JBM Auto Q2 FY27 Results (NSE: JBMA)
Signal: Margin pressure
The read
The trajectory is a top-line acceleration without matching earnings conversion: Q2 revenue grew 21.06% to ₹1,656.37 crore, but EBITDA rose only 3.40% and EBITDA margin contracted 208bps to 12.16%, leaving PAT growth at 12.46%; the next thesis test is whether EV scale and the faster-growing components business restore operating margin.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,656.37 Cr | 21.06% | N/A |
| Net profit | ₹58.76 Cr | 12.46% | |
| EPS | ₹2.49 | 11.66% | |
| EBIT margin | 12.16% |
P&L walk
Consolidated revenue grew 21.06% to ₹1,656.37 crore, led by auto-components revenue growth of 24.68% and EV revenue growth of 21.84%, but EBITDA increased only 3.40% to ₹201.35 crore and margin fell 208bps to 12.16%, limiting PAT growth to 12.46% at ₹58.76 crore.
Segments
Both reported businesses grew faster than the group-level PAT: auto-components revenue rose 24.68% to ₹1,036.97 crore and EV revenue rose 21.84% to ₹548.33 crore; the components business was the larger growth contributor by absolute revenue increase, while the EV unit retained ~24% H1FY27 market share.
Key positives
- Auto-components revenue grew 24.68% YoY to ₹1,036.97 crore, outpacing consolidated revenue growth of 21.06%.
- EV revenue increased 21.84% YoY to ₹548.33 crore, the electric-bus fleet crossed 4,000 buses, and 578 buses were delivered during the quarter.
- The business retained approximately 24% electric-bus market share in H1FY27, indicating continued scale and market presence.
Key concerns
- EBITDA grew only 3.40% YoY to ₹201.35 crore versus 21.06% revenue growth, causing a 208bps EBITDA-margin contraction to 12.16%.
- PAT growth of 12.46% to ₹58.76 crore materially lagged revenue growth, showing weak operating conversion despite growth in both reported businesses.
- The filing does not disclose the cost lines or operational cause behind the EBITDA-margin decline, limiting visibility on whether the compression is temporary or structural.
Research and educational content only. Not investment advice.