Jay Ushin Q1 FY27 Results (BSE: 513252)
Signal: Steady quarter
The read
The key trajectory is operating-quality deterioration beneath strong top-line growth: revenue reached ₹27,680.75 lakh, +29.3% YoY, but EBITDA fell 0.6% and gross margin compressed 110bps to 16.5% as raw-material intensity rose to 84.2%; PAT growth of 6.3% was sustained by ₹429.71 lakh of other income and lower finance costs.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹276.81 Cr | 29.3% | 3.5% |
| EBIT | ₹8.79 Cr | -1.0% | |
| Net profit | ₹4.87 Cr | 6.3% | |
| EPS | ₹12.6 | 6.3% | |
| EBIT margin | 4.6% |
P&L walk
Revenue increased to ₹27,680.75 lakh, +29.3% YoY and +3.5% QoQ, but gross margin fell to 16.5% from 17.6% YoY as raw-material intensity rose to 84.2%; EBITDA declined 0.6% to ₹1,272 lakh while PAT rose 6.3% to ₹486.79 lakh, aided by other income of ₹429.71 lakh.
Key positives
- Revenue increased to ₹27,680.75 lakh, +29.3% YoY and +3.5% QoQ, indicating continued demand momentum.
- Finance costs declined 20.0% YoY to ₹288.72 lakh, improving the conversion from operating profit to PBT.
- EPS grew 6.3% YoY to ₹12.60 in line with PAT growth, with no evidence of material equity dilution.
Key concerns
- EBITDA declined 0.6% YoY to ₹1,272 lakh despite 29.3% revenue growth, indicating weak operating conversion.
- Gross margin compressed 110bps YoY to 16.5% as raw-material intensity increased to 84.2% of revenue from 83.0%.
- PAT growth of 6.3% was substantially below revenue growth and was supported by other income of ₹429.71 lakh, equal to 72.9% of PBT.
Earnings quality: includes non-operating other income
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