Jindal Poly Film Q4 FY26 Results (NSE: JINDALPOLY)
Signal: Slipped to loss
The read
The key inflection is a sharp reversal from the recent Q3FY26 consolidated revenue of ₹372 Cr and PAT loss of ₹97 Cr to reported Q4FY26 revenue of ₹2899.42 Cr and PAT loss of ₹1060.08 Cr; standalone EBITDA stayed positive at ₹176.45 Cr, but subsidiary-related impairments and the qualified consolidated audit opinion make group earnings quality and recoverability the central thesis risk.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,899.42 Cr | -45.7% | N/A |
| EBIT | ₹-158.08 Cr | N/A | |
| Net profit | ₹-1,060.08 Cr | N/A | |
| EPS | ₹-242.51 | N/A | |
| EBIT margin | 0.6% |
P&L walk
Consolidated revenue fell to ₹2899.42 Cr, down 45.7% YoY, while EBITDA fell 97.3% to ₹18.05 Cr and EBIT was negative at ₹158.08 Cr; PAT loss widened to ₹1060.08 Cr, showing that group-level subsidiary stress dominates the operating outcome.
Segments
There is no segment table, but the ₹2899.42 Cr consolidated revenue versus ₹697.39 Cr standalone revenue and consolidated PAT loss of ₹1060.08 Cr versus standalone PAT loss of ₹2027.15 Cr show a material subsidiary and consolidation divergence.
Key positives
- Standalone revenue was ₹697.39 Cr, up 3.9% YoY, while standalone EBITDA remained positive at ₹176.45 Cr and a 25.3% margin, showing the parent operating franchise is materially stronger than the consolidated result.
- Gross borrowings declined from ₹61845.05 lakh to ₹53795.58 lakh year-on-year, reducing balance-sheet leverage despite the earnings loss.
Key concerns
- Consolidated revenue of ₹2899.42 Cr fell 45.7% YoY and EBITDA fell 97.3% to ₹18.05 Cr, leaving only a 0.6% EBITDA margin.
- Consolidated PAT was a ₹1060.08 Cr loss and standalone PAT was a ₹2027.15 Cr loss, while standalone EBIT fell 68.2% YoY to ₹127.90 Cr.
- The parent recorded ₹210687.09 lakh of exceptional losses, including provisions for doubtful loans and receivables from a financially stressed subsidiary, impairment of subsidiary investments and other subsidiary-related write-offs.
- Standalone and consolidated results diverged materially: standalone EBITDA was ₹176.45 Cr, while consolidated EBIT was negative at ₹158.08 Cr, indicating subsidiaries are dragging group economics.
Research and educational content only. Not investment advice.