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Bharat Seats Q2 FY27 results: net profit up 53.5% to ₹15.20 crore, revenue up 54.6%
Bharat Seats Limited reported standalone revenue of ₹709.22 crore in Q2 FY27, up 54.6% from Q2 FY26. Net profit rose to ₹15.20 crore from ₹9.90 crore, while EBITDA margin declined to 4.5% from 4.9%.
Key points
- Revenue was ₹709.22 crore in Q2 FY27, up ₹250.62 crore or 54.6% from Q2 FY26.
- EBITDA was ₹31.87 crore, up ₹9.23 crore or 40.8%, with margin at 4.5% against 4.9%.
- Net profit was ₹15.20 crore, up ₹5.30 crore or 53.5%, and basic EPS was ₹2.42 against ₹1.58.
- H1 FY27 revenue was ₹1,287.05 crore, up 45.3%, while PAT was ₹28.42 crore, up 49.0%.
- The auditors reported an Emphasis of Matter concerning the uncertainty relating to the outcome of an earlier Income Tax Department search, while stating that their conclusion was not modified.
How did Bharat Seats perform in Q2 FY27?
Bharat Seats reported standalone revenue of ₹709.22 crore in Q2 FY27, up ₹250.62 crore or 54.6% from Q2 FY26. Total income was ₹710.08 crore, up ₹248.78 crore or 53.9%. EBITDA rose ₹9.23 crore or 40.8% to ₹31.87 crore, while EBITDA margin fell 0.4 percentage points to 4.5%.
Profit before tax was ₹20.62 crore, up ₹7.33 crore or 55.2% from Q2 FY26, and net profit rose ₹5.30 crore or 53.5% to ₹15.20 crore. Basic EPS increased ₹0.84 to ₹2.42, while PAT margin declined 0.1 percentage points to 2.1%. The results are standalone; no consolidated figures are given.
Against Q1 FY27, revenue rose ₹131.39 crore or 22.7% to ₹709.22 crore. EBITDA increased ₹3.68 crore or 13.1% to ₹31.87 crore, but margin was lower by 0.4 percentage points at 4.5%. PBT rose ₹2.90 crore or 16.4% to ₹20.62 crore, PAT rose ₹1.99 crore or 15.1% to ₹15.20 crore, and basic EPS increased ₹0.32 to ₹2.42.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 709.22 | 577.83 | 458.60 | +54.6% | +22.7% |
| Other income | 0.86 | 1.07 | 2.69 | −68.0% | −19.6% |
| Total expenses | 689.46 | 561.18 | 448.01 | +53.9% | +22.9% |
| EBITDA | 31.87 | 28.19 | 22.64 | +40.8% | +13.1% |
| EBITDA margin | 4.5% | 4.9% | 4.9% | −0.4 pp | −0.4 pp |
| Profit before tax | 20.62 | 17.72 | 13.29 | +55.2% | +16.4% |
| Tax | 5.42 | 4.50 | 3.39 | +59.9% | +20.4% |
| Net profit | 15.20 | 13.21 | 9.90 | +53.5% | +15.1% |
| EPS (₹) | 2.42 | 2.10 | 1.58 | +53.2% | +15.2% |
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 Bharat Seats' costs and profit?
Total expenses rose ₹241.45 crore or 53.9% from Q2 FY26 to ₹689.46 crore, broadly tracking the 53.9% increase in total income. Cost of materials was higher by ₹236.89 crore or 62.1% at ₹618.06 crore, while employee cost rose ₹2.82 crore or 17.6% to ₹18.85 crore and other expenses increased ₹6.19 crore or 23.2% to ₹32.84 crore.
Finance costs fell ₹0.73 crore or 24.4% to ₹2.26 crore, while depreciation rose ₹0.78 crore or 8.6% to ₹9.84 crore. Other income declined ₹1.83 crore or 68.0% to ₹0.86 crore. There was no exceptional item, and tax expense rose ₹2.03 crore or 59.9% to ₹5.42 crore.
The filing does not state why cost of materials or other expenses changed. Despite the rise in operating costs and lower other income, EBITDA increased to ₹31.87 crore from ₹22.64 crore and net profit rose to ₹15.20 crore from ₹9.90 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 618.06 | 381.17 | +236.89 | +62.1% |
| Employee cost | 18.85 | 16.03 | +2.82 | +17.6% |
| Finance costs | 2.26 | 2.99 | −0.73 | −24.4% |
| Depreciation | 9.84 | 9.06 | +0.78 | +8.6% |
| Other expenses | 32.84 | 26.65 | +6.19 | +23.2% |
| Total expenses | 689.46 | 448.01 | +241.45 | +53.9% |
| Other income | 0.86 | 2.69 | −1.83 | −68.0% |
| Tax | 5.42 | 3.39 | +2.03 | +59.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Bharat Seats reported standalone revenue of ₹1,287.05 crore, up ₹401.38 crore or 45.3% from H1 FY26. Total income rose ₹399.55 crore or 44.9% to ₹1,288.98 crore, while profit before tax increased ₹12.71 crore or 49.6% to ₹38.34 crore.
