Jubilant Ingrev. Q2 FY27 Results (NSE: JUBLINGREA)
Signal: Margin expansion
The read
The trajectory remains positive on a YoY basis—standalone revenue grew 16.3% to ₹122595 lakh and PAT grew 59.9% to ₹7040 lakh—but the margin arc paused sharply: operating margin fell 535bps QoQ to 8.49% after reaching 13.84% in the prior quarter, making sequential margin recovery the key test for the next results.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,225.95 Cr | +16.3% | -2.1% |
| Net profit | ₹70.4 Cr | +59.9% | |
| EPS | ₹4.42 | +59.6% | |
| EBIT margin | 8.49% |
P&L walk
Standalone revenue increased to ₹122595 lakh, +16.3% YoY but -2.1% QoQ; operating margin improved to 8.49% from 7.19% YoY but fell 535bps sequentially, while PAT rose 59.9% YoY to ₹7040 lakh despite finance costs rising 35.5%.
Segments
Speciality Chemicals drove the standalone segment result with revenue of ₹59474 lakh and segment profit of ₹9985 lakh, versus Nutrition & Health Solutions at ₹26871 lakh and ₹2192 lakh and Chemical Intermediates at ₹48532 lakh and ₹1338 lakh.
Key positives
- Standalone revenue grew 16.3% YoY to ₹122595 lakh, while operating margin improved 130bps YoY to 8.49%.
- PAT rose 59.9% YoY to ₹7040 lakh and EPS rose 59.6% to ₹4.42, with EPS broadly tracking PAT.
- Employee cost increased only 5.3% YoY to ₹10019 lakh against 16.3% revenue growth, supporting YoY margin expansion.
- Operating cash flow increased 32.7% YoY to ₹14426 lakh in H1FY27, ahead of H1FY27 PAT of ₹19662 lakh.
Key concerns
- Operating margin declined 535bps QoQ to 8.49% from 13.84%, while revenue fell 2.1% sequentially to ₹122595 lakh.
- Finance costs rose 35.5% YoY to ₹1911 lakh and 35.2% QoQ, materially faster than revenue growth.
- PPE declined to ₹226197 lakh from ₹229352 lakh at March 2026 even as CWIP rose to ₹26804 lakh, indicating a transition in the capex base rather than broad PPE expansion.
Research and educational content only. Not investment advice.