Jindal Q2 FY27 PAT rose 132% as margin reached 4.6%

Jindal Supreme (India) Limited reported Q2FY27 revenue from operations of Rs 216.22 crore, up 36% year on year, while profit after tax rose 132% to Rs 9.91 crore and PAT margin increased to 4.6% from 2.7%. The presentation reports EBITDA excluding other income of Rs 16.94 crore and an EBITDA margin of 7.8%, compared with 4.8% in Q2FY26.

How did Jindal perform in Q2FY27?

Jindal increased revenue from operations by Rs 57.42 crore year on year to Rs 216.22 crore in Q2FY27, from Rs 158.80 crore in Q2FY26. Total income rose 35% to Rs 216.35 crore, including other income of Rs 12 lakh, compared with total income of Rs 159.88 crore and other income of Rs 1.08 crore a year earlier.

Jindal’s profit measures rose faster than sales in the quarter. EBITDA, defined in the presentation as EBITDA excluding other income, increased 122% to Rs 16.94 crore from Rs 7.64 crore. Earnings before interest and tax, or EBIT, increased 107% to Rs 16.14 crore from Rs 7.81 crore, while profit before tax rose 139% to Rs 14.37 crore from Rs 6 crore. PAT increased by Rs 5.63 crore to Rs 9.91 crore from Rs 4.28 crore.

Depreciation was Rs 92 lakh in Q2FY27, compared with Rs 90 lakh in Q2FY26. Finance cost declined to Rs 1.78 crore from Rs 1.81 crore, while tax increased to Rs 4.46 crore from Rs 1.72 crore. The higher tax charge meant that the 132% growth in PAT was below the 139% rise in profit before tax, but PAT growth remained ahead of the 36% revenue increase.

What changed in Jindal’s Q2FY27 margins?

Jindal expanded EBITDA margin by 3 percentage points to 7.8% in Q2FY27 from 4.8% in Q2FY26. EBIT margin rose to 7.5% from 4.9%, profit-before-tax margin increased to 6.6% from 3.8%, and PAT margin advanced to 4.6% from 2.7%.

Cost of material consumed increased to Rs 183.12 crore from Rs 136.45 crore, a rise of Rs 46.67 crore against the Rs 57.42 crore increase in revenue. Employee expenses rose by Rs 10 lakh to Rs 1.82 crore, while other expenses increased by Rs 1.35 crore to Rs 14.34 crore. Revenue growth exceeded the combined Rs 48.12 crore increase across these three reported operating cost lines.

Other income fell to Rs 12 lakh in Q2FY27 from Rs 1.08 crore in Q2FY26. This movement is separate from EBITDA because the presentation defines the measure as excluding other income. The reported EBITDA margin expanded to 7.8% despite the Rs 96 lakh year-on-year reduction in other income.

Did Jindal improve sequentially from Q1FY27?

Jindal improved revenue and reported profitability in Q2FY27 relative to Q1FY27. Revenue from operations increased by Rs 25.28 crore to Rs 216.22 crore from Rs 190.94 crore. EBITDA excluding other income rose to Rs 16.94 crore from Rs 13.76 crore, while EBITDA margin increased to 7.8% from 7.2%.

PAT rose to Rs 9.91 crore from Rs 8.28 crore, and PAT margin increased to 4.6% from 4.3%. EBIT increased to Rs 16.14 crore from Rs 13 crore, with EBIT margin moving to 7.5% from 6.8%. Profit before tax rose to Rs 14.37 crore from Rs 11.03 crore and its margin increased to 6.6% from 5.8%.

Finance cost declined to Rs 1.78 crore in Q2FY27 from Rs 1.96 crore in Q1FY27. Depreciation was Rs 92 lakh, compared with Rs 91 lakh in the preceding quarter. Tax increased to Rs 4.46 crore from Rs 2.76 crore, but PAT still rose by Rs 1.63 crore quarter on quarter.

What do Jindal’s H1FY27 results and cash flows show?

Jindal reported H1FY27 revenue from operations of Rs 407.16 crore, up 23% from Rs 330.17 crore in H1FY26, while PAT increased 72% to Rs 18.19 crore from Rs 10.58 crore. EBITDA excluding other income rose 64% to Rs 30.70 crore from Rs 18.70 crore. The six-month EBITDA margin reached 7.5%, compared with 5.7% in the prior-year period, and PAT margin rose to 4.5% from 3.2%.

The H1FY27 revenue growth rate of 23% was lower than Q2FY27 revenue growth of 36%, while first-half profit growth still exceeded sales growth. H1FY27 EBIT increased 60% to Rs 29.14 crore from Rs 18.18 crore and profit before tax rose 79% to Rs 25.40 crore from Rs 14.20 crore. FY26 revenue was Rs 675.39 crore and FY26 PAT was Rs 22.53 crore.

Cash flow did not match accounting profit in H1FY27. Operating profit before working-capital changes was Rs 30.73 crore, compared with Rs 19.85 crore in H1FY26, but changes in working capital used Rs 32.60 crore. Cash generated from operations was consequently negative Rs 1.87 crore, and net cash from operating activities was negative Rs 6.37 crore after direct taxes paid of Rs 4.50 crore.

The balance sheet showed total assets of Rs 344.36 crore at H1FY27, compared with Rs 248.41 crore at FY26. Inventory increased to Rs 114.97 crore from Rs 100.31 crore, trade receivables rose to Rs 42.53 crore from Rs 33.24 crore, and capital work-in-progress increased to Rs 17.20 crore from Rs 7.19 crore. Closing cash was Rs 38.47 crore following Rs 54.57 crore of net cash from financing activities and Rs 9.75 crore of net cash used in investing activities.

Conclusion

Jindal’s Q2FY27 results show profit growth outpacing sales growth: revenue rose 36% to Rs 216.22 crore, EBITDA excluding other income rose 122% to Rs 16.94 crore, and PAT rose 132% to Rs 9.91 crore. EBITDA margin increased to 7.8% and PAT margin to 4.6%, compared with 4.8% and 2.7%, respectively, in Q2FY26.

The unresolved item to watch is conversion of reported profit into operating cash. Working-capital changes used Rs 32.60 crore in H1FY27 and net cash from operating activities was negative Rs 6.37 crore, while inventories stood at Rs 114.97 crore and trade receivables at Rs 42.53 crore. The presentation does not disclose a revenue target, margin target or scheduled operating milestone.