BIL JVs add Rs 28.24 crore revenue, but Rs 0.66 crore PBT

Brahmaputra Infrastructure Limited added Rs 28.24 crore of revenue through subsidiaries and joint ventures in H1 FY27, but consolidated profit before tax was only Rs 0.66 crore above standalone profit before tax, at Rs 44.40 crore versus Rs 43.74 crore. Consolidated revenue from operations rose 24.5% year on year to Rs 226.31 crore.

How much did BIL’s subsidiaries and JVs add in H1 FY27?

BIL’s subsidiaries and joint ventures added Rs 28.24 crore of H1 FY27 revenue, entirely in the engineering, procurement and construction (EPC) segment. Standalone revenue from operations was Rs 198.07 crore, compared with consolidated revenue of Rs 226.31 crore, making the group addition 12.5% of consolidated revenue for the half year.

The addition was also visible in Q2 FY27. Standalone revenue was Rs 104.63 crore and consolidated revenue was Rs 118.12 crore, a difference of Rs 13.49 crore. Management attributed the Q2 addition to joint-venture execution, while its H1 bridge combines the contributions of subsidiaries and JVs.

Why was BIL’s consolidated PBT only Rs 0.66 crore higher?

BIL’s consolidated profit before tax, or PBT, was Rs 44.40 crore in H1 FY27, only Rs 0.66 crore above standalone PBT of Rs 43.74 crore despite the Rs 28.24 crore revenue addition. Consolidated net profit, or profit after tax (PAT), was also Rs 0.66 crore above the standalone figure, at Rs 36.59 crore against Rs 35.93 crore.

The reported difference implies incremental PBT equal to about 2.3% of the additional revenue, based on the standalone-to-consolidated bridge. This is a calculation from reported figures, not a margin stated by management. The presentation does not provide separate project costs, PBT or ownership-adjustment details for the entities included in consolidation.

The group consists of BIL, BCPL with 100% ownership, BCBPL with 52.38% ownership, and JCC Infraprojects-BIL JV and Pawan-Brahmaputra JV with 49% ownership each. H1 FY27 earnings per share were Rs 12.61 on a consolidated basis, compared with Rs 12.38 standalone. Consolidated net worth included Rs 6.34 crore of non-controlling interest, consistent with BCBPL not being wholly owned.

How did BIL’s consolidated growth compare with standalone results?

BIL’s consolidated revenue from operations increased 24.5% year on year to Rs 226.31 crore in H1 FY27 from Rs 181.80 crore in H1 FY26. Consolidated PBT rose 28.3% to Rs 44.40 crore from Rs 34.61 crore, while PAT increased 23.3% to Rs 36.59 crore from Rs 29.67 crore.

Quarterly group revenue increased from Rs 108.19 crore in Q1 FY27 to Rs 118.12 crore in Q2 FY27, an increase of Rs 9.93 crore. Q2 FY27 revenue was 31.0% above Rs 90.19 crore in Q2 FY26, while PBT rose from Rs 17.18 crore to Rs 24.30 crore and PAT rose from Rs 14.64 crore to Rs 20.11 crore.

Standalone operations remained the larger contributor to the group result. The Rs 198.07 crore standalone revenue base represented 87.5% of consolidated H1 FY27 revenue, versus 12.5% from subsidiaries and JVs. The presentation’s PBT bridge similarly shows that nearly all reported H1 profit before tax remained in the standalone result.

Which segments generated BIL’s consolidated revenue and PBT?

BIL’s EPC division generated Rs 218.70 crore of H1 FY27 consolidated revenue, or 95% of group income, while real estate and other income generated Rs 11.10 crore. EPC revenue increased 25.8% from Rs 173.90 crore in H1 FY26, and EPC PBT rose 34.4% from Rs 26.20 crore to Rs 35.20 crore.

Real estate revenue rose from Rs 9.00 crore in H1 FY26 to Rs 11.10 crore in H1 FY27. Its PBT increased from Rs 8.40 crore to Rs 9.20 crore, and management reported an H1 FY27 real-estate PBT margin of 83.2%. The segment figures indicate that EPC supplied most of the revenue increase, while real estate generated a smaller revenue contribution and Rs 9.20 crore of PBT.

Standalone Q2 segment data showed different trends between the businesses. EPC revenue increased from Rs 85.60 crore in Q2 FY26 to Rs 100.70 crore in Q2 FY27, while its PBT increased from Rs 11.80 crore to Rs 20.10 crore. Over the same period, real estate and other income fell from Rs 5.20 crore to Rs 4.80 crore and segment PBT declined from Rs 5.40 crore to Rs 3.80 crore.

What does consolidation add to BIL’s balance sheet and cash position?

BIL’s consolidated total assets were Rs 784.15 crore at Sep-26, Rs 58.22 crore above standalone assets of Rs 725.93 crore. Consolidated net worth was Rs 387.73 crore, compared with Rs 381.23 crore standalone, while consolidated borrowings of Rs 164.50 crore exceeded standalone borrowings of Rs 133.80 crore.

Consolidated closing cash was Rs 23.42 crore in H1 FY27, compared with Rs 20.56 crore standalone. Consolidated operating cash flow was Rs 1.45 crore against Rs 1.51 crore standalone, despite consolidated operating profit before working capital of Rs 46.49 crore. The presentation recorded a Rs 49.59 crore reduction in trade payables, Rs 14.43 crore of inventory release, Rs 9.60 crore of receivable collections and a Rs 11.87 crore increase in unbilled revenue.

Conclusion

BIL’s H1 FY27 consolidation added Rs 28.24 crore of reported revenue and Rs 58.22 crore of assets relative to standalone reporting. However, the addition to both PBT and PAT was Rs 0.66 crore, showing that the group’s 24.5% revenue growth was not matched by a comparable increase in profit over the standalone result.

The presentation does not disclose a future target or scheduled event for the subsidiaries and JVs. The next results should show whether JV execution, which added Rs 13.49 crore of revenue in Q2 FY27, produces a wider standalone-to-consolidated PBT difference and whether the Rs 11.87 crore increase in unbilled revenue converts into operating cash flow.