Bharat Seats523229Quarterly results
Q2 FY27 results, related-party postal ballot and Rs. 99 Lakh solar SPV investment approved by board
Board meeting on October 27, 2026 approved the unaudited results for the quarter and six months ended September 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 70,922.14 | 45,860.44 | +54.6% | 57,782.61 | +22.7% |
| Total income | 71,008.24 | 46,129.81 | +53.9% | 57,890.09 | +22.7% |
| Profit before tax | 2,062.40 | 1,329.01 | +55.2% | 1,771.74 | +16.4% |
| Profit after tax | 1,520.41 | 990.18 | +53.5% | 1,321.28 | +15.1% |
| Total comprehensive income | 1,515.01 | 991.55 | +52.8% | 1,315.88 | +15.1% |
| Basic EPS | 2.42 | 1.58 | +53.2% | 2.10 | +15.2% |
- Total income YoY growth
- +53.9% (year ago 46,129.81)
- Profit after tax (latest)
- 1,520.41 lakhs, +53.5% YoY (year ago 990.18)
- Period
- 30.09.2026 (Unaudited)
Also decided at the meeting
- Approved reconstitution of Audit, Stakeholders Relationship, CSR and Nomination and Remuneration Committees.
- Approved Postal Ballot Notice seeking shareholder approval to enhance material RPT limit with NDR Auto Components Limited.
- Approved investment of Rs. 99 Lakhs in equity shares of a proposed solar power SPV (26% equity), in tranches, for captive solar power; completion Q1 2027-28.
Auditor's review
Conclusion: Unmodified
- Emphasis of Matter: note 4 describes uncertainty on outcome of Income Tax search under Section 132 conducted in an earlier year at Company premises; conclusion not modified.
- Statement includes one branch's unaudited/unreviewed results (net loss Rs. 38.19 lakhs for quarter), stated not material; conclusion not modified.
Notes to the results
- Income tax search (FY 2023-24): assessment demands of Rs. 2,011.25 lakhs reduced to Rs. 245.25 lakhs by CIT(A); Department appealed to ITAT; AY 2022-23 demand Rs. 756.75 lakhs pending.
- Penalty demand orders aggregating Rs. 271.48 lakhs received and appealed before CIT(A); no adjustment made in results.
- Sales/purchases recognised at contract prices subject to annual escalations/de-escalations, estimated on best estimate basis.
Results and the auditor's conclusion
The board considered and approved the unaudited financial results for the quarter and six months ended September 30, 2026. The Limited Review Report of the auditors did not contain any qualification, adverse remark or modified opinion. The auditors added an Emphasis of Matter on an income tax search, drawing attention to note 4 of the results, which describes the uncertainty relating to the outcome of a search by the Income Tax Department under section 132 of the Income Tax Act, 1961 at certain premises including manufacturing locations and residences of some employees and key managerial personnel. The auditors state that their conclusion is not modified in respect of this matter.
Other decisions taken at the meeting
- Reconstitution of the Audit Committee, Stakeholders Relationship Committee, CSR Committee and Nomination and Remuneration Committee.
- Notice of Postal Ballot approved for seeking shareholders' approval to enhance the limit of material Related Party Transactions with NDR Auto Components Limited. The notice is to be uploaded once dispatched to members.
- Investment in equity shares of a Special Purpose Vehicle amounting to Rs. 99 Lakhs, in one or more tranches, for sourcing power through captive solar power.
The solar SPV in detail
- The SPV is proposed to be incorporated and will be engaged in setting up, generating and distributing solar power from its power plants in India. Its turnover is Nil since it is yet to be incorporated.
- Bharat Seats will hold 26% equity in the SPV. Consideration is cash and the cost of acquisition is Rs. 99 Lakhs.
- The stated purpose is to avail Captive Open Access Solar power and increase the company's utilisation of renewable energy in the state of Haryana.
