Jay Bee Laminations profit rises 52% on lower revenue

Jay Bee Laminations Limited reported net profit of Rs 5.6195 crore for the half year ended September 30, 2026, up 52% from Rs 3.6851 crore a year earlier, despite revenue from operations declining to Rs 212.9994 crore from Rs 218.7275 crore. A rise in manufacturing profit and Rs 32.3986 crore of EPC turnkey-project revenue supported the result.

Why did Jay Bee Laminations’ profit rise despite lower revenue?

Jay Bee Laminations’ profit rose because total expenses declined more than revenue in the September 2026 half year. Revenue from operations fell by Rs 5.7281 crore year on year, while total expenses declined by Rs 7.507 crore to Rs 206.9206 crore from Rs 214.4276 crore. As a result, profit before tax increased to Rs 7.7146 crore from Rs 4.6589 crore.

Other income increased to Rs 1.6358 crore from Rs 35.91 lakh, while total income decreased to Rs 214.6352 crore from Rs 219.0865 crore. Tax expense rose to Rs 2.0951 crore from Rs 97.38 lakh, leaving net profit higher by Rs 1.9344 crore. Basic and diluted earnings per share, which were not annualised, increased to Rs 2.49 from Rs 1.63.

How did Jay Bee Laminations’ segments contribute to profit?

Jay Bee Laminations’ manufacturing of CRGO products and transformers segment reported earnings before interest and tax, or EBIT, of Rs 10.2507 crore for the half year ended September 30, 2026, compared with Rs 8.5586 crore a year earlier. Its revenue declined to Rs 180.6009 crore from Rs 218.7275 crore, but segment EBIT increased by Rs 1.6921 crore.

The EPC turnkey-project segment recorded revenue of Rs 32.3986 crore and EBIT of Rs 3.131 crore in the September 2026 half year. In the September 2025 half-year segment disclosure, the company reported no EPC revenue and a segment loss of Rs 10.88 lakh. Combined segment EBIT consequently rose to Rs 13.3817 crore from Rs 8.4498 crore before finance costs of Rs 6.1004 crore and net unallocable income of Rs 43.34 lakh.

The segment revenue mix also changed from the immediately preceding half year ended March 31, 2026. Manufacturing revenue was Rs 187.7821 crore in that period, compared with Rs 180.6009 crore in September 2026, while EPC revenue declined to Rs 32.3986 crore from Rs 141.4627 crore. The March 2026 figures are described by the company as balancing figures between audited full-year numbers and year-to-date figures up to September 2025.

Which costs changed in Jay Bee Laminations’ September half year?

Jay Bee Laminations reduced cost of materials consumed to Rs 146.178 crore from Rs 181.165 crore in the year-earlier half, a decrease of Rs 34.987 crore. Changes in inventories of work in progress, scrap, finished goods and stock in trade were Rs 11.82 lakh, compared with Rs 11.5071 crore in the September 2025 half year. Purchases of stock in trade were Rs 28.2075 crore in September 2026, whereas no amount was reported in that line a year earlier.

Several costs increased during the September 2026 half year. Employee benefits expense rose to Rs 9.6762 crore from Rs 8.5681 crore, finance costs increased to Rs 6.1004 crore from Rs 3.5301 crore, and other expenses rose to Rs 8.6921 crore from Rs 5.4085 crore. Other direct costs increased to Rs 5.3142 crore from Rs 1.8895 crore, while depreciation and amortisation increased to Rs 2.634 crore from Rs 2.3594 crore.

Against the half year ended March 31, 2026, revenue from operations was lower by Rs 116.2454 crore from Rs 329.2448 crore, and net profit was lower by Rs 8.9577 crore from Rs 14.5772 crore. Finance costs in the September 2026 half were Rs 1.6462 crore higher than the Rs 4.4542 crore reported for the March 2026 half, while total expenses were Rs 106.62 crore lower at Rs 206.9206 crore.

What changed in Jay Bee Laminations’ assets and liabilities?

Jay Bee Laminations’ total assets increased to Rs 344.8605 crore at September 30, 2026 from Rs 337.5347 crore at March 31, 2026. Manufacturing segment assets rose to Rs 246.0934 crore from Rs 178.2442 crore, while EPC segment assets declined to Rs 85.9944 crore from Rs 146.8744 crore. The company reported unallocated segment assets of Rs 12.7727 crore at September 30.

Inventories rose to Rs 77.2888 crore from Rs 41.429 crore, while trade receivables declined to Rs 174.1848 crore from Rs 190.6612 crore. Cash and bank balances were Rs 19.6393 crore at September 30, compared with Rs 3.3704 crore at March 31. Reserves and surplus increased by Rs 5.6195 crore to Rs 148.9456 crore, matching the reported half-year net profit.

Short-term borrowings increased to Rs 74.251 crore from Rs 27.4253 crore, while long-term borrowings declined to Rs 3.7248 crore from Rs 4.5622 crore. Trade payables to creditors other than micro and small enterprises fell to Rs 83.6864 crore from Rs 122.3694 crore. Total segment liabilities were Rs 173.3473 crore at September 30, compared with Rs 171.641 crore at March 31.

What does Jay Bee Laminations’ cash flow show?

Jay Bee Laminations used Rs 42.1823 crore in operating activities during the half year ended September 30, 2026, compared with an operating cash outflow of Rs 4.6691 crore in the previous September half. Cash used in operations before tax was Rs 39.5795 crore after working-capital movements of Rs 55.5953 crore, while tax paid net of refunds was Rs 2.6028 crore.

The cash-flow statement identified a Rs 38.1036 crore reduction in trade and other payables and a Rs 29.8598 crore increase in inventories. These movements were partly offset by a Rs 16.2263 crore reduction in trade and other receivables and Rs 8.0126 crore from short-term loans and advances. The inventory increase in the cash-flow statement accompanied the balance-sheet inventory rise to Rs 77.2888 crore at September 30.

Financing activities generated Rs 39.8878 crore, including Rs 46.8257 crore of proceeds from short-term borrowings and Rs 6.1004 crore of finance costs paid. Investing activities provided Rs 1.9771 crore, compared with an outflow of Rs 11.6488 crore in the year-earlier period. The cash-flow statement reported closing cash and cash equivalents of Rs 5.31 lakh, which is distinct from the Rs 19.6393 crore cash-and-bank-balance line in the balance sheet.

Conclusion

Jay Bee Laminations increased September-half net profit to Rs 5.6195 crore as the decline in total expenses exceeded the Rs 5.7281 crore reduction in revenue. Manufacturing EBIT rose to Rs 10.2507 crore despite lower segment revenue, while EPC turnkey projects added Rs 32.3986 crore of revenue and Rs 3.131 crore of EBIT.

The next financial result will show whether manufacturing profitability and the EPC contribution continue after the September 2026 half year. The filing identifies working capital as a matter to watch, with operating cash outflow of Rs 42.1823 crore, inventories of Rs 77.2888 crore and short-term borrowings of Rs 74.251 crore at September 30, 2026; it discloses no financial target or project-completion schedule.