PAT for the first half was ₹28.42 crore, up ₹9.34 crore or 49.0% from ₹19.08 crore in H1 FY26. Basic EPS rose ₹1.48 or 48.7% to ₹4.52.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,287 | 885.67 | +45.3% |
| Profit before tax | 38.34 | 25.63 | +49.6% |
| Net profit | 28.42 | 19.08 | +49.0% |
| EPS (₹) | 4.52 | 3.04 | +48.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹796.75 crore against ₹736.65 crore at 31 March 2026. Total equity rose to ₹248.55 crore from ₹229.66 crore, while borrowings increased to ₹58.11 crore from ₹50.22 crore. Cash fell to ₹1.57 crore from ₹15.31 crore.
Inventories increased to ₹66.04 crore from ₹60.25 crore, trade receivables to ₹287.08 crore from ₹263.45 crore, and trade payables to ₹385.87 crore from ₹318.80 crore. H1 FY27 operating cash flow was ₹41.1 crore, lower than ₹56.47 crore in H1 FY26; investing cash flow was negative ₹48.41 crore against negative ₹21.67 crore, and financing cash flow was negative ₹6.42 crore against negative ₹32.56 crore.
Capital expenditure was ₹48.95 crore in H1 FY27, up from ₹24.65 crore in H1 FY26. The filing excerpt does not provide closing cash-flow figures for either period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 796.75 | 736.65 |
| Total equity | 248.55 | 229.66 |
| Borrowings | 58.11 | 50.22 |
| Cash and equivalents | 1.57 | 15.31 |
| Inventories | 66.04 | 60.25 |
| Trade receivables | 287.08 | 263.45 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 41.10 | 56.47 |
| Cash from investing | −48.41 | −21.67 |
| Cash from financing | −6.42 | −32.56 |
| Capital expenditure | 48.95 | 24.65 |
Source: Company's results filing (XBRL).
How has Bharat Seats done over the last 8 quarters?
Revenue rose in each of the last eight quarters and profit also rose year on year in each of the last eight quarters. Across the provided period, revenue reached its low of ₹306.39 crore in Q3 FY25 and its high of ₹709.22 crore in Q2 FY27. The latest quarter therefore extends the upward revenue direction.
Net profit reached its low of ₹7.59 crore in Q3 FY25 and its high of ₹15.20 crore in Q2 FY27. EBITDA margin was lowest at 4.5% in Q2 FY27 and highest at 6.1% in Q3 FY25, remaining at 4.9% in Q1 FY27 and Q2 FY26 before declining again in the latest quarter.
What did the auditors point out?
The board said the limited review report did not contain any qualification, adverse remark or modified opinion. The auditors said nothing had come to their attention that caused them to believe the statement had failed to disclose required information or contained a material misstatement.
The report included an Emphasis of Matter for Income Tax Search. The auditors drew attention to note 4 of the financial results, which describes uncertainty relating to the outcome of a search conducted by the Income Tax Department in an earlier year under Section 132 of the Income Tax Act, 1961, at certain company premises, manufacturing locations and residences of some employees and key managerial personnel. They stated that their conclusion was not modified in respect of this matter.
How did other Auto Components & Equipments companies do?
Among 50 other Auto Components & Equipments companies that had filed for the quarter as of 5 November 2026, the median revenue growth was 33.3%. Of the peers with profit comparisons, 39 reported higher profit.
The filing set also shows 43 peers growing more slowly than Bharat Seats and 7 growing faster. Bharat Seats’ own revenue growth of 54.6% was therefore above the peer median of 33.3%.
| Bharat Seats revenue growth (YoY) | +54.6% |
|---|---|
| Median of 50 other Auto Components & Equipments companies | +33.3% |
| Companies with slower revenue growth than Bharat Seats | 43 of 50 |
| Companies with faster revenue growth than Bharat Seats | 7 of 50 |
| Companies whose net profit rose | 39 of 51 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Bharat Seats' revenue in Q2 FY27?
Revenue from operations was ₹709.22 crore, up 54.6% from ₹458.60 crore in Q2 FY26 (standalone).
Did Bharat Seats make a profit in Q2 FY27?
Yes. Net profit was ₹15.20 crore, against a net profit of ₹9.90 crore in Q2 FY26.
What was Bharat Seats' EPS in Q2 FY27?
Basic earnings per share were ₹2.42, against ₹1.58 in Q2 FY26.
When did Bharat Seats announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of The Unaudited Financial Results Of The Company For The Quarter And Six Months Ended September 30, 2026. (BSE, 21 October 2026) · PDF
- Updates (NSE, 5 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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