ACE Market-listed bus builder Bus Cap Bhd has reported strong sequential operating momentum in its 2Q FY2026 ended June 30, 2026 with its revenue spiralled 39.7% quarter-on-quarter (qoq) to RM26.95 mil (1Q FY2026: RM19.28 mil) driven by the scheduled delivery of semi-high deck and single deck buses.
Gross profit during the period under review for Malaysia’s first pure-play bus builder listed on Bursa Malaysia edged up 50.5% qoq to RM5.97 mil with gross margin expanding to 22.1% from 20.6% in the preceding quarter.
Normalised net earnings, excluding RM1.20 mil in one-off, non-deductible listing expenses incurred in connection with the group’s listing on June 3, jumped 29.1% qoq to RM3.27 mil from RM2.53 mil in 1Q FY2026.
The adjustment reflects the non-recurring nature of the listing expenses and provides a clearer view of the group’s underlying operating performance for the quarter.
For the cumulative six months period, Bus Cap recorded revenue of RM46.23 mil alongside RM9.93 mil in gross profit.
Normalised net profit reached RM5.80 mil which translates to a normalised net profit margin of 12.6% after excluding the one-off, non-deductible IPO (initial public offering)-related expenses of RM1.20 mil.
Bus manufacturing served as the primary revenue engine for the group by generating RM45.16 mil (97.7% of total 1H FY2026 revenue) while repair and maintenance services contributed RM1.07 mil.
Steady fleet replacement cycles
“Our 2Q FY2026 results confirm that our core manufacturing operations are executing effectively” commented Bus Cap’s executive director Bernard Ng Chong Yan.
“Higher delivery volumes and sustained commercial customer demand drove solid sequential improvements across revenue, gross profit and normalised earnings.”
As it is, the group’s transition to electric commercial mobility will take place progressively across different use cases.
Predictable fixed-route applications such as stage buses, airport transit, employee shuttles and urban fleet operations present earlier opportunities for electrification while longer-distance applications may transition over time as charging infrastructure and operating economics mature.
“Bus Cap is addressing both fronts by strengthening our established bus-building foundation while developing new energy commercial vehicle capabilities for the next phase of mobility,” added Ng.
The group’s post-IPO balance sheet provides a stronger platform for its next phase of expansion.
As of end-June 2026, its total equity stood at RM51.08 mil while net assets per share increased to 13.32 sen from 6.16 sen as of end-December 2025. The group’s cash and fixed deposits stood at RM25.93 mil with gearing ratio at 0.12 times.
Importantly, RM18.35 mil of the group’s IPO proceeds remained unutilised as of end-June 2026, including RM9.10 mil allocated for the construction of a new factory and RM5.03 mil for the purchase of new machines.
These allocations are expected to support the group’s planned production capacity expansion and operational efficiency initiatives.
Subsequent to the quarter end, Bus Cap signed an exclusive memorandum of understanding (MOU) with BYD Malaysia Sdn Bhd on Aug 18 to explore and pursue a strategic cooperation framework for a Malaysia-based new energy commercial vehicle platform.
The proposed cooperation includes the potential establishment of a local assembly and manufacturing facility in Perak for electric buses and related ancillary activities together with product localisation, sales, marketing and distribution, after-sales services and the evaluation of an appropriate investment and operating structure.
Looking ahead, Bus Cap remains positive on the outlook for commercial transport, supported by steady fleet replacement cycles and growing demand for higher-capacity bus models across Malaysia and Singapore.
The group’s long-term vision is to become Southeast Asia’s most trusted integrated mobility ecosystem, guided by its operating philosophy: “Build. Connect. Support”.
At the close of yesterday’s (Aug 21) market trading, Bus Cap was down 0.5 sen or 0.98% to 50.5 sen with 1.82 million shares traded, thus valuing the company at RM194 mil. – Aug 22, 2026
Main image credit: MR.BUS YEOB DM/Facebook
