B L Kashyap Q2 revenue rises 40% as PAT turns positive

B L Kashyap and Sons Ltd reported Q2 FY26-27 consolidated revenue from operations of Rs 498.15 crore, up 40% from Rs 355.13 crore a year earlier, and profit after tax (PAT) of Rs 20.21 crore versus a Rs 8.62 crore loss. Earnings before interest, depreciation, tax and amortisation (EBIDTA), as labelled by the company, doubled to Rs 40.83 crore.

How did B L Kashyap’s Q2 FY26-27 consolidated revenue change?

B L Kashyap’s consolidated revenue from operations increased by Rs 143.02 crore from Rs 355.13 crore in Q2 FY25-26 to Rs 498.15 crore in Q2 FY26-27, a rise of about 40%. Revenue was also Rs 153.03 crore above the Rs 345.12 crore reported in Q1 FY26-27, representing a sequential increase of about 44%.

The Q2 outcome follows turnover of Rs 1,379.14 crore in FY26, compared with Rs 1,153.63 crore in FY25, in the company’s consolidated financial highlights. The presentation shows Rs 843.27 crore of turnover for H1 FY26-27, while FY25 turnover had declined from Rs 1,244.53 crore in FY24.

What drove B L Kashyap’s return to consolidated profitability?

B L Kashyap returned to consolidated profitability as EBIDTA rose to Rs 40.83 crore from Rs 20.48 crore and profit before tax (PBT) increased to Rs 27.38 crore from Rs 7.73 crore. PAT consequently moved from a Rs 8.62 crore loss in Q2 FY25-26 to a Rs 20.21 crore profit in Q2 FY26-27.

The Q2 FY26-27 result included Rs 23.29 crore of other income and a Rs 21.96 crore exceptional loss. In Q2 FY25-26, B L Kashyap reported Rs 1.95 crore of other income and no exceptional item; finance cost declined to Rs 10.51 crore from Rs 10.89 crore, while depreciation increased to Rs 4.27 crore from Rs 3.81 crore. The presentation does not identify the nature of the exceptional loss.

Gross margin increased in rupee terms to Rs 76.85 crore from Rs 56.67 crore, though gross margin as a share of revenue declined to 15.43% from 15.93%. EBIDTA margin increased to 8.20% from 5.77%, while PAT margin moved to 4.06% from negative 2.43%.

How did B L Kashyap’s Q2 FY26-27 result compare with Q1?

B L Kashyap’s Q2 FY26-27 consolidated revenue, PBT and PAT all exceeded Q1 FY26-27, although gross and EBIDTA margins were lower. Revenue rose from Rs 345.12 crore to Rs 498.15 crore, PBT increased from Rs 14.28 crore to Rs 27.38 crore, and PAT grew from Rs 10.00 crore to Rs 20.21 crore.

Material consumed increased to Rs 261.37 crore in Q2 from Rs 153.45 crore in Q1, and construction expenses rose to Rs 159.93 crore from Rs 129.38 crore. Gross margin therefore rose from Rs 62.29 crore to Rs 76.85 crore, but its percentage fell from 18.05% to 15.43%.

EBIDTA increased from Rs 28.58 crore in Q1 to Rs 40.83 crore in Q2, while the related margin edged down from 8.28% to 8.20%. Q2 included Rs 23.29 crore of other income and the Rs 21.96 crore exceptional loss, compared with Rs 1.00 crore of other income and no exceptional item in Q1.

What changed in B L Kashyap’s consolidated balance sheet at Q2 FY26-27?

B L Kashyap’s consolidated balance-sheet total rose to Rs 1,898.38 crore at FY26-27 Q2 from Rs 1,661.64 crore at FY25-26. Equity and reserves increased to Rs 557.75 crore from Rs 526.76 crore, while current borrowing and lease liabilities were Rs 259.85 crore compared with Rs 256.63 crore.

Non-current borrowing and lease liabilities were Rs 43.04 crore at FY26-27 Q2 versus Rs 42.48 crore at FY25-26. Other non-current liabilities rose to Rs 211.39 crore from Rs 124.18 crore, while trade payables increased to Rs 290.34 crore from Rs 261.24 crore.

On the asset side, current trade receivables increased to Rs 510.48 crore from Rs 434.34 crore, and cash and bank balances rose to Rs 92.97 crore from Rs 43.39 crore. Inventories were Rs 214.73 crore versus Rs 203.44 crore, while other current assets increased to Rs 678.70 crore from Rs 580.13 crore.

The presentation separately reports standalone Q2 FY26-27 revenue of Rs 457.80 crore and PAT of Rs 17.95 crore. Consolidated revenue was Rs 498.15 crore and PAT was Rs 20.21 crore, but B L Kashyap does not explain the components behind the respective Rs 40.35 crore and Rs 2.26 crore differences.

Conclusion

B L Kashyap’s Q2 FY26-27 results show higher consolidated activity and a return to profit, with revenue of Rs 498.15 crore, EBIDTA of Rs 40.83 crore and PAT of Rs 20.21 crore. The year-on-year movement from a Rs 8.62 crore loss occurred despite a Rs 21.96 crore exceptional loss and alongside an EBIDTA-margin increase to 8.20%.

What to watch next is whether B L Kashyap provides detail on the Rs 21.96 crore exceptional loss and whether working-capital balances move further after current trade receivables reached Rs 510.48 crore at FY26-27 Q2. The presentation reports H1 FY26-27 turnover of Rs 843.27 crore but does not disclose a forward revenue or profitability target.