Blue Jet Healthcare Q2 FY27 Results Analysis: Revenue Surges 127%, Gross Margin Slips Below 50% (BLUEJET)

Cofacto Research Published November 05, 2026 3 min read

Positive

Blue Jet Healthcare Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 375.74 Cr (+127.06% YoY) and PAT growth of +96.63% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 05, 2026
Revenue (Q2)	Rs. 375.74 Cr (+127.06% YoY)
PAT (Q2)	Rs. 102.52 Cr (+96.63% YoY)
EBITDA margin	31.60% (-160 bps YoY)
EPS (Q2)	Rs. 5.46 (+81.40% YoY)

Quarter Snapshot

Revenue of Rs.375.74 Cr grew 127.06% YoY and 28.12% QoQ with PAT up 96.63% to Rs.102.52 Cr, and the Rs.800 Cr QIP leaves the company debt-free with ~Rs.1,076 Cr of liquid assets ahead of its capex cycle. Offsetting this, gross margin broke below management's own 50-55% band to 48.55%, EBITDA margin compressed to 31.60%, and H1 operating cash flow turned negative at -Rs.25.61 Cr on working-capital build. FY27 double-digit revenue growth guidance is on track with H1 at +28.57%.

Q2 FY27 Expectations vs Results

Driver	What happened	Verdict
Revenue "likely ahead YoY… aided by a known recognition catch-up" (~Rs.30 Cr CM sales from Q1)	Revenue +127.06% YoY, +28.12% QoQ	Played out
GE HealthCare strength (+13.8% organic PDx in the quarter, per pre-call note) to support CMI	Total revenue consistent; CMI split not in the filing	Partially
"Compressing pressure from freight and crude"	Gross margin fell to 48.55% (below band) but other-expense ratio improved QoQ to 11.51%	Partially
Iodine a level headwind, not incremental	Materials at 53.66% of revenue; attribution not observable	Not observable
Goods-in-transit = "the margin wildcard" at the September close	Inventory build small in P&L ((Rs.8.30 Cr)) but BS inventories +Rs.63.87 Cr; gross margin slipped	Partially
Watch: Rs.30 Cr recognition and its EBITDA flow	Total revenue consistent with catch-up; amount not separately disclosed	Not observable
Watch: capex run-rate vs Rs.250–400 Cr	H1 cash capex Rs.76.14 Cr — tracking below the Rs.400 Cr leg	Played out
Watch: tariff impact	No tariff commentary in the filing	Not observable

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 double-digit revenue growth	Q1 FY27 earnings call, Aug 3, 2026	H1 +28.57% YoY	On Track
Normalized gross margin 50–55%	Q3 FY26 earnings call, Feb 13, 2026	Q2: 48.55% (Q1: 53.22%)	Missed this quarter
30%+ EBITDA margin (no formal threshold; declined)	Q3 FY26 call, Feb 13, 2026	Q2: 31.60%	Above 30% this quarter
FY27 capex Rs.250 Cr (prepared remarks) vs Rs.400 Cr (CFO) — unreconciled	Q1 FY27 call, Aug 3, 2026	H1 cash capex Rs.76.14 Cr — below both legs pro-rata	On Track
Mahad Unit 3 commercial contribution	Q1 FY27 call, Aug 3, 2026 ("H2 FY27")	Not yet due	Too Early

Key Investment Insights

Key Positives

Revenue grew 127.06% YoY and 28.12% QoQ to a record Rs.375.74 Cr
EBITDA grew 116.11% YoY to Rs.118.75 Cr at a 31.60% margin, above the 30% level
PAT grew 96.63% YoY to Rs.102.52 Cr; EPS grew 81.40% YoY to Rs.5.46
Cost of materials fell to 53.66% of revenue from 61.03% in Q1 and 65.52% in Q2 FY26
Finance costs fell 86.15% YoY to Rs.0.64 Cr; company is debt-free
H1 revenue grew 28.57% YoY, tracking well ahead of management's FY27 double-digit growth target
Rs.800 Cr QIP completed; ~Rs.1,076 Cr of liquid assets with zero debt

Risk Factors

Gross margin of 48.55% fell below management's stated 50-55% normalized band
EBITDA margin compressed ~160-190 bps YoY and QoQ to 31.60%
H1 operating cash flow was negative at -Rs.25.61 Cr (CFO/PAT -0.14x) on receivables and inventory build
DSO of ~120 days with receivables growth (31.15%) outpacing H1 revenue growth (28.57%)
Effective tax rate rose ~126 bps YoY to 25.39%, and other income grew only 7.98% YoY, dragging PAT growth below EBITDA growth