Jayaswal Neco Q2 FY27 Results (NSE: JAYNECOIND)
Signal: Margin expansion
The read
The trajectory remains positive, with Q2 revenue growth of 23.2% YoY and EBITDA margin at 19.8%, up 142bps YoY; the key inflection is Steel result growth of 44.4% and finance-cost reduction of 45.2%, although asset values declined despite H1 additions of ₹15308 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,194.46 Cr | +23.2% | +4.2% |
| Net profit | ₹229.81 Cr | +118.6% | |
| EPS | ₹2 | +85.2% | |
| EBIT margin | 19.8% |
P&L walk
Standalone revenue increased to ₹219446 lakh, +23.2% YoY and +4.2% QoQ, while EBITDA margin expanded to 19.8% from 18.4% a year ago; lower finance costs and stronger steel profitability lifted PAT to ₹22981 lakh, +118.6% YoY.
Segments
Steel is the clear driver: revenue rose 24.2% YoY to ₹206128 lakh and segment result rose 44.4% to ₹37013 lakh, while Castings revenue grew only 3.2% and result fell to ₹148 lakh from ₹427 lakh.
Key positives
- Steel segment revenue rose 24.2% YoY to ₹206128 lakh and Steel segment result rose 44.4% to ₹37013 lakh.
- EBITDA margin expanded 142bps YoY to 19.8%, while derived EBITDA grew approximately 32.8% versus revenue growth of 23.2%.
- Finance costs declined 45.2% YoY to ₹6157 lakh, helping PAT rise 118.6% to ₹22981 lakh.
- Half-year operating cash flow increased to ₹56817 lakh from ₹7022 lakh, while net debt declined by ₹82511 lakh to ₹100411 lakh.
Key concerns
- Castings segment result declined to ₹148 lakh from ₹427 lakh despite revenue increasing 3.2% YoY to ₹14120 lakh.
- Other expenses rose 28.3% YoY to ₹75948 lakh, faster than revenue growth of 23.2%.
- PPE declined to ₹308811 lakh and CWIP to ₹8397 lakh at September 2026 despite ₹15308 lakh of H1 asset additions, requiring monitoring of asset utilisation and depreciation progression.
Research and educational content only. Not investment advice.