A C J K Exports Q2 FY27 Results (NSE: AEROPLANE)
Signal: Growth decelerated
The read
The operating inflection is mixed: consolidated raw-material intensity improved 371bps YoY and PAT rose 26.18% to ₹410.80 million, but EBITDA margin contracted 13bps to 10.73%, cash flow from operations was negative ₹275.97 million in H1FY27, and IPO dilution left EPS flat at ₹3.97.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹693.93 Cr | +16.96% | +4.55% |
| EBIT | ₹72.86 Cr | +15.38% | |
| Net profit | ₹41.08 Cr | +26.18% | |
| EPS | ₹3.97 | 0.00% | |
| EBIT margin | 10.73% |
P&L walk
Consolidated revenue rose to ₹6939.25 million, +16.96% YoY and +4.55% QoQ, while raw-material intensity fell to 80.00% from 83.71% and PAT rose 26.18% to ₹410.80 million; however, EBITDA margin slipped 13bps YoY to 10.73% and EPS remained flat at ₹3.97 after the IPO.
Segments
No segment results table was disclosed; consolidated revenue of ₹6939.25 million exceeded standalone revenue of ₹5984.90 million by ₹954.35 million, indicating the group subsidiaries contributed materially to reported sales.
Key positives
- Consolidated revenue reached ₹6939.25 million, +16.96% YoY and +4.55% QoQ, extending growth despite the prior quarter's ₹6637.32 million base.
- Raw-material cost fell to 80.00% of revenue from 83.71% YoY, a 371bps improvement that supported gross-margin expansion.
- Consolidated finance costs declined 10.04% YoY to ₹190.85 million, while PAT rose 26.18% to ₹410.80 million.
- Standalone PAT rose 37.35% YoY to ₹353.67 million, materially faster than standalone revenue growth of 18.10%.
Key concerns
- Consolidated EBITDA margin declined 13bps YoY to 10.73% even as revenue grew 16.96%, indicating that gross-margin improvement did not fully translate into operating-margin expansion.
- Operating cash flow was negative ₹275.97 million in H1FY27 against PAT of ₹777.06 million, driven by working-capital absorption.
- Trade receivables increased to ₹7813.15 million and inventories to ₹11253.32 million at September 30, 2026, raising working-capital intensity.
- Consolidated EPS was flat at ₹3.97 despite PAT growth of 26.18%, reflecting dilution from the IPO.
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