Bajaj Electricals Q2 FY27 PAT Up 160% YoY

Date: October 28, 2026

Revenue from Operations: ₹1,123 Cr (Q2 FY26: ₹1,107 Cr), a growth of 1.5%.
Cost of Goods Sold (COGS): ₹765 Cr (Q2 FY26: ₹755 Cr), an increase of 1.3%.
Gross Margin: ₹358 Cr (Q2 FY26: ₹352 Cr), an increase of 1.8%. Gross Margin percentage was c.31.9% for Q2 FY27.
Staff Cost: ₹86 Cr (Q2 FY26: ₹107 Cr), a decrease of 19.6%, attributed to a phasing impact.
Other Expenses: ₹206 Cr (Q2 FY26: ₹183 Cr), an increase of 12.2%. This includes Advertising & Promotion (A&P) investments of c.3.8% of revenues, which were up by 150 basis points YoY.
Depreciation and Amortization: ₹30 Cr (Q2 FY26: ₹37 Cr), a decrease of 17.4%.
Other Income: ₹13 Cr (Q2 FY26: ₹8 Cr), an increase of 70.3%. This includes Treasury Yield of c.₹8 Cr.
EBIT: ₹50 Cr (Q2 FY26: ₹33 Cr), an increase of 51.2%. EBIT as a percentage of revenue was 4.4% (Q2 FY26: 3.0%).
Finance Cost: ₹15 Cr (Q2 FY26: ₹13 Cr), an increase of 21.1%. This includes interest on vendor financing of c.₹10 Cr and interest on lease liability of c.₹3 Cr.
Profit Before Exceptional Items and Taxes: ₹34 Cr (Q2 FY26: ₹20 Cr), an increase of 70.0%.
Exceptional Items and Losses from JV: ₹1 Cr (Q2 FY26: gain of ₹5 Cr).
Profit Before Tax (PBT): ₹35 Cr (Q2 FY26: ₹16 Cr), an increase of 127.4%.
Taxes: ₹9 Cr (Q2 FY26: ₹6 Cr).
Profit After Tax (PAT): ₹26 Cr (Q2 FY26: ₹10 Cr), an increase of 160.0%. PAT as a percentage of revenue was 2.3% (Q2 FY26: 0.9%).

Segment Revenue:

Segment Results (EBIT):

Consumer Products: EBIT of ₹34 Cr, with EBIT margin of 4.0% (Q2 FY26: EBIT ₹7 Cr, margin 0.9%). Adjusted for incremental brand investments, margins were at 5.6%.
Lighting Solutions: EBIT of ₹8 Cr, with EBIT margin of 3.1% (Q2 FY26: EBIT ₹22 Cr, margin 7.9%).

Profit Before Tax: ₹101 Cr.
Adjustments for Non-Cash Items: ₹55 Cr.
(Increase) / Decrease in Working Capital: (₹179) Cr, mainly into inventories (₹171 Cr) for seasonal categories.
Taxes Paid: (₹27) Cr.
Net Cash from Operating Activities (A): (₹50) Cr.
EBITDA Generated: c.₹164 Cr.
Capital Expenditure (net of sale proceeds): ₹24 Cr. Sale proceeds from certain immovable properties was ₹27 Cr.
Interest Received: ₹12 Cr.
Net Cash from Investing Activities (B): ₹36 Cr.
Payment of Lease Liabilities: (₹20) Cr.
Interest Paid: (₹31) Cr.
Dividend Paid: (₹35) Cr, paid @ ₹3/share.
Net Cash used in Financing Activities (C): (₹86) Cr.
Net decrease in Cash & Bank balances: (₹100) Cr.
Opening Balance of Cash/Bank Balances: ₹222 Cr.
Closing Balance of Cash/Bank Balances: ₹122 Cr.

Cash Position: Strong Balance Sheet with Cash & Cash Equivalents and surplus investments of c.₹845 Cr as on September 30, 2026.
Channel Performance: General Trade (GT) witnessed a drop of c.3% YoY. Alternate channel grew by c.7% YoY, with double-digit growth in E-commerce. Exports grew in high double digits.
Consumer Products Segment Drivers: Double-digit growth in Kitchen Appliances (strong growth in induction cookers), Water Heaters, and Steam Irons. Degrowth in Morphy Richards (MR) & Fans, though premium and BLDC fans showed significant growth.
Lighting Solutions Segment Drivers: Double-digit growth in Consumer Lighting driven by new categories Wires & Switchgear. Degrowth in Professional Lighting due to phasing in the timing of projects.
Product Launches: 18 SKUs launched in Consumer Products, including the NX 2 400W Nutri Blender, Neo series glass cooktops, and the RCX 3 Neo Rice Cooker. 239 SKUs launched in Professional Lighting.
Projects Executed: Professional lighting projects included landscape lighting for NMC Garden, Nagpur, and architectural lighting for the 'Welcome Wardha' Clock-Tower at Bajaj Chowk.
Brand Campaigns: Festive engagements included presence at Puri East Zone and Lalbaugcha Raja, Mumbai.
Awards and Recognition: Silver Award in 'Clean Energy' Category at CSR Times Award 2026 for the 'Flame of Change' Improved Cookstove Project. Excellence in Rural Marketing award at ET Edge Rural Marketing Summit 2026.