JTL Industries Q2 FY27 Results (NSE: JTLIND)
Signal: Growth reaccelerated
The read
The trajectory remains revenue-positive, with consolidated Q2 revenue up 43.0% YoY and H1 revenue up 37.2%, but the key inflection is margin quality: gross margin compressed 203bps as raw-material cost reached 81.1% of revenue, leaving EBITDA margin only 23bps higher YoY at 8.3%; PAT growth therefore came mainly from the larger operating base rather than clear margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹613.79 Cr | +43.0% | -14.9% |
| EBIT | ₹41.09 Cr | +23.0% | |
| Net profit | ₹28.97 Cr | +30.7% | |
| EPS | ₹0.64 | +14.3% | |
| EBIT margin | 8.3% |
P&L walk
Consolidated revenue increased 43.0% YoY but fell 14.9% QoQ; gross margin compressed 203bps as raw-material cost rose to 81.1% of revenue, while EBITDA margin remained broadly stable at 8.3% and PAT rose 30.7% YoY.
Segments
The group has no separately reportable segment; subsidiaries added ₹8025.33 lakh of quarterly revenue versus standalone, but consolidated PAT of ₹2896.69 lakh was only ₹5.24 lakh below standalone PAT, showing that the incremental group revenue contributed little additional profit.
Key positives
- Consolidated revenue increased 43.0% YoY to ₹61379.11 lakh and H1 revenue increased 37.2% YoY to ₹133539.85 lakh.
- Consolidated PAT increased 30.7% YoY to ₹2896.69 lakh, while H1 PAT increased 66.2% YoY to ₹6433.25 lakh.
- Operating cash flow improved to an inflow of ₹4999.04 lakh in H1FY27 from an outflow of ₹8032.17 lakh in H1FY26.
- CWIP increased by ₹5468.31 lakh to ₹21365.56 lakh, supporting the stated capacity-expansion trajectory.
Key concerns
- Gross margin compressed 203bps YoY to 15.2% as material costs rose 47.9% YoY, faster than revenue growth of 43.0%, indicating cost absorption rather than full pass-through.
- Finance costs increased 280.0% YoY to ₹468.75 lakh, despite the consolidated revenue increase.
- Consolidated EPS increased only 14.3% YoY to ₹0.64 versus 30.7% PAT growth, creating a per-share earnings quality concern.
- Net debt increased by ₹4995.37 lakh since March 31, 2026 to ₹25925.66 lakh while cash and cash equivalents fell to ₹227.19 lakh.
Research and educational content only. Not investment advice.