JTL Defence Limited H1 revenue rises 11.4x, adjusted PAT Rs 30 lakh

JTL Defence Limited reported H1 FY27 revenue from operations of Rs 41 crore, 11.4 times H1 FY26’s Rs 3.6 crore, while adjusted profit after tax was Rs 30 lakh excluding Rs 5.6 crore of additional depreciation on revalued assets. EBITDA was Rs 4.7 crore at an 11.5% margin.

How fast did JTL Defence's revenue grow in H1 FY27?

JTL Defence's revenue from operations rose 11.4 times year on year to Rs 41 crore in H1 FY27 from Rs 3.6 crore in H1 FY26. The H1 FY27 total comprised Rs 21.2 crore in Q1 FY27 and Rs 19.7 crore in Q2 FY27, meaning second-quarter revenue was Rs 1.5 crore lower than in the preceding quarter. JTL Defence disclosed these unaudited results for the quarter and half year ended September 30, 2026.

The quarterly comparison also shows the scale of the year-on-year increase: Q2 FY27 revenue of Rs 19.7 crore was 5.5 times Q2 FY26 revenue of Rs 3.6 crore. JTL Defence reported total revenue volume of 656 metric tonnes (MT) in H1 FY27, including 356 MT in Q2 FY27. The disclosed figures cover revenue from operations rather than a revenue split by copper, brass or other product categories.

Did JTL Defence's EBITDA rise with revenue?

JTL Defence's EBITDA rose to Rs 4.7 crore in H1 FY27 from Rs 1 crore in H1 FY26, while its stated EBITDA margin was 11.5%. The increase in EBITDA did not match the 11.4-times rise in H1 revenue, based on the reported comparison, and the release does not provide a corresponding H1 FY26 EBITDA margin. EBITDA means earnings before interest, tax, depreciation and amortisation.

On a sequential basis, EBITDA declined to Rs 2.3 crore in Q2 FY27 from Rs 2.5 crore in Q1 FY27, alongside the reduction in revenue from Rs 21.2 crore to Rs 19.7 crore. JTL Defence stated a Q2 FY27 EBITDA margin of 11.4%, slightly below its 11.5% H1 FY27 margin. The release did not disclose quarterly operating-cost categories or product-level margins that would explain the difference.

How did revaluation depreciation affect JTL Defence's profit?

JTL Defence said additional depreciation on revalued assets was Rs 5.6 crore in H1 FY27, and that excluding this charge, adjusted PAT was Rs 30 lakh. PAT means profit after tax. JTL Defence did not state a reported H1 FY27 PAT figure in the release, so the disclosed adjusted measure is the direct basis for assessing H1 profitability in this announcement.

The Q2 figures illustrate the stated effect more clearly. JTL Defence reported a PAT loss of Rs 2.6 crore in Q2 FY27, while it said adjusted PAT would have been Rs 10 lakh after excluding Rs 2.8 crore of additional depreciation on revalued assets. Management identified that depreciation mechanism, rather than a disclosed change in sales volume or EBITDA margin, as affecting reported profitability.

What changed between Q1 and Q2 FY27 for JTL Defence?

JTL Defence's Q2 FY27 revenue was Rs 19.7 crore, down from Rs 21.2 crore in Q1 FY27, while EBITDA declined from Rs 2.5 crore to Rs 2.3 crore. Adjusted PAT was unchanged at Rs 10 lakh in both quarters. The second quarter nevertheless represented a 5.5-times increase in revenue against Q2 FY26’s Rs 3.6 crore, according to JTL Defence.

JTL Defence manufactures non-ferrous metal products at its Baddi, Himachal Pradesh facility, including copper strips and foils, brass strips, stainless steel foils and phosphorous bronze strips. Its stated markets include electrical, automotive and industrial applications, with domestic and international presence including the Middle East and Africa. The 656 MT H1 FY27 volume disclosure provides an aggregate measure, but the release does not allocate the 356 MT Q2 volume among these applications or products.

What is JTL Defence planning after H1 FY27?

JTL Defence management said it is focused on improving operating performance and expanding its presence across automotive and industrial applications for copper and brass alloys. The statement followed H1 FY27 revenue of Rs 41 crore and EBITDA of Rs 4.7 crore. Management did not provide a revenue, volume, margin or earnings target for the remainder of FY27.

Management also said JTL Defence is working towards restarting the coin blanks and bullet shells and casings businesses, subject to required approvals and operational readiness. Those conditions mean the release does not specify a restart date, expected capacity, revenue contribution or capital requirement. Management said the planned additions are intended to expand the product portfolio over coming years rather than representing reported H1 FY27 revenue.

Conclusion

JTL Defence’s results show that the increase in operations had not yet translated into a proportionate adjusted bottom-line result. In Q2 FY27, revenue of Rs 19.7 crore generated EBITDA of Rs 2.3 crore at an 11.4% margin, while adjusted PAT was Rs 10 lakh after the disclosed depreciation adjustment.

The next reported period can indicate whether the Q2 FY27 sequential declines in revenue and EBITDA persist or reverse. Progress on expansion in automotive and industrial applications, and on the conditional restart of coin blanks and bullet shells and casings businesses, will depend on the approvals and operational readiness identified by management.