JPL Q2FY27 PAT Falls 25% Despite 5.6% Revenue Rise

Jagran Prakashan Limited reported consolidated profit after tax of Rs 42.82 crore in Q2FY27, down 24.8% from Rs 56.94 crore in Q2FY26, despite operating revenue increasing 5.6% to Rs 493.44 crore. JPL recorded lower operating profit and other income for the quarter ended September 30, 2026, reducing profit before tax and earnings per share.

Why did JPL's Q2FY27 profit fall despite higher revenue?

JPL's consolidated profit after tax, or PAT, fell by Rs 14.12 crore year on year to Rs 42.82 crore in Q2FY27, while profit before tax, or PBT, declined by Rs 12.96 crore to Rs 58.18 crore. Operating profit declined 13.9% to Rs 57.32 crore from Rs 66.58 crore, so the Rs 26.08 crore rise in operating revenue did not produce a higher operating result.

Other income fell to Rs 22.52 crore from Rs 30.60 crore in Q2FY26, a reduction of Rs 8.08 crore. JPL said the prior-year other-income figure included Rs 7.95 crore received from maturity proceeds of a Keyman policy. Non-annualised earnings per share, or EPS, decreased to Rs 1.89 from Rs 2.69.

How did JPL's Q2FY27 revenue streams change?

JPL recorded consolidated advertisement revenue of Rs 346.69 crore in Q2FY27, up 6.1% from Rs 326.69 crore a year earlier, making it the largest contributor to Rs 493.44 crore of operating revenue. The company defines this advertising figure as print and digital revenue. Print digital revenue, included within advertising revenue, rose 23.6% to Rs 26.81 crore from Rs 21.69 crore.

Other operating revenue increased 11.5% to Rs 66.50 crore from Rs 59.67 crore, a gain of Rs 6.83 crore. Circulation revenue moved in the opposite direction, declining by Rs 0.75 crore to Rs 80.25 crore from Rs 81.00 crore. Advertising and other operating revenue therefore increased, while circulation revenue was marginally lower in the September 2026 quarter.

The revenue pattern shows print digital revenue growing faster than total operating revenue, at 23.6% versus 5.6%. However, JPL reports the Rs 26.81 crore print digital figure within advertisement revenue, rather than as a separate addition to operating revenue. It should therefore not be added again to the Rs 346.69 crore advertising total.

How did JPL's standalone result compare with its consolidated result?

JPL reported standalone operating revenue of Rs 439.61 crore in Q2FY27, up 6.3% from Rs 413.77 crore in Q2FY26. Standalone PAT declined to Rs 37.79 crore from Rs 61.73 crore, a fall of Rs 23.94 crore, while standalone operating profit was Rs 51.93 crore compared with Rs 70.09 crore a year earlier.

Standalone other income decreased to Rs 14.95 crore from Rs 23.31 crore, with the Q2FY26 figure including the disclosed Rs 7.95 crore Keyman policy maturity proceeds. Standalone PBT declined to Rs 50.86 crore from Rs 77.79 crore and non-annualised EPS fell to Rs 1.74 from Rs 2.84. Standalone advertising revenue rose 7.0% to Rs 295.57 crore, print digital revenue rose 26.5% to Rs 25.64 crore, and circulation revenue declined to Rs 77.93 crore from Rs 78.43 crore.

Which JPL businesses affected operating profit in Q2FY27?

JPL's Dainik Jagran business reported operating revenue of Rs 311.90 crore in Q2FY27, up from Rs 299.29 crore in Q2FY26, but operating profit declined to Rs 50.17 crore from Rs 68.87 crore. Its operating margin decreased to 16.09% from 23.01%. The Dainik Jagran figures exclude digital, according to the release.

Other publications reported an operating loss of Rs 2.24 crore, compared with an operating profit of Rs 3.84 crore a year earlier, as revenue decreased to Rs 57.99 crore from Rs 58.79 crore. This group includes Midday, Naidunia, I-Next, Punjabi Jagran, Inquilab-North and Sakhi. The operating margin changed to negative 3.87% from positive 6.53%.

Radio reported operating profit of Rs 6.15 crore against an operating loss of Rs 5.49 crore in Q2FY26. Radio revenue increased to Rs 40.96 crore from Rs 37.84 crore and its operating margin was 15.00%, compared with negative 14.51%. Print digital also reported operating profit of Rs 1.16 crore after an operating loss of Rs 2.90 crore, on revenue of Rs 26.81 crore.

What were JPL's half-year results?

In the release's half-year section labelled H1FY26, JPL reported consolidated operating revenue of Rs 992.79 crore, up 7.1% from Rs 927.41 crore in the comparison period labelled H1FY25. Advertising revenue rose 8.1% to Rs 690.25 crore and other operating revenue increased 11.5% to Rs 137.51 crore, while circulation revenue was Rs 165.03 crore against Rs 165.85 crore.

Consolidated operating profit in those labelled half-year periods was Rs 127.35 crore, down from Rs 130.37 crore, and other income fell to Rs 54.23 crore from Rs 82.05 crore. JPL said the comparison-period other income included Rs 31.80 crore of Keyman policy maturity proceeds. PAT declined to Rs 104.05 crore from Rs 123.70 crore; standalone PAT was Rs 91.29 crore against Rs 133.07 crore, while standalone operating revenue increased 8.6% to Rs 881.89 crore.

Conclusion

JPL's Q2FY27 release shows that higher advertising, other operating revenue and print digital revenue did not offset lower profitability. Consolidated PAT declined to Rs 42.82 crore from Rs 56.94 crore as operating profit fell by Rs 9.26 crore and other income decreased by Rs 8.08 crore, including the effect of the disclosed prior-year Keyman policy maturity proceeds.

The unresolved point to watch is whether operating profit improves across the businesses disclosed in the release. In Q2FY27, Dainik Jagran's operating margin was 16.09%, other publications reported a Rs 2.24 crore operating loss, radio generated Rs 6.15 crore of operating profit, and print digital generated Rs 1.16 crore of operating profit.