JTL Defence Q2 revenue rose 451% as loss reached Rs 2.6 crore

JTL Defence Copper & Alloys Ltd reported Q2 FY27 revenue from operations of Rs 19.7 crore, up 450.9% from Rs 3.6 crore a year earlier, but posted a Rs 2.6 crore loss after tax versus a Rs 1.6 crore profit. EBITDA fell 19.1% to Rs 2.3 crore, while the EBITDA margin declined to 11.4% from 53.0%.

What did JTL Defence report for Q2 FY27?

JTL Defence reported Rs 19.7 crore of revenue from operations in Q2 FY27, compared with Rs 3.6 crore in Q2 FY26 and Rs 21.2 crore in Q1 FY27. The company recorded year-on-year growth of 450.9%, although quarterly revenue declined 7.2% from Q1 FY27. Total income was also Rs 19.7 crore because JTL Defence reported no other income in the quarter, against Rs 5.2 crore of total income in Q2 FY26, including Rs 1.7 crore of other income.

Reported profit after tax was a Rs 2.6 crore loss in Q2 FY27, compared with a Rs 1.6 crore profit in Q2 FY26 and a Rs 2.7 crore loss in Q1 FY27. Basic earnings per share were negative Rs 2.50, against positive Rs 1.00 a year earlier. The presentation labels the figures as consolidated results and classifies the year-on-year change in profit after tax as not meaningful because the company moved from profit to loss.

Why did JTL Defence report a loss despite higher revenue?

JTL Defence reported a loss because depreciation and amortisation expense reached Rs 4 crore in Q2 FY27, exceeding EBITDA of Rs 2.3 crore. Depreciation was Rs 1.2 crore in Q2 FY26, when EBITDA was Rs 2.8 crore and earnings before interest and tax, or EBIT, were a Rs 1.6 crore profit. In Q2 FY27, the higher depreciation charge resulted in an EBIT loss of Rs 1.8 crore.

Finance costs added Rs 0.8 crore in Q2 FY27, while the presentation shows no finance cost in Q2 FY26. The Q2 FY27 loss before tax was therefore Rs 2.6 crore, compared with profit before tax of Rs 1.6 crore a year earlier. Tax expense was Rs 0.1 crore in the latest quarter, compared with less than Rs 0.1 crore in Q2 FY26, resulting in the reported Rs 2.6 crore loss after tax.

Material consumption was Rs 18.7 crore in Q2 FY27, while change in inventories was negative Rs 2.4 crore. Employee benefits expense was Rs 0.2 crore, unchanged from the prior-year quarter, and other expenses declined to Rs 1 crore from Rs 2.3 crore. EBITDA nevertheless fell from Rs 2.8 crore to Rs 2.3 crore, and the margin contracted by 41.6 percentage points to 11.4%.

How did JTL Defence perform against Q1 FY27?

JTL Defence’s Q2 FY27 revenue declined 7.2% sequentially to Rs 19.7 crore from Rs 21.2 crore in Q1 FY27. EBITDA declined 8.6% to Rs 2.3 crore from Rs 2.5 crore, and the EBITDA margin moved to 11.4% from 11.6%. The company reported Q2 revenue volume of 356 metric tonnes and EBITDA per tonne of Rs 63,247.

The reported loss after tax narrowed to Rs 2.6 crore from Rs 2.7 crore in Q1 FY27, although loss before tax widened to Rs 2.6 crore from Rs 2.4 crore. Material consumption increased to Rs 18.7 crore from Rs 15.7 crore, while inventory change moved to negative Rs 2.4 crore from positive Rs 1.4 crore. Depreciation remained Rs 4 crore in both quarters and finance costs declined to Rs 0.8 crore from Rs 0.9 crore.

JTL Defence reported adjusted profit after tax of Rs 0.1 crore for both Q1 and Q2 FY27. This company-defined measure excludes Rs 2.8 crore of additional depreciation in each quarter on revalued assets. The adjusted profit is therefore distinct from the reported loss after tax, which includes that depreciation expense.

What does JTL Defence’s H1 FY27 result show?

JTL Defence generated Rs 41 crore of revenue from operations in H1 FY27, compared with Rs 3.6 crore in H1 FY26. EBITDA increased to Rs 4.7 crore from Rs 1 crore, but the EBITDA margin fell to 11.5% from 18.9%. H1 FY27 revenue also exceeded the Rs 19.3 crore reported for the full FY26 year, while H1 EBITDA was below FY26 EBITDA of Rs 5.9 crore.

The reported H1 FY27 loss after tax was Rs 5.3 crore, compared with a Rs 1.4 crore loss in H1 FY26. Depreciation and amortisation rose to Rs 8 crore from Rs 2.3 crore, while finance costs were Rs 1.7 crore compared with no amount shown in the prior-year half. The H1 EBIT loss was Rs 3.3 crore, against a Rs 1.4 crore loss a year earlier.

JTL Defence calculated adjusted H1 profit after tax of Rs 0.3 crore after excluding Rs 5.6 crore of additional depreciation on revalued assets. The presentation states that EBITDA includes other income and that EBITDA margins are calculated on total income. As H1 FY27 had no reported other income, revenue from operations and total income were both Rs 41 crore.

What changed in JTL Defence’s balance sheet by September 2026?

JTL Defence reported total assets of Rs 334.8 crore as of 30 September 2026, compared with Rs 330.5 crore on 31 March 2026. Current assets increased to Rs 79.6 crore from Rs 73.6 crore, including inventories of Rs 37 crore versus Rs 33.6 crore and trade receivables of Rs 23.9 crore versus Rs 20.3 crore. Capital work in progress rose to Rs 9.6 crore from Rs 4.4 crore.

Property, plant and equipment declined to Rs 229.4 crore from Rs 236.3 crore over the same period. Total equity decreased to Rs 192.3 crore from Rs 196.2 crore, with other equity falling to Rs 181.8 crore from Rs 185.7 crore. Current borrowings increased to Rs 36.7 crore from Rs 29.8 crore, while non-current borrowings declined to Rs 29.4 crore from Rs 30 crore.

Trade payables rose to Rs 27.8 crore on 30 September from Rs 25 crore at the March year-end. Cash and cash equivalents increased to Rs 0.6 crore from Rs 0.2 crore, while total current liabilities rose to Rs 65.4 crore from Rs 55.6 crore. Total equity and liabilities stood at Rs 334.8 crore, matching reported total assets.

Conclusion

JTL Defence’s Q2 FY27 results show that the increase in revenue to Rs 19.7 crore did not translate into reported profitability. EBITDA fell to Rs 2.3 crore, the EBITDA margin declined to 11.4%, and depreciation of Rs 4 crore plus finance costs of Rs 0.8 crore produced a Rs 2.6 crore loss after tax. For H1 FY27, revenue reached Rs 41 crore while the reported loss after tax was Rs 5.3 crore.

The disclosed matter to watch in subsequent results is the scale and treatment of additional depreciation on revalued assets. JTL Defence excluded Rs 2.8 crore in both Q1 and Q2 FY27, or Rs 5.6 crore in H1 FY27, to calculate adjusted profit after tax of Rs 0.1 crore in each quarter and Rs 0.3 crore for the half year. The presentation does not disclose an operating target or a scheduled event after the reported periods.