Banka BioLoo posts H1 profit of Rs 78.7 lakh after loss

Banka BioLoo Limited reported standalone profit after tax of Rs 78.7 lakh in H1 FY26-27 ended 30 September 2026, reversing a Rs 96.8 lakh loss a year earlier, as total income rose 22.5% to Rs 32.96 crore. Standalone earnings before interest, tax, depreciation and amortisation reached Rs 3.08 crore, compared with Rs 64 lakh in H1 FY25-26.

How did Banka BioLoo return to H1 profit?

Banka BioLoo returned to standalone profitability through a Rs 78.7 lakh profit after tax, or PAT, in April-September FY26-27, against a Rs 96.8 lakh loss in the corresponding prior-year half. EBITDA rose 383% to Rs 3.08 crore from Rs 64 lakh, while the presentation reported profit before tax of Rs 91.6 lakh, compared with a Rs 149.4 lakh loss in H1 FY25-26.

Management attributed the improvement to a shift away from long-cash-cycle government orders towards Category A+ private clients, including Brigade, Reliance, RMZ and Auro Infra. The presentation says this mix is improving cash-flow management and turnaround time; it reported EBITDA excluding other income of Rs 3 crore for H1 FY26-27, while its stated operating cash flow increased to Rs 1.88 crore from Rs 1.06 crore a year earlier.

The second quarter extended the H1 improvement rather than supplying an isolated gain. Q2 FY26-27 standalone PAT was Rs 41.6 lakh, compared with a Rs 110.4 lakh loss in Q2 FY25-26, and Q2 EBITDA was Rs 1.57 crore against a Rs 39.5 lakh loss. Q1 FY26-27 had recorded PAT of Rs 37 lakh and EBITDA of Rs 1.51 crore, meaning both quarters of the half were profitable on a standalone basis.

How did Banka BioLoo's income change during H1?

Banka BioLoo's standalone total income increased to Rs 32.96 crore in H1 FY26-27 from Rs 26.91 crore in H1 FY25-26. Q2 income was Rs 16.56 crore, up 24.5% from Rs 13.30 crore a year earlier, while Q1 income was Rs 16.40 crore, compared with Rs 13.61 crore in Q1 FY25-26.

The current-half quarterly pattern was modestly positive, with Q2 income of Rs 16.56 crore exceeding Q1 income by Rs 16 lakh. In the prior-year first half, income moved the other way, declining by Rs 31 lakh from Rs 13.61 crore in Q1 to Rs 13.30 crore in Q2. The reported standalone numbers exclude Megaliter Varunaa, which appears in the presentation's separate consolidated view.

The revenue base covers rail and non-rail water, sanitation and hygiene activities. Rail work includes bio-toilet operations and maintenance, periodic overhauling, quick watering systems and coach-upgrade projects, with more than 25,000 systems serviced daily. Non-rail work includes engineering, procurement and construction projects, operations and maintenance contracts, build-own-operate-transfer recycle and reuse projects, bio-digesters and faecal septage treatment plants.

How has Banka BioLoo's order book mix changed?

Banka BioLoo's unexecuted order book stood at Rs 83.4 crore at 30 September 2026, compared with Rs 81.8 crore at 30 June 2026. Non-rail work represented Rs 58.5 crore at September-end and rail work represented Rs 24.9 crore, so non-rail accounted for the larger portion of the total book.

Rail's share declined to about 30% of the September order book from about 39% at 30 June 2026, when rail represented Rs 32 crore of the Rs 81.8 crore total. The company reported Rs 16 crore of Q2 order booking, all from private clients, compared with Rs 4.2 crore in Q1; H1 booking was therefore Rs 20.2 crore.

Management had identified about Rs 70 crore of the Rs 107 crore order book at 31 March 2026 for execution during the following 12 months, while explicitly describing that amount as an execution estimate rather than guaranteed revenue. The presentation lists commercial assets in Hyderabad as under execution, projects in Mumbai and Bengaluru as under commissioning, and the Kerala quick watering system project as under commissioning.

What do cash collection and consolidated figures show?

Banka BioLoo reported standalone receivables of Rs 26 crore in its FY27 scorecard, compared with Rs 25.67 crore at 31 March 2026. The Rs 33 lakh increase came alongside H1 operating cash flow of Rs 1.88 crore, versus Rs 1.06 crore in the year-earlier period, and management's stated operating sequence of commission, bill, collect and sustainable profit before tax.

On a consolidated basis, Q2 income was Rs 11.87 crore, down 9.2% year on year, whereas standalone Q2 income rose 24.5% to Rs 16.56 crore. The presentation attributes much of the difference to Rs 6.83 crore of intercompany engineering, procurement and construction work eliminated in consolidation, compared with about Rs 1.23 crore a year earlier. Consolidated Q2 EBITDA was Rs 2.38 crore, with a 20.1% margin, and PAT was Rs 13.1 lakh against a Rs 108.9 lakh loss.

Megaliter Varunaa added Rs 2.13 crore of Q2 income and Rs 1.17 crore of EBITDA, while the presentation described its EBITDA margin as about 55%. Its H1 capital expenditure was Rs 12.43 crore, funded by Rs 5 crore of outside equity and Rs 4.11 crore of net borrowings. Consolidated net debt to equity was 0.82 times at H1, compared with 0.74 times at 31 March 2026.

What is Banka BioLoo's FY27 execution plan?

Banka BioLoo's FY27 scorecard focuses on commissioning projects, collecting receivables, producing sustainable profit before tax, funding assets and digitising monitoring. It completed five sewage treatment plants, or STPs, and multiple smaller projects in Q2 FY26-27; it also reported four projects commissioned and four under commissioning across its engineering business and Megaliter.

The digitisation target disclosed for Q3 is to have all 25-plus STP sites online, following the report that more than 10 assets were already online and monitored in H1. This plan sits alongside the Rs 26 crore receivables balance and the Rs 83.4 crore unexecuted order book, making commissioning and collection the operating measures management has identified for the remainder of FY27.

Megaliter had 16 contracted projects at H1 FY26-27, comprising 13 commissioned facilities and three works in progress. The portfolio had 11 million litres per day of contracted treatment capacity and more than Rs 140 crore of contracted lifetime value, with the presentation stating that about 80% remained to be recognised. Banka BioLoo also disclosed a 2030 ambition to recycle more than 15 billion litres of water annually, while distinguishing that ambition from FY27 guidance.

Conclusion

Banka BioLoo's H1 turnaround combined a Rs 78.7 lakh standalone PAT with 22.5% income growth to Rs 32.96 crore, a Rs 3.08 crore EBITDA result and higher operating cash flow. The financial change occurred as the order book tilted toward non-rail work, with private clients contributing all Rs 16 crore of Q2 order booking and rail's share falling from about 39% to about 30%.

The next disclosed measures to watch are commissioning in Mumbai, Bengaluru and Kerala, the plan to bring all 25-plus STP sites online in Q3, and collection against Rs 26 crore of receivables. Management's FY27 scorecard also makes the progress of its commission-to-bill-to-collect sequence, alongside Megaliter's 16 contracted projects and related funding, central to its stated sustainable-profit objective.