Jay Bharat Maru. Q1 FY27 Results (NSE: JAYBARMARU)
Signal: Margin pressure
The read
Revenue growth of 12.6% YoY was overshadowed by a 176 bps EBITDA margin compression — the first contraction after four consecutive quarters of margin expansion — driven by employee and other costs rising faster than revenue. PAT fell 6.2% as a result, breaking the recent earnings momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹626.79 Cr | 12.6% | -18.2% |
| EBIT | ₹38.94 Cr | -12.7% | |
| Net profit | ₹21.85 Cr | -6.2% | |
| EPS | ₹2.02 | -6.0% | |
| EBIT margin | 10.1% |
P&L walk
Revenue grew 12.6% YoY but EBITDA margin fell 176 bps as employee costs (+21.1% YoY) and other expenses (+29.1% YoY) outpaced revenue, squeezing PAT by 6.2%.
Key positives
- Revenue grew 12.6% YoY to ₹62,679.24 lakh, supported by incentive income of ₹3,426 lakh from state policies.
- Gross margin improved sequentially by 316 bps to 27.45% as raw material cost ratio declined.
- Auditor issued an unmodified review report on both standalone and consolidated results.
Key concerns
- EBITDA margin contracted 176 bps YoY to 10.1% as employee costs (+21.1%) and other expenses (+29.1%) outpaced revenue growth.
- Profit after tax dropped 6.2% YoY despite revenue growth, reversing the margin expansion trend of the past four quarters.
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