Bonfiglioli Transmissions Ltd Q2 FY27 Results Analysis: PAT Jumps 38%, Margin Expands 111 bps
Bonfiglioli Transmissions Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 660.17 Cr (+30.23% YoY) and PAT growth of +38.18% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 660.17 Cr (+30.23% YoY) |
| PAT (Q2) | Rs. 87.10 Cr (+38.18% YoY) |
| EBITDA margin | 19.53% (+111 bps YoY) |
| EPS (Q2) | Rs. 4.63 (+38.21% YoY) |
Quarter Snapshot
BONFIG delivered 30.23% YoY revenue growth with EBITDA margin up 111 bps to 19.53% and PAT up 38.18%, driven by operating leverage with all cost lines growing slower than revenue. As a pre-listing company there is no prior management guidance on record, so no guidance beats can be scored; the November 13, 2026 call is where any guidance framework would be initiated. The IPO (Rs.2,533.66 Cr OFS) listed October 23, 2026 with no cash inflow to the company.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "in-line to ahead" — capex tailwind (capital-goods IIP +16.9%, PMI in expansion), Aug soft patch | Revenue +30.23% YoY, +17.55% QoQ — ahead | Played out |
| Gross margin | "flat to modestly compressing" vs the 63.66% H1 CY2026 RM-cost base, localisation offset | RM net of inventory at 61.27% of revenue vs 61.64% restated year-ago; EBITDA margin 19.53% vs 18.42% — held-to-better | Played out |
| EBITDA margin | Structural localisation engine vs September input-cost uptick; "margin bridge is the thing to watch" | 19.53% vs 19.75% QoQ (−22 bps), +111 bps YoY; H1 CY2026 computed at 19.63% vs the 19.8% reference | Played out |
| Policy shock on inputs | "policy was neutral for the quarter" | No duty/GST/levy line anywhere in the results or notes | Played out |
| Watch: guidance initiation, order book, capacity utilisation, royalty (4.5%-of-revenue reference), dividend policy | Expected first disclosures on the Nov 13 call | None of these appears in the filing — not addressed in the filing — remain open for the call | Not observable in filing |
Read our full results preview.
Key Investment Insights
Key Positives
- Revenue grew 30.23% YoY to Rs.660.17 Cr and 17.55% QoQ; 9M revenue at Rs.1,792.04 Cr, up 22.81% YoY
- EBITDA margin expanded 111 bps YoY to 19.53%; 9M margin at 19.72% vs 17.65%
- PAT grew 38.18% YoY to Rs.87.10 Cr; 9M PAT up 40.69% to Rs.235.69 Cr
- Total opex ratio improved to 21.54% from 22.74% YoY; employee cost ratio fell to 4.79% from 5.10%
- Net worth grew 21.77% YoY to Rs.1,122.27 Cr on retained earnings
- Completed IPO (Rs.2,533.66 Cr OFS at Rs.586) and listed on NSE/BSE on October 23, 2026
Risk Factors
- Effective tax rate stepped up to 25.76% from 22.16% YoY, muting PAT conversion (PAT margin 13.19%)
- EBITDA margin dipped 22 bps QoQ (19.75% to 19.53%)
- Paid-up capital rose 50% between Sep 30, 2025 and Jun 30, 2026 with the driver not disclosed in the filing, so year-ago EPS is on a different share base
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.