Bhartiya International Limited HY1 FY27 fashion PAT nearly doubles

Bhartiya International Limited reported Rs 879.7 crore of fashion-business revenue in HY1 FY27, while profit after tax reached Rs 41.8 crore, 94.78% above Rs 21.4 crore a year earlier. Revenue increased 29.49% from Rs 679.4 crore, while the profit-after-tax margin rose to 4.7% from 3.2%.

What did Bhartiya International report for HY1 FY27?

Bhartiya International reported HY1 FY27 fashion-business revenue of Rs 879.7 crore, compared with Rs 679.4 crore in HY1 FY26. The Rs 200.3 crore increase equated to 29.49% growth, according to the company’s half-year presentation. The business is presented as Fashion Apparels and Accessories, including intermediaries, in the company’s segment disclosure.

Profit after tax rose faster than revenue. Bhartiya International recorded Rs 41.8 crore of HY1 FY27 profit after tax, versus Rs 21.4 crore in the prior-year half, an increase of Rs 20.4 crore or 94.78%. Profit before tax rose from Rs 30.7 crore to Rs 56.2 crore, and cash profit, defined by the company as profit after tax plus depreciation and amortisation, increased from Rs 34.4 crore to Rs 50.5 crore.

The HY1 FY27 revenue of Rs 879.7 crore represented about 64.8% of the Rs 1,358.02 crore reported for the full FY26 fashion business. HY1 FY27 profit after tax of Rs 41.8 crore was also above the Rs 30.48 crore reported for all of FY26, although Bhartiya International did not provide a full-year FY27 forecast or target in the supplied presentation.

How did Bhartiya International’s HY1 FY27 margins change?

Bhartiya International’s profit-after-tax margin increased by 1.5 percentage points to 4.7% in HY1 FY27 from 3.2% in HY1 FY26. Profit-before-tax margin increased by 1.9 percentage points to 6.4%, while earnings before interest, tax, depreciation and amortisation, or EBITDA, margin was broadly unchanged at 10.1%, compared with 10.1% a year earlier.

The lower depreciation and finance-cost ratios contributed to the larger increase below EBITDA. Depreciation declined to Rs 8.7 crore from Rs 12.9 crore and fell to 1.0% of revenue from 1.9%. Finance cost moved to Rs 24.3 crore from Rs 24.7 crore, while its share of revenue declined to 2.8% from 3.6%.

Raw-material consumption rose in absolute terms by Rs 107.0 crore to Rs 513.4 crore, but declined as a proportion of revenue to 58.4% from 59.8%. Employee cost increased to Rs 51.9 crore from Rs 38.0 crore, raising its revenue share to 5.9% from 5.6%, while other expenses increased to Rs 227.6 crore from Rs 167.8 crore and represented 25.9% of revenue against 24.7%.

Bhartiya International described the HY1 FY27 profit improvement as a result of disciplined cost control and efficiency. Its figures show that EBITDA increased by Rs 20.9 crore to Rs 89.3 crore, maintaining a 10.1% EBITDA margin even as employee cost and other expenses each took a larger proportion of revenue than in HY1 FY26.

What did Bhartiya International deliver in Q2 FY27?

Bhartiya International generated Rs 506.9 crore of revenue in Q2 FY27, up 26.93% from Rs 399.4 crore in Q2 FY26. Quarterly profit after tax rose to Rs 25.2 crore from Rs 14.6 crore, lifting the margin to 5.0% from 3.7%. The company said the quarterly revenue growth was driven by higher sales and improved market penetration.

Q2 FY27 profit before tax reached Rs 34.4 crore, compared with Rs 20.8 crore in Q2 FY26. The profit-before-tax margin increased to 6.8% from 5.2%, while EBITDA rose to Rs 51.4 crore from Rs 40.4 crore. EBITDA margin remained at 10.1% in both quarterly periods, mirroring the HY1 pattern.

The quarterly cost movement differed in several lines from the half-year comparison. Raw-material consumption decreased to 60.3% of Q2 FY27 revenue from 61.4% a year earlier, while employee cost increased to 5.4% from 4.6% and other expenses rose to 24.3% from 23.9%. Finance cost declined from Rs 13.1 crore to Rs 12.5 crore and represented 2.5% of revenue, against 3.3% in Q2 FY26.

Q2 FY27 accounted for Rs 506.9 crore, or about 57.6%, of HY1 FY27 revenue of Rs 879.7 crore. Its Rs 25.2 crore profit after tax was about 60.3% of the HY1 Rs 41.8 crore result, compared with Q2 FY26’s Rs 14.6 crore contribution to the prior HY1’s Rs 21.4 crore.

How do Bhartiya International’s consolidated and standalone figures compare?

Bhartiya International’s consolidated HY1 FY27 fashion-business revenue was Rs 879.7 crore, while its standalone revenue was Rs 726.9 crore. The Rs 152.8 crore difference reflects the contribution of subsidiaries included in the consolidated accounts, which cover entities such as Bhartiya Global Marketing Ltd., Bhartiya Fashion Retail Ltd. and overseas fashion entities listed by the company.

Standalone HY1 FY27 profit after tax was Rs 39.1 crore, up from Rs 25.5 crore in HY1 FY26, and its margin was 5.4%. That was higher than the consolidated profit-after-tax margin of 4.7%, while standalone EBITDA margin was 11.7%, versus 10.1% on a consolidated basis.

The presentation also reports profit after tax after minority interest of Rs 40.07 crore for HY1 FY27, against Rs 15.52 crore for HY1 FY26. Minority interest and profit or loss from associate companies amounted to negative Rs 1.7 crore in HY1 FY27, compared with negative Rs 5.9 crore a year earlier. Bhartiya International said the associate loss was mainly related to Bhartiya Urban Private Limited, where depreciation on assets and project-completion-linked revenue recognition affected reported profit or loss.

Conclusion

Bhartiya International’s HY1 FY27 results show revenue growth of 29.49% accompanied by a 94.78% rise in fashion-business profit after tax. EBITDA held at a 10.1% margin, while lower depreciation and a reduced finance-cost ratio helped profit-before-tax margin rise to 6.4% and profit-after-tax margin to 4.7%.

The next reported periods will show whether Q2 FY27 revenue of Rs 506.9 crore and the 5.0% profit-after-tax margin are sustained. The disclosed associate-accounting impact also remains relevant: Bhartiya Urban Private Limited’s losses were linked by the company to asset depreciation and revenue recognition tied to real-estate project completion under Indian Accounting Standards.