Brahmaputra Infrastructure Q2 profit rose 37% as margin narrowed

Brahmaputra Infrastructure reported Q2FY27 consolidated profit attributable to owners of Rs 20 crore, up 37% year on year, while its earnings before interest, tax, depreciation and amortisation (EBITDA) margin narrowed 142 basis points to 23%. BIL’s consolidated net sales rose 31% to Rs 118 crore and finance costs fell 31% to Rs 4 crore.

How did BIL’s consolidated Q2FY27 earnings change?

BIL’s consolidated profit after tax (PAT) attributable to owners rose to Rs 20 crore in Q2FY27 from Rs 15 crore in Q2FY26, while profit before tax (PBT) increased 41% to Rs 24 crore from Rs 17 crore. Tax, including deferred tax, rose to Rs 4 crore from Rs 3 crore during the same comparison.

The result also improved from Q1FY27. Consolidated net sales increased 9% from Rs 108 crore, EBITDA advanced 22% from Rs 23 crore, and PAT grew 22% from Rs 16 crore. PAT margin rose to 17% from 15% in Q1FY27 and 16% in Q2FY26.

Why did BIL’s consolidated EBITDA margin decline?

BIL’s consolidated EBITDA margin declined to 23% in Q2FY27 from 25% in Q2FY26, as cost of goods sold (COGS) increased 35% to Rs 87 crore while net sales increased 31% to Rs 118 crore. The presentation reports the resulting year-on-year margin movement as a decline of 142 basis points.

The quarter-on-quarter comparison moved in the other direction. EBITDA margin increased 242 basis points from 21% in Q1FY27, while EBITDA rose to Rs 27 crore from Rs 23 crore and sales increased to Rs 118 crore from Rs 108 crore. Other income declined 68% sequentially to Rs 1 crore from Rs 3 crore.

For H1FY27, consolidated EBITDA increased 14% to Rs 50 crore from Rs 44 crore in H1FY26, but the margin was 22% compared with 24%, a 209-basis-point decline. H1 COGS rose 29% to Rs 168 crore, exceeding the 24% increase in net sales to Rs 226 crore.

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

BIL’s standalone Q2FY27 PAT was Rs 20 crore, up 34% from Rs 15 crore, compared with 37% consolidated PAT growth. Standalone net sales increased 16% to Rs 105 crore, below the 31% growth in consolidated sales to Rs 118 crore.

Standalone EBITDA margin rose to 26% from 25%, whereas the consolidated margin fell to 23% from 25%. Standalone PAT margin increased 255 basis points to 19%, compared with an 80-basis-point increase in consolidated PAT margin to 17%.

Finance costs declined 31% to Rs 4 crore in both the standalone and consolidated statements, from Rs 5 crore a year earlier. Depreciation was broadly unchanged, at Rs 33 lakh standalone and consolidated in Q2FY27 versus Rs 34 lakh in Q2FY26; standalone PBT rose 39% to Rs 24 crore.

What do BIL’s half-year, historical and balance-sheet figures show?

BIL’s H1FY27 consolidated PAT reached Rs 37 crore, up 23% from Rs 30 crore in H1FY26, as net sales rose 24% to Rs 226 crore and PBT increased 28% to Rs 44 crore. The H1 PAT margin was 16%, compared with 16% in the prior-year half.

The historical statement shows consolidated sales rising from Rs 242 crore in FY25 to Rs 365 crore in FY26, while EBITDA increased from Rs 49 crore to Rs 83 crore. EBITDA margin reached 23% in FY26 from 20% in FY25, while H1FY27’s 22% margin was one percentage point below the FY26 full-year level.

Consolidated total equity increased to Rs 388 crore at H1FY27 from Rs 345 crore at FY26, and total assets rose to Rs 785 crore from Rs 717 crore. Total borrowings were Rs 165 crore, comprising Rs 60 crore of non-current borrowings and Rs 105 crore of current borrowings, compared with Rs 127 crore at FY26.

Working-capital items changed in different directions at H1FY27. Debtors declined to Rs 15 crore from Rs 19 crore and inventories fell to Rs 91 crore from Rs 102 crore, while cash equivalents and bank balances increased to Rs 23 crore from Rs 20 crore and other current assets rose to Rs 133 crore from Rs 110 crore.

What order visibility and plans has BIL disclosed?

BIL disclosed an order book, including joint operations, of Rs 2,064.47 crore across four segments, with more than Rs 900 crore identified as executable over the next 18 months. Buildings accounted for Rs 1,079.26 crore, or 52%, followed by railways and tunnels at Rs 480.60 crore, or 23%.

Roads and bridges represented Rs 259.44 crore of the order book and river protection accounted for Rs 245.17 crore. BIL also reported Rs 2,500 crore of tenders under evaluation, compared with its Rs 2,064 crore secured order book, and gave an average project completion period of 18 to 36 months.

BIL listed Rs 317.01 crore of new order wins during Q2FY27, including a Rs 137.60 crore Kokrajhar-Gelephu rail-line joint-venture project and a Rs 78.09 crore Turga Pumped Storage Project package. It also listed a Rs 89.73 crore River Ravi bridge joint-venture project, for which the letter of acceptance was dated October 8, 2026. Management’s stated five-pillar strategy is to grow the engineering, procurement and construction business, scale recurring real-estate income and build on FY26’s reported inflection.

Conclusion

BIL’s Q2FY27 result combined 31% consolidated sales growth, a 31% reduction in finance costs and a 37% increase in PAT to Rs 20 crore. The offset was that COGS grew 35%, faster than sales, leaving consolidated EBITDA margin at 23% versus 25% a year earlier, despite a sequential increase from 21%.

The next reported evidence will be execution of the more than Rs 900 crore identified for the next 18 months and progress on the Rs 2,500 crore tender pipeline. Management has outlined a five-pillar plan covering the engineering, procurement and construction business and recurring real-estate income, but the presentation provides no numerical revenue or margin target for that strategy.