3B BlackBio H1 PAT fell as Coris EBITDA loss weighed on profit

In H1 2026-27, 3B BlackBio Dx Ltd. reported profit after tax of Rs 27.0017 crore, down from Rs 27.6821 crore a year earlier, while Coris recorded an earnings before interest, tax, depreciation and amortisation (EBITDA) loss of Rs 3.31 crore. Excluding Coris, profit after tax increased to Rs 32.6949 crore from Rs 28.0985 crore.

Why did 3B BlackBio's reported H1 profit after tax fall?

3B BlackBio's reported profit after tax fell because its H1 2026-27 consolidated result included Coris, which recorded an EBITDA loss of Rs 3.31 crore. Consolidated profit after tax was Rs 27.0017 crore, compared with Rs 27.6821 crore in H1 2025-26, even as profit before tax rose to Rs 37.5164 crore from Rs 35.4837 crore.

Coris contributed sales of Rs 17.8023 crore in H1 2026-27, according to the presentation's note to the consolidated financial table. The document does not disclose Coris's profit before tax, tax charge, finance cost, depreciation, amortisation or profit after tax, so its Rs 3.31 crore EBITDA loss is not an exact measure of its impact on consolidated profit after tax.

The year-on-year reported comparison also reflects different periods of Coris consolidation. Coris was included in H1 2025-26 only from August 29, 2025, while the H1 2026-27 consolidated table includes its figures for the whole half-year shown.

How did reported and Coris-excluded H1 results compare?

3B BlackBio's Coris-excluded revenue and profit were higher in H1 2026-27 than in H1 2025-26, unlike reported profit after tax. Revenue excluding Coris rose to Rs 64.1372 crore from Rs 52.5097 crore, while profit before tax increased to Rs 43.2096 crore from Rs 35.9001 crore.

Reported revenue increased to Rs 81.7710 crore from Rs 56.1367 crore, a larger absolute rise than the Coris-excluded revenue increase. This shows that Coris added to the consolidated revenue total, while its disclosed EBITDA loss coincided with reported profit after tax falling below the prior-year level.

Reported profit after tax was Rs 5.6932 crore lower than the Coris-excluded figure in H1 2026-27. In H1 2025-26, the equivalent difference was Rs 4.1636 crore, although that earlier period included Coris only from August 29, 2025.

What happened to 3B BlackBio's earnings per share?

3B BlackBio's reported earnings per share (EPS) declined to Rs 31.51 in H1 2026-27 from Rs 32.31 in H1 2025-26. EPS excluding Coris increased to Rs 38.16 from Rs 32.79, in line with the increase in the corresponding Coris-excluded profit after tax figure to Rs 32.6949 crore.

Paid-up equity share capital was unchanged at Rs 8.5684 crore in both H1 periods. The presentation therefore shows no change in this share-capital figure alongside the divergence between reported EPS and Coris-excluded EPS.

Reserves were Rs 323.0703 crore in H1 2026-27, compared with Rs 262.4365 crore in H1 2025-26. These reserve figures appear in both the reported and Coris-excluded tables, and the presentation does not provide a reserve balance separately attributable to Coris.

Can Coris sales be reconciled directly with the revenue tables?

No, the Coris sales footnote does not exactly match the difference between reported and Coris-excluded H1 2026-27 revenue. The two revenue rows differ by Rs 17.6338 crore, while the footnote reports Coris sales of Rs 17.8023 crore, a difference of Rs 16.85 lakh.

3B BlackBio does not explain whether the Rs 16.85 lakh difference reflects a consolidation elimination, classification or another adjustment. The stated revenue totals remain Rs 81.7710 crore on a reported basis and Rs 64.1372 crore excluding Coris, but the presentation does not permit a complete direct reconciliation of the footnote to those rows.

Profit cannot be reconciled in the same way because Coris's disclosed H1 2026-27 metric is only EBITDA loss of Rs 3.31 crore. Without Coris-level profit before tax or profit after tax, the gap between the reported and Coris-excluded profit measures cannot be assigned precisely to the Belgian unit.

What did 3B BlackBio disclose about agrochemicals?

3B BlackBio reported agrochemicals export sales of Rs 112.82 lakh in H1 2026-27, down from Rs 137.44 lakh in H1 2025-26. Management attributed the Rs 24.62 lakh decline to ongoing geopolitical tensions.

Management said the agrochemicals division would focus on government procurement through electronic tenders, exports mainly to Bangladesh and supply to existing customers. It described the business as operating with minimal debt and identified government tenders for vector-borne disease control as part of its stated sales focus.

The existing agrochemicals range includes 70 insecticides, 15 fungicides and 11 herbicides. The biological portfolio includes seven bio pesticides, five bio fertilisers and one bio nematicide, but the presentation gives no H1 revenue, profit or margin split by product category.

Conclusion

The H1 data presents two distinct earnings views for 3B BlackBio. Consolidated revenue increased to Rs 81.7710 crore, supported by Rs 17.8023 crore of disclosed Coris sales, but reported profit after tax declined to Rs 27.0017 crore as Coris posted a Rs 3.31 crore EBITDA loss. The Coris-excluded table instead shows higher revenue, profit before tax, profit after tax and EPS than a year earlier.

The next results should clarify the unresolved Coris profit bridge, as the presentation does not disclose its profit before tax or profit after tax and the prior-year period included Coris only from August 29, 2025. In agrochemicals, management's disclosed plan remains focused on existing customers, government tenders and Bangladesh exports after H1 export sales fell to Rs 112.82 lakh.