Jubilant Agri Q2 FY27 Results (NSE: JUBLCPL)
Signal: Margin pressure
The read
The Q1FY27 margin recovery reversed sharply: consolidated revenue grew 15.4% YoY to ₹59,212 lakh, but gross margin compressed 1,120bps to 35.4% as raw materials reached 61.8% of revenue, pulling EBITDA margin down 760bps to 4.9% and PAT down 58.4% to ₹1,758 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹592.12 Cr | +15.4% | +13.2% |
| Net profit | ₹17.58 Cr | -58.4% | |
| EPS | ₹11.61 | -58.6% | |
| EBIT margin | 4.9% |
P&L walk
Revenue increased to ₹59,212 lakh, +15.4% YoY and +13.2% QoQ, but gross margin fell to 35.4% from 46.6% as raw-material consumption rose to 61.8% of revenue from 48.0%; EBITDA margin consequently fell to 4.9% from 12.5%, and PAT dropped to ₹1,758 lakh, -58.4% YoY.
Segments
Performance Polymers & Chemicals drove revenue with ₹39,968 lakh, +33.6% YoY, but its segment result fell 32.5% to ₹2,616 lakh; P&K Fertilizers dragged with revenue down 8.4% and result down 90.7% to ₹271 lakh, while Agri Nutrients turned profitable at ₹95 lakh from a ₹18 lakh loss.
Key positives
- Consolidated revenue rose 15.4% YoY to ₹59,212 lakh, with Performance Polymers & Chemicals revenue up 33.6% to ₹39,968 lakh.
- Agri Nutrients turned around at the segment-result level, moving from a ₹18 lakh loss to a ₹95 lakh profit.
- Segment assets rose 27.6% YoY to ₹1,11,703 lakh while depreciation rose 21.6% to ₹524 lakh, a clean depreciation-to-asset-base signal.
Key concerns
- Gross margin compressed 1,120bps YoY to 35.4% as raw-material consumption increased to 61.8% of revenue from 48.0%; the filing does not disclose the cause.
- Consolidated EBITDA margin fell 760bps YoY to 4.9%, and PAT declined 58.4% to ₹1,758 lakh despite 15.4% revenue growth, indicating cost absorption rather than operating leverage.
- P&K Fertilizers segment result fell 90.7% YoY to ₹271 lakh on an 8.4% revenue decline to ₹20,137 lakh.
- H1 operating cash flow was negative ₹9,487 lakh despite H1 consolidated PAT of ₹6,369 lakh, with trade receivables and inventories absorbing cash.
Research and educational content only. Not investment advice.