Financial Performance Highlights

H1 FY27 vs H1 FY26 Financial Comparison:

  • Revenue from Operations: ₹42.34 crore (vs ₹32.92 crore in H1 FY26), +28.6% YoY
  • Gross Profit: ₹12.57 crore (vs ₹8.22 crore), +52.9% YoY
  • Gross Margin: 29.7% (vs 24.9%), +480 bps expansion
  • EBITDA: ₹7.47 crore (vs ₹5.17 crore), +44.5% YoY
  • EBITDA Margin: 17.7% (vs 15.7%), +200 bps expansion
  • Profit Before Tax (PBT): ₹6.17 crore (vs ₹4.73 crore), +30.4% YoY
  • Profit After Tax (PAT): ₹4.15 crore (vs ₹4.61 crore), -10.0% YoY
  • Earnings per share: ₹2.08 (not annualized)

Segment-wise Revenue Performance:

  • Agri-inputs: ₹1.22 crore (+13.9% YoY), 2.9% of revenue
  • Agri-Output: ₹26.96 crore (+19.1% YoY), 63.7% of revenue
  • Crop Monitoring Services: ₹14.17 crore (+53.8% YoY), 33.5% of revenue

Balance Sheet and Cash Flow

  • Net worth: ₹91.60 crore (book value approximately ₹46 per share), up from ₹87.45 crore as of 31 March 2026
  • Operating cash flow before working-capital changes: Positive ₹7.56 crore
  • Net operating cash flow: -₹2.74 crore (improved by ₹11.2 crore from -₹13.96 crore in H1 FY26)
  • Capital expenditure: ₹6.54 crore deployed for equipment and proprietary technology development
  • Total borrowings: ₹4.45 crore with debt-to-equity ratio of approximately 0.05

Operational Milestones

  • CropAssure® platform covers 266,537 acres serving 60,196 farmers (28,212 paying farmers)
  • All produce undergoes NABL-accredited laboratory testing for pesticide residues, microbiology, and heavy metals
  • Online consumer sales through SafeAssure website (https://safeassure.bharatrohan.in)

Strategic Initiatives

US Market Entry:

  • Step-down subsidiary BharatRohan Inc. (Delaware) to launch traceable spice range in Q1 2027
  • Initial rollout of 8-12 single-origin staples and blends via Amazon and D2C website
  • Separate fundraise of approximately USD 5 million underway for US marketing and operations

Regulatory Certification:

  • Indian processing unit expects FSSC 22000 certification in December 2026
  • Certification will enable supply to major international retailers (Walmart, Costco, Target, Tesco, Carrefour, Aldi, Lidl)

Technology Development:

  • Successful development of working prototype of indigenous snapshot hyperspectral camera
  • Reduces reliance on imported sensors and opens new technology revenue avenues

Expansion into Perennial Crops

  • Extending crop-monitoring services to tea, pomegranate, and grapes for year-round income
  • Memorandum of understanding in process with leading micro-irrigation company for drone-guided decision support system
  • Received orders from leading tea plantation company in South India for CropAssure® service package starting November 2026
  • Collaborating with growers in Nashik, Sangli, and Rajasthan for pomegranate and grape orchard monitoring

Non-Agricultural Technology Applications

Solar Asset Monitoring:

  • Completed commercial proof of concept in Madhya Pradesh, Rajasthan, and Gujarat with three companies
  • Converting engagements into long-term contracts for post-monsoon recovery window (October-December)

Other Sectors:

  • Telecom & Power Infrastructure: Commercial PoC for drone-based inspection
  • Pharmaceutical Quality Screening: Internal testing demonstrated ability to distinguish genuine from adulterated tablets
  • Wind turbine inspection: Developing drones for surface crack identification and damage assessment
  • Warehouse inventory management: PoC using indoor drones for stock identification and management

Defence Sector Entry

  • Board approved 15% equity stake in BharatRohan Defence Private Limited (proposed incorporation)
  • Investment funded through internal accruals (not IPO proceeds)
  • Remaining 85% held by promoters Amandeep Panwar and Rishabh Choudhary
  • Proposed private placement of up to ₹100 crore for product development, manufacturing facility, and certification
  • Product pipeline includes EW-resilient surveillance drone, wide-area surveillance drone, and GPS-denied navigation drone
  • Targeting first orders from FY29 after CEMILAC/DGQA and DGCA qualification pathways

Management Commentary

Chairman and Managing Director Amandeep Panwar highlighted 29% revenue growth and 30% PBT growth despite El Niño-impacted kharif season, emphasizing margin expansion from 25% to 30% demonstrating the company's premium pricing model.

H2 FY27 Priorities

  • Rabi procurement matched to confirmed buyer demand
  • Driving faster collection of receivables and tighter working-capital management
  • US market launch in Q1 2027 alongside FSSC 22000 certification completion
  • Completing deliveries and deployment of in-house hyperspectral camera
  • Converting solar asset monitoring pilots into commercial contracts

Forward-Looking Statements

Document contains forward-looking statements regarding US launch, certification timelines, technology applications, defence subsidiary investment, and H2 FY27 priorities. These are subject to risks including weather conditions, regulatory approvals, and execution risks. H1 FY27 financial results are unaudited and subjected to limited review by statutory auditors.