and 9.5% from ₹341.92 crore in Q1 FY27. EBITDA rose to ₹66.37 crore from ₹47.67 crore a year earlier and increased from ₹64.10 crore in the previous quarter.
The EBITDA margin was 17.7% in Q2 FY27, up 1.1 percentage points from 16.6% in Q2 FY26 but down 1.0 percentage point from 18.7% in Q1 FY27. Total income was ₹407.06 crore, compared with ₹396.64 crore a year earlier and ₹344.80 crore in the previous quarter.
Profit before tax fell to ₹91.12 crore from ₹149.26 crore in Q2 FY26 but rose from ₹59.50 crore in Q1 FY27. Net profit was ₹75.46 crore, compared with ₹137.77 crore a year earlier and ₹44.51 crore in the previous quarter, while basic EPS was ₹5.28 against ₹9.63 and ₹3.11, respectively. The board also approved standalone and consolidated unaudited results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 374.43 | 341.92 | 287.72 | +30.1% | +9.5% |
| Other income | 32.63 | 2.88 | 108.92 | −70.0% | +1033.0% |
| Total expenses | 315.94 | 285.30 | 247.38 | +27.7% | +10.7% |
| EBITDA | 66.37 | 64.10 | 47.67 | +39.2% | +3.5% |
| EBITDA margin | 17.7% | 18.7% | 16.6% | +1.1 pp | −1.0 pp |
| Profit before tax | 91.12 | 59.50 | 149.26 | −39.0% | +53.1% |
| Tax | 15.66 | 14.99 | 11.49 | +36.3% | +4.5% |
| Net profit | 75.46 | 44.51 | 137.77 | −45.2% | +69.5% |
| EPS (₹) | 5.28 | 3.11 | 9.63 | −45.2% | +69.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Banco Products' costs and profit?
Total expenses rose to ₹315.94 crore in Q2 FY27 from ₹247.38 crore in Q2 FY26, an increase of ₹68.56 crore. Cost of materials increased by ₹50.68 crore to ₹231.60 crore, employee cost rose by ₹3.12 crore to ₹22.31 crore, depreciation increased by ₹0.71 crore to ₹7.62 crore and other expenses rose by ₹7.64 crore to ₹58.89 crore. Finance costs fell by ₹0.16 crore to ₹0.26 crore.
Other income declined by ₹76.29 crore to ₹32.63 crore from ₹108.92 crore in Q2 FY26, while total income increased by ₹10.42 crore to ₹407.06 crore. Tax expense was ₹15.66 crore, up ₹4.17 crore from ₹11.49 crore, and there was no exceptional item in either quarter.
Compared with Q1 FY27, total expenses increased by ₹30.64 crore to ₹315.94 crore and other income rose by ₹29.75 crore to ₹32.63 crore. Tax was ₹15.66 crore, up ₹0.67 crore from ₹14.99 crore, and there was no exceptional item in either quarter. The filing did not state the reasons for the year-on-year changes in these lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 231.60 | 180.92 | +50.68 | +28.0% |
| Employee cost | 22.31 | 19.19 | +3.12 | +16.3% |
| Finance costs | 0.26 | 0.42 | −0.16 | −38.1% |
| Depreciation | 7.62 | 6.91 | +0.71 | +10.3% |
| Other expenses | 58.89 | 51.25 | +7.64 | +14.9% |
| Total expenses | 315.94 | 247.38 | +68.56 | +27.7% |
| Other income | 32.63 | 108.92 | −76.29 | −70.0% |
| Tax | 15.66 | 11.49 | +4.17 | +36.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue rose 21.6% to ₹716.35 crore from ₹589.06 crore in H1 FY26. Total income increased 6.0% to ₹751.86 crore from ₹709.02 crore.
