Bharat Seats LimitedQ2 FY27 Results & Financial Update
Bharat Seats Limited: Q2 FY27 standalone results and company financials – revenue ₹709.22 Cr, PAT ₹15.20 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Bharat Seats Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Bharat Seats Limited registered robust sequential top-line expansion for the quarter ended September 30, 2026, reporting revenue from operations of INR 709.22 crore compared to INR 577.83 crore in the preceding quarter.
Total income for Q2 FY27 stood at INR 710.08 crore, rising from INR 578.90 crore recorded in Q1 FY27, reflecting stronger sequential order execution and delivery schedules.
Profit before tax (PBT) advanced to INR 20.62 crore for the quarter, compared to INR 17.72 crore in the previous quarter, supported by higher operating volumes despite rising input pressures.
Net profit after tax (PAT) reached INR 15.20 crore, delivering a sequential increase from INR 13.21 crore in Q1 FY27 and pushing basic and diluted EPS to INR 2.42 per share.
Cost of raw materials and components consumed expanded alongside top-line growth to INR 618.06 crore from INR 497.69 crore in the June 2026 quarter, reflecting direct scaling of production inputs.
Employee benefit expenses remained well-controlled sequentially at INR 188.50 crore, showing minimal variation compared to INR 181.92 crore in the prior quarter.
Finance costs edged up slightly to INR 2.26 crore, while depreciation and amortization expenses stood at INR 9.84 crore for the quarter.
Tax expenses for the quarter were recorded at INR 5.42 crore, leaving a net profit margin of 2.14% compared to 2.29% in the previous quarter.
01 · Business model
What does Bharat Seats do?
Bharat Seats Limited manufactures diverse seating systems, automotive parts, and components primarily for the automotive industry, operating from its base in Gurugram, Haryana.
The company's primary revenue engine is tied to contract manufacturing and supply agreements with vehicle manufacturers, subject to periodic price revisions and escalation clauses.
Operations are classified within a single reporting business segment for automotive seating and components, aligning its economic model directly with automotive OEM production volumes and raw material cost pass-throughs.
02 · Historical context
What shaped the business before this quarter
In financial year 2023-24, the Income Tax Department conducted a search under Section 132 of the Income Tax Act, 1961, at certain company premises, manufacturing locations, and residences of key personnel, resulting in subsequent tax demands and ongoing appellate proceedings before the ITAT.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹709.22 Cr | ₹577.83 Cr |
| Total income | ₹710.08 Cr | ₹578.90 Cr |
| Profit before tax | ₹20.62 Cr | ₹17.72 Cr |
| Profit after tax | ₹15.20 Cr | ₹13.21 Cr |
| EPS | ₹2.42 | ₹2.10 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 2.1% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 2.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.86 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue recognition follows contract prices agreed with customers, subject to scheduled escalations and de-escalations for raw material price revisions, which are finalized at year-end.
Top-line revenue advanced by 22.74% sequentially to INR 709.22 crore, driven by higher delivery volumes across automotive seating and component product lines.
What drove margins
Cost of raw materials and components consumed formed the dominant cost head at INR 618.06 crore, moving in tandem with production scaling.
Other operating expenses were recorded at INR 32.84 crore for the quarter, compared to INR 28.26 crore in the preceding quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with IND AS-108, the company operates in a single reporting business segment comprising the manufacturing of different seating systems, automotive parts, and components.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The Board approved an equity investment of INR 99 Lakhs in one or more tranches to acquire a 26% stake in a proposed Special Purpose Vehicle (SPV) for sourcing captive open-access solar power in Haryana.
07 · Reported developments
What changed operationally
Statutory auditors S.R. Batliboi & Co. LLP issued an unmodified review report on the unaudited financial results for the quarter and six months ended September 30, 2026.
08 · Items worth noticing
The line items that can distort a quick read
The financial results highlight ongoing uncertainty regarding Income Tax Department search proceedings from earlier years, with appeals pending before the ITAT against tax demands sustained by the CIT(A).
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the six months ended September 30, 2026, net cash generated from operating activities stood at INR 41.10 crore, compared to INR 56.47 crore in the corresponding period of the previous year.
Net cash used in investing activities for the half-year period was INR 48.41 crore, driven by capital expenditure of INR 48.95 crore towards property, plant, equipment, and capital work-in-progress.
Capital allocation & funding
As of September 30, 2026, non-current borrowings stood at INR 33.36 crore while current borrowings were recorded at INR 24.74 crore.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Related Party Transaction Approval
The Board approved issuing a notice of Postal Ballot to seek shareholder approval for enhancing the limit of material Related Party Transactions with NDR Auto Components Limited.
Reported update
Committee Reconstitution
The company reconstituted several board committees, including the Audit Committee, Stakeholders Relationship Committee, CSR Committee, and Nomination and Remuneration Committee.
11 · Previous-quarter changes
What changed since the previous quarter
PAT expanded by 15.07% sequentially from INR 13.21 crore in Q1 FY27 to INR 15.20 crore in Q2 FY27.
12 · Key Q&A
The quarter, answered directly
What does Bharat Seats do?
Bharat Seats Limited manufactures diverse seating systems, automotive parts, and components primarily for the automotive industry, operating from its base in Gurugram, Haryana.
What is the clearest takeaway from Q2 FY27?
Bharat Seats Limited registered robust sequential top-line expansion for the quarter ended September 30, 2026, reporting revenue from operations of INR 709.22 crore compared to INR 577.83 crore in the preceding quarter.
What drove revenue or demand?
Revenue recognition follows contract prices agreed with customers, subject to scheduled escalations and de-escalations for raw material price revisions, which are finalized at year-end.
What mattered most for margins or profitability?
Cost of raw materials and components consumed formed the dominant cost head at INR 618.06 crore, moving in tandem with production scaling.
What changed operationally beyond the headline numbers?
The Board approved an equity investment of INR 99 Lakhs in one or more tranches to acquire a 26% stake in a proposed Special Purpose Vehicle (SPV) for sourcing captive open-access solar power in Haryana.
What should the next disclosure help confirm?
Monitor the formal incorporation of the solar SPV and the completion of the INR 99 Lakh equity investment targeted for Q1 FY27-28.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
SPV Incorporation and Solar Capex: Monitor the formal incorporation of the solar SPV and the completion of the INR 99 Lakh equity investment targeted for Q1 FY27-28.
- 02
Income Tax Appellate Proceedings: Track further developments and appeals before the Income Tax Appellate Tribunal (ITAT) regarding tax demands stemming from prior search proceedings.
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