JOJO Q2 FY27 Results (BSE: 531910)
Signal: Operating turnaround
The read
The operating inflection remains positive: consolidated revenue reached ₹471.25 lakh, +220.4% YoY, and PAT turned positive at ₹46.18 lakh, but EBITDA margin fell 23.6pp QoQ to 21.3% and H1 operating cash flow was negative ₹1,824.88 lakh, making monetisation quality and cash conversion the next thesis test.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4.71 Cr | +220.4% | +4.3% |
| EBIT | ₹0.4 Cr | N/M: profit versus loss | |
| Net profit | ₹0.46 Cr | N/M: profit versus loss | |
| EPS | ₹0.07 | +16.7% | |
| EBIT margin | 21.3% |
P&L walk
Revenue accelerated to ₹471.25 lakh, +220.4% YoY and +4.3% QoQ, converting operating loss of ₹101.36 lakh into EBIT of ₹40.42 lakh; however, EBITDA margin declined to 21.3% from 44.9% QoQ as other expenses rose 83.4% sequentially.
Segments
No segment table was disclosed; the near-identical consolidated PAT of ₹46.18 lakh and standalone PAT of ₹46.11 lakh shows that subsidiaries added only ₹0.07 lakh to quarterly profit.
Key positives
- Consolidated revenue rose to ₹471.25 lakh, +220.4% YoY and +4.3% QoQ, extending the sharp scale-up seen in the prior results series.
- EBITDA turned positive at ₹100.33 lakh versus negative ₹66.35 lakh YoY, taking EBITDA margin to 21.3% from a negative YoY base.
- PAT turned positive at ₹46.18 lakh from a ₹30.93 lakh loss YoY despite other income falling 98.6% YoY to ₹0.79 lakh, indicating the quarter's profit was primarily operating-led.
- Distribution reach expanded through the JOJO TV partnerships with JioFastTV and Tata Play Binge, alongside the Amazon Prime Video India add-on subscription.
Key concerns
- EBITDA margin declined to 21.3% from 44.9% QoQ as other expenses rose 83.4% sequentially to ₹279.05 lakh.
- H1 operating cash flow was negative ₹1,824.88 lakh despite H1 PAT of ₹136.16 lakh, driven by working-capital outflows including ₹667.65 lakh of additional loans and ₹395.70 lakh of higher other current assets.
- EPS growth materially lagged the PAT turnaround as paid-up share capital increased to ₹3,448.07 lakh from ₹2,448.07 lakh a year earlier, indicating dilution from share issuance and bonus/subdivision actions.
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