Jyoti CNC Auto. Q1 FY27 Results (NSE: JYOTICNC)
Signal: Margin pressure
The read
The operating parent remained healthier than the headline result: standalone revenue grew 36.7% YoY, PAT grew 21.3% and EBITDA margin was 28.0%, but overseas subsidiaries generated a ₹30.07 crore loss and consolidated PAT fell 20.0%; the key thesis risk is whether the Huron-related drag and judicial restrictions persist, alongside finance cost rising 99.8% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹508.47 Cr | +24.0% | -15.1% |
| EBIT | ₹97.75 Cr | N/A | N/A |
| Net profit | ₹57.14 Cr | -20.0% | N/A |
| EPS | ₹2.51 | -20.1% | N/A |
| EBIT margin | 22.2% |
P&L walk
Consolidated revenue increased to ₹508.47 crore, +24.0% YoY but -15.1% QoQ; gross margin expanded to 58.2%, while EBITDA margin fell to 22.2% and finance cost rose 99.8% YoY to ₹24.34 crore, resulting in PAT declining 20.0% to ₹57.14 crore.
Segments
There is no reported segment split, but the ₹30.07 crore loss from subsidiaries on ₹32.21 crore of subsidiary revenue reduced consolidated PAT to ₹57.14 crore versus standalone PAT of ₹87.47 crore.
Key positives
- Standalone revenue reached ₹509.06 crore, up 36.7% YoY, materially ahead of consolidated revenue growth of 24.0%.
- Standalone EBITDA margin was 28.0% and standalone PAT rose 21.3% YoY to ₹87.47 crore.
- Consolidated gross margin expanded 223bps YoY to 58.2%, supported by a ₹37.89 crore inventory credit versus a ₹10.84 crore charge in Q1FY26.
- Consolidated EPS decline of 20.1% closely tracked the 20.0% PAT decline, with no evidence of equity dilution in the quarter.
Key concerns
- Consolidated PAT fell 20.0% YoY to ₹57.14 crore despite 24.0% revenue growth because subsidiaries reported a ₹30.07 crore net loss.
- Consolidated EBITDA margin was 22.2%, below the 24.0% OPM reported in Q1FY26 and 25.0% in Q4FY26 in the prior-results series.
- Finance cost rose 99.8% YoY to ₹24.34 crore, materially faster than consolidated revenue growth.
- Employee cost rose 28.6% YoY and other expenditure rose 65.0% YoY on a consolidated basis, limiting conversion of revenue growth into profit.
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