Jash Engineering Q2 FY27 Results (NSE: JASH)
Signal: Steady quarter
The read
The trajectory improved materially from Q1FY27: revenue growth accelerated to 22.20% YoY from 17.45%, EBITDA rose 23.00% with margin broadly stable at 12.93%, and PAT grew 32.57%; the key watchpoint is whether the 260bps gross-margin tailwind persists because the filing does not identify its cause.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹192.51 Cr | +22.20% | +28.45% |
| EBIT | ₹18.93 Cr | +23.25% | |
| Net profit | ₹14.54 Cr | +32.57% | |
| EPS | ₹2.3 | +31.43% | |
| EBIT margin | 12.93% |
P&L walk
Consolidated revenue increased 22.20% YoY to ₹19,251.41 lakh and EBITDA rose 23.00% to ₹2,489.04 lakh; gross margin expanded 260bps to 59.81%, while PAT grew 32.57% to ₹1,453.96 lakh, helped by lower finance costs and a lower effective tax burden.
Key positives
- Revenue increased 22.20% YoY to ₹19,251.41 lakh, accelerating from 17.45% YoY growth in Q1FY27.
- Gross margin expanded 260bps YoY to 59.81% as raw-material cost declined to 45.52% of revenue from 52.29%.
- PAT grew 32.57% YoY to ₹1,453.96 lakh and EPS rose 31.43% to ₹2.30, broadly tracking the profit increase.
- Borrowings declined to ₹7,705.25 lakh and the group reported net cash of ₹1,698.80 lakh at 30 September 2026.
Key concerns
- The 260bps YoY gross-margin expansion is not attributed by management, leaving its persistence unconfirmed.
- Other expenses increased 43.79% YoY to ₹4,633.69 lakh, materially faster than revenue growth of 22.20%, offsetting much of the gross-margin benefit.
- Standalone operating cash flow fell to ₹2,159.29 lakh in H1FY27 from ₹7,208.54 lakh in the prior-year period, despite consolidated PAT of ₹1,962.88 lakh for H1FY27.
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