Profit before tax fell 29.3% to ₹150.62 crore from ₹212.98 crore, while PAT declined 35.4% to ₹119.97 crore from ₹185.67 crore. Basic EPS was ₹8.39, compared with ₹12.98 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 716.35 | 589.06 | +21.6% |
| Profit before tax | 150.62 | 212.98 | −29.3% |
| Net profit | 119.97 | 185.67 | −35.4% |
| EPS (₹) | 8.39 | 12.98 | −35.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1406.28 crore, compared with ₹1228.31 crore at 31 March 2026. Total equity increased to ₹1059.06 crore from ₹1053.53 crore, while borrowings rose to ₹25.29 crore from no borrowings and cash and cash equivalents increased to ₹83.95 crore from ₹28.29 crore.
Inventories rose to ₹389.86 crore from ₹279.28 crore, trade receivables to ₹336.52 crore from ₹300.05 crore and trade payables to ₹174.29 crore from ₹124.30 crore. In H1 FY27, operating cash flow was negative ₹5.35 crore, compared with ₹48.00 crore in H1 FY26; investing cash flow was ₹150.48 crore against ₹42.22 crore, and financing cash flow was negative ₹114.76 crore against negative ₹0.56 crore. Capital expenditure was ₹37.32 crore, compared with ₹32.15 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,406 | 1,228 |
| Total equity | 1,059 | 1,054 |
| Borrowings | 25.29 | 0 |
| Cash and equivalents | 83.95 | 28.29 |
| Inventories | 389.86 | 279.28 |
| Trade receivables | 336.52 | 300.05 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −5.35 | 48 |
| Cash from investing | 150.48 | 42.22 |
| Cash from financing | −114.76 | −0.56 |
| Capital expenditure | 37.32 | 32.15 |
Source: Company's results filing (XBRL).
How has Banco Products done over the last 8 quarters?
Revenue rose in each of the last eight quarters and reached a period high of ₹374.43 crore in Q2 FY27. The lowest revenue in the series was ₹257.04 crore in Q3 FY25, while the latest quarter was above both ₹341.92 crore in Q1 FY27 and ₹355.18 crore in Q4 FY26.
PAT reached its high of ₹201.83 crore in Q4 FY26 and its low of ₹31.29 crore in Q3 FY26. It fell to ₹44.51 crore in Q1 FY27 before rising to ₹75.46 crore in Q2 FY27, while the EBITDA margin rose from 15.9% in Q4 FY26 to 18.7% in Q1 FY27 before easing to 17.7%.
How did other Auto Components & Equipments companies do?
Among other Auto Components & Equipments companies that had filed for the quarter, 63 were compared for revenue growth, with a median revenue growth of 33.6%. Of the companies whose profit was compared, 49 reported higher profit.
Among the peers with comparable revenue growth, 36 grew faster than Banco Products and 27 grew more slowly. Banco Products’ Q2 FY27 revenue growth was 30.1%, while the peer median was 33.6%.
| Banco Products revenue growth (YoY) | +30.1% |
|---|---|
| Median of 63 other Auto Components & Equipments companies | +33.6% |
| Companies with slower revenue growth than Banco Products | 27 of 63 |
| Companies with faster revenue growth than Banco Products | 36 of 63 |
| Companies whose net profit rose | 49 of 64 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Banco Products' revenue in Q2 FY27?
Revenue from operations was ₹374.43 crore, up 30.1% from ₹287.72 crore in Q2 FY26 (standalone).
Did Banco Products make a profit in Q2 FY27?
Yes. Net profit was ₹75.46 crore, against a net profit of ₹137.77 crore in Q2 FY26.
What was Banco Products' EPS in Q2 FY27?
Basic earnings per share were ₹5.28, against ₹9.63 in Q2 FY26.
When did Banco Products announce its Q2 FY27 results?
On 6 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider And Approve The Standalone And Consolidated Unaudited Financial Results Of The Company For The Quarter Ended 30Th September 2026 (BSE, 16 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 06.11.2026 (BSE, 6 November 2026) · PDF
- Results For The Quarter And Half Year Ended On 30.09.2026 (BSE, 6 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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