Basilic Fly Studio Q2 FY27 Revenue Rises 12.8%, PAT Falls 49.7%

Basilic Fly Studio Ltd reported consolidated revenue from operations of INR 107.4 crore in Q2 FY27, up 12.8% year-on-year, but profit after tax fell 49.7% to INR 7.3 crore as EBITDA declined and operating margins narrowed. The figures were published in the company’s investor presentation dated November 5, 2026.

What did Basilic Fly Studio report for Q2 FY27?

Basilic Fly Studio Ltd reported mixed consolidated financial performance for the September 2026 quarter. Revenue from operations rose to INR 107.4 crore from the year-earlier quarter, while quarterly EBITDA declined 11.1% year-on-year to INR 22.5 crore. The company’s operating EBITDA margin stood at 20.95%, down 563 basis points year-on-year.

Profitability declined more sharply than revenue growth suggested. PAT was INR 7.3 crore, down 49.7% year-on-year, and the PAT margin fell 819 basis points to 6.88%. Diluted earnings per share were INR 2.91, a year-on-year decline of 49.1%.

The presentation also reported standalone revenue from operations of INR 29.8 crore, down 13.1% year-on-year. This contrasts with the consolidated revenue increase and highlights the relevance of the group’s operations outside the standalone India business to the reported quarterly performance.

Why did Basilic Fly Studio's profitability weaken?

The reported margin decline followed a period of elevated costs identified in the company’s Q1 FY27 commentary. Basilic Fly Studio had attributed the earlier quarter’s consolidated profitability pressure to unrealised foreign-exchange losses of INR 4.2 crore, higher management travel costs, exceptional severance costs of INR 2.9 crore, and technology investments.

The company said EBITDA margin pressure was largely related to these one-off items and stated that normalised EBITDA margins were around 14-15%. However, the Q2 investor presentation does not provide an earnings-call transcript or management guidance for the quarter. The disclosed financial figures should therefore be read as presentation-based results rather than forward guidance.

For the first half of FY27, consolidated revenue from operations was INR 210.9 crore, up 11.4% year-on-year. The half-year revenue growth indicates continued business activity, although the quarterly EBITDA and PAT figures show that revenue growth did not fully translate into higher reported earnings.

Which Q2 FY27 financial metrics matter most?

The following figures summarise the key Q2 FY27 disclosures, with monetary amounts converted to INR crore. One crore equals INR 10 million.

For context, Q1 FY27 consolidated revenue from operations was reported at about INR 104 crore, up 10% year-on-year. The company also reported Q1 total income of INR 106.3 crore, compared with INR 119.6 crore in Q4 FY26. Total income and revenue from operations are separate reported measures and should not be treated as interchangeable.

What operational developments has Basilic Fly Studio disclosed?

Basilic Fly Studio has said its Bengaluru studio expansion is scheduled to become operational from January 2027. The company targets the facility to handle 40% of total work as headcount doubles, according to the operational highlights and growth roadmap cited in its investor presentation.

The company has also indicated that its undelivered FY27 order book was around INR 250-260 crore. It expects this work to be executed between Q2 and Q4 FY27 over an estimated eight to nine months. This disclosure provides a view of work pending execution, rather than a statement of recognised revenue or profit.

The expansion and order-book execution are operational items that investors may track alongside margins. Their financial effect will depend on project execution, associated costs and the timing of revenue recognition, none of which were quantified beyond the disclosures provided.

How does the result affect investors and the visual-effects industry?

For investors, the principal result is the gap between revenue growth and earnings performance. Consolidated revenue increased 12.8% year-on-year, but EBITDA, margin, PAT and EPS all declined. This makes cost management and the treatment of exceptional or one-off expenses important areas for evaluating subsequent quarters.

The company has scheduled its Q2 and H1 FY27 earnings call for November 6, 2026, at 4:00 PM IST. As of the November 5 investor presentation, an earnings-call transcript for the quarter had not been published. The call may provide further detail on the reported costs, the Bengaluru ramp-up and order-book execution.

Basilic Fly Studio’s disclosures also show how project-based visual-effects operations can have different standalone and consolidated outcomes. The reported standalone revenue decline and consolidated revenue growth underline the need to distinguish between the company’s India operations and its overall group performance.

Conclusion

Basilic Fly Studio delivered double-digit consolidated revenue growth in Q2 FY27, with revenue from operations reaching INR 107.4 crore. But the 11.1% decline in EBITDA and 49.7% fall in PAT show that costs and margin pressure had a material effect on reported earnings during the quarter.

The next disclosed event is the November 6, 2026 earnings call. Investors will watch for management’s comments on the stated one-off costs, execution of the INR 250-260 crore undelivered order book, and progress towards the Bengaluru studio becoming operational in January 2027.