Jai Corp Q1 FY27 Results (NSE: JAICORPLTD)
Signal: Growth reaccelerated
The read
The operating mix improved despite a weak headline profit: plastic processing revenue grew 18.5% YoY and result grew 65.0%, but consolidated PAT fell 72.9% to ₹2,820 lakh because other income dropped 83.1% to ₹1,745 lakh; the three-quarter margin expansion visible in the recent series requires confirmation because the reported EBITDA bridge is materially influenced by non-operating income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹157.58 Cr | 20.1% | +30.6% |
| EBIT | ₹38.06 Cr | -65.1% | |
| Net profit | ₹28.21 Cr | -72.9% | |
| EPS | ₹1.61 | -72.9% | |
| EBIT margin | 26.2% |
P&L walk
Revenue increased to ₹15,758 lakh (+20.1% YoY, +30.6% QoQ), but reported EBITDA declined to ₹4,121 lakh (-63.1% YoY) and PAT to ₹2,820 lakh (-72.9% YoY), primarily reflecting the collapse in other income to ₹1,745 lakh from ₹10,357 lakh.
Segments
Plastic Processing drove the quarter with revenue of ₹15,464 lakh (+18.5% YoY) and segment result of ₹2,701 lakh (+65.0% YoY), while Real Estate turned profitable at ₹98 lakh from a ₹12 lakh loss; Steel remained loss-making at ₹235 lakh versus a ₹35 lakh loss YoY.
Key positives
- Plastic Processing revenue rose to ₹15,464 lakh (+18.5% YoY) and segment result increased to ₹2,701 lakh (+65.0% YoY), showing stronger profitability in the core operating segment.
- Real Estate turned around from a ₹12 lakh loss YoY to a ₹98 lakh profit on ₹294 lakh revenue.
- Consolidated gross margin improved 150bps YoY to 35.4% as raw material cost declined to 64.6% of revenue from 66.1%.
Key concerns
- Consolidated PAT fell 72.9% YoY to ₹2,820 lakh despite 20.1% revenue growth because other income declined 83.1% to ₹1,745 lakh.
- Steel remained loss-making at ₹235 lakh, worsening from a ₹35 lakh loss YoY.
- A plastic processing unit was disrupted by floods from July 23 to August 11, 2026; production loss and property damage were still being assessed.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.