Jamna Auto Q2 profit rises 59% as operating cash falls

Jamna Auto Industries Limited reported standalone profit of Rs 73.84 crore for the quarter ended September 30, 2026, up 59% year on year as revenue from operations rose 48% to Rs 757.32 crore, but half-year net operating cash inflow fell to Rs 18.64 crore from Rs 286.35 crore.

What were Jamna Auto's standalone Q2 results?

Jamna Auto recorded Rs 73.84 crore of standalone profit for the quarter ended September 30, 2026, compared with Rs 46.56 crore in the quarter ended September 30, 2025 and Rs 49.63 crore in the quarter ended June 30, 2026. Revenue from operations reached Rs 757.32 crore, against Rs 511.35 crore a year earlier and Rs 602.40 crore in the preceding quarter.

The year-on-year revenue increase was Rs 245.97 crore, while profit increased by Rs 27.29 crore. Total income, which includes other income, rose to Rs 767.80 crore from Rs 521.08 crore. Total expenses increased to Rs 648.12 crore from Rs 443.84 crore, resulting in profit before finance costs, depreciation, amortisation and tax of Rs 119.68 crore, compared with Rs 77.24 crore.

Jamna Auto's finance costs rose to Rs 5.55 crore from Rs 2.46 crore a year earlier, while depreciation and amortisation increased to Rs 13.80 crore from Rs 12.10 crore. Income-tax expense was Rs 26.48 crore, compared with Rs 16.12 crore. Basic earnings per share increased to Rs 1.85 from Rs 1.17; the quarterly figure is not annualised.

Why did Jamna Auto's first-half operating cash inflow decline?

Jamna Auto generated Rs 18.64 crore of net cash inflow from operating activities in the half year ended September 30, 2026, down from Rs 286.35 crore in the corresponding 2025 half year. This occurred even as profit before tax increased to Rs 166.65 crore from Rs 134.35 crore and operating profit before working-capital changes rose to Rs 185.32 crore from Rs 147.75 crore.

Trade receivables used Rs 60.17 crore of cash in the 2026 half year, compared with a Rs 128.19 crore cash release in the previous-year period. Inventories used Rs 94.95 crore, while the prior-year half recorded a Rs 4.70 crore cash release. As a result, cash generated from operations fell to Rs 61.31 crore from Rs 324.26 crore before income-tax payments.

Net income tax paid increased to Rs 42.67 crore from Rs 37.91 crore. Other financial liabilities generated Rs 66.57 crore of cash, compared with Rs 49.51 crore a year earlier, but that inflow did not offset the reported receivables and inventory movements. Jamna Auto did not state the reasons for the increase in those working-capital balances.

How did Jamna Auto's working-capital balances change?

Jamna Auto's inventories rose to Rs 393.79 crore at September 30, 2026 from Rs 298.84 crore at March 31, 2026, an increase of Rs 94.95 crore. Trade receivables increased to Rs 141.00 crore from Rs 80.84 crore, a rise of Rs 60.17 crore. Together, these balances rose by Rs 155.12 crore over the six-month period.

Current assets increased to Rs 655.61 crore from Rs 494.95 crore, while cash and cash equivalents decreased to Rs 50.56 crore from Rs 61.40 crore. Total assets were Rs 1,896.77 crore at September 30, compared with Rs 1,707.09 crore at March 31. Equity increased to Rs 1,292.89 crore from Rs 1,227.94 crore during the same period.

Jamna Auto's current liabilities rose to Rs 571.93 crore from Rs 442.35 crore. Supplier acceptances increased to Rs 229.89 crore from Rs 137.83 crore, while other financial liabilities rose to Rs 85.56 crore from Rs 20.66 crore. The cash-flow statement reported a Rs 92.06 crore net cash inflow from supplier acceptances during the half year, and total cash and cash equivalents declined by Rs 10.84 crore.

What acquisition and shareholder actions did Jamna Auto disclose?

Jamna Auto completed the acquisition of 100% of Owen Springs Limited in the United Kingdom during the September 2026 quarter for aggregate consideration of Rs 26.35 crore. In the standalone cash-flow statement, investments in subsidiaries were Rs 35.79 crore and loans given to subsidiaries were Rs 37.50 crore during the half year ended September 30, 2026.

In its consolidated accounts, Jamna Auto said the acquisition created provisional goodwill of Rs 4.63 crore, calculated from the Rs 26.35 crore purchase consideration and provisional fair value of acquired net assets of Rs 21.72 crore. Owen Springs became a wholly owned subsidiary from September 1, 2026. Its unreviewed interim information reported Rs 1.76 crore of revenue and a Rs 0.67 crore net loss for September 2026.

Jamna Auto identifies automotive suspension manufacturing, including parabolic or tapered leaf springs and lift axles, as its single reporting business segment. It therefore did not disclose product-level revenue or profitability. Payments for property, plant and equipment, intangible assets and capital work in progress were Rs 43.09 crore in the half year, down from Rs 59.58 crore in the prior-year half.

On November 14, 2026, Jamna Auto's board declared an interim dividend of Rs 1.00 per equity share of face value Rs 1.00 for financial year 2026-27 and fixed November 20, 2026 as the record date. After September 30, the company allotted 88,250 equity shares under its 2017 employee stock-option scheme. Price Waterhouse Chartered Accountants LLP issued an unmodified conclusion on the standalone results.

Conclusion

Jamna Auto's standalone September-quarter result combined a Rs 245.97 crore year-on-year increase in revenue with a Rs 27.29 crore rise in profit. However, the first-half cash-flow statement showed that Rs 155.12 crore of increases in inventories and trade receivables coincided with operating cash inflow falling from Rs 286.35 crore to Rs 18.64 crore.

The next disclosed event is the November 20, 2026 record date for the Rs 1.00-per-share interim dividend. Future filings can show whether the September 30 inventory balance of Rs 393.79 crore and receivables of Rs 141.00 crore convert into cash, and provide further evidence of Owen Springs' contribution after its acquisition from September 1, 2026.