- The acquisition does not fall within related party transactions, no governmental or regulatory approval is required, and the indicative time period for completion is Q1 2027-28.
How the quarter looked (figures as printed, in Rs. lakhs)
- Revenue from operations for the quarter ended September 30, 2026: 70,922.14
- Profit before tax: 2,062.40
- Profit for the period: 1,329.41
- For the six months ended September 30, 2026, revenue from operations was 1,28,704.75.
What the income tax note says
- The Income Tax Department conducted a search in financial year 2023-24, and in the subsequent assessment proceedings the company received assessment demand orders aggregating Rs. 2,011.25 lakhs (excluding penalty).
- Following appeals shared by the company, the Commissioner of Income Tax (Appeals) deleted the entire additions for the earliest assessment years and granted partial relief for others, reducing the demand from Rs. 2,011.25 lakhs to Rs. 245.25 lakhs. Further appeals have been shared by both the company and the Department, and some matters remain pending.
- Based on its assessment and legal advice, management believes it has a favourable position in the ongoing proceedings, and pending their outcome no adjustment has been made in these financial results.
What a retail reader may take away
- The quarter's numbers come with a review conclusion that is unmodified, with the tax-search uncertainty disclosed as an emphasis point rather than a qualification.
- The solar investment is for a stake in an entity that is still to be incorporated, with completion indicated for Q1 2027-28, so it is a proposed step rather than an operating asset today.
- The related party transaction limit with NDR Auto Components will go to shareholders through a postal ballot.
₹1,28,704.75 lakhRevenue from operations, six months ended September 30, (Rs. in lakhs
Revenue from operations, quarter ended September 30, (Rs. in lakhs₹70,922.14 lakh
Revenue from operations, quarter57,782.61 (Rs. in lakhs)
26%Shareholding acquired in the SPV
Also from Bharat Seats
Board approves Q2 results, Rs. 99 Lakhs solar SPV stake and related-party postal ballot
27 Oct 2026
Board meeting on 27 October 2026 to approve unaudited results for quarter and six months ended September 30, 2026
21 Oct 2026
Shareholders approve two director appointments, borrowing-power increase and charge creation
9 Oct 2026
More numbers
- Investment in equity shares of the SPVRs. 99 Lakhs
- Shareholding acquired in the SPV26%
- Profit for the period, quarter ended September 30, 2026 (Rs. in lakhs)1,329.41
- Revenue from operations, six months ended September 30, 2026 (Rs. in lakhs)1,28,704.75
- Aggregate assessment demand orders receivedRs. 2,011.25 lakhs
- Demand after CIT(A) reliefRs. 245.25 lakhs
- Total income, latest quarter71,008.24 (Rs. in lakhs)
- Total income, year-ago quarter46,129.81 (Rs. in lakhs)
- Total income, previous quarter57,890.09 (Rs. in lakhs)
- Total comprehensive income, latest quarter1,515.01 (Rs. in lakhs)
- Total comprehensive income, year-ago quarter991.55 (Rs. in lakhs)
- Total comprehensive income, previous quarter1,315.88 (Rs. in lakhs)
- Profit after tax, latest quarter1,520.41 (Rs. in lakhs)
- Profit after tax, year-ago quarter990.18 (Rs. in lakhs)
- Profit after tax, previous quarter1,321.28 (Rs. in lakhs)
- Revenue from operations, latest quarter70,922.14 (Rs. in lakhs)
- Revenue from operations, year-ago quarter45,860.44 (Rs. in lakhs)
- Revenue from operations, previous quarter57,782.61 (Rs. in lakhs)
- Profit before tax, latest quarter2,062.40 (Rs. in lakhs)
- Profit before tax, year-ago quarter1,329.01 (Rs. in lakhs)
- Profit before tax, previous quarter1,771.74 (Rs. in lakhs)
- SPV investmentRs. 99 Lakhs
- SPV equity stake26%
Source: BSE · 27 Oct 2026
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