JTL H1 FY27 EBITDA rises 88.7% as margin reaches 8.2%

JTL Industries Limited reported H1 FY27 EBITDA of Rs 109.5 crore, up 88.7% from Rs 58 crore a year earlier, as EBITDA margin rose to 8.2% from 6.0%. Revenue from operations increased 37.2% to Rs 1,335.4 crore and reported profit after tax was Rs 64.3 crore.

How did JTL perform in H1 FY27?

JTL expanded EBITDA faster than revenue in H1 FY27. Revenue from operations rose by Rs 362.2 crore year on year to Rs 1,335.4 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by Rs 51.5 crore to Rs 109.5 crore. The resulting EBITDA margin increased by 220 basis points, or 2.2 percentage points, to 8.2% from 6.0%.

The presentation also shows higher revenue and EBITDA on a per-ton basis. Operational revenue per ton rose 14.2% to Rs 60,978 in H1 FY27 from Rs 53,409 in H1 FY26. EBITDA per ton increased 57.0% to Rs 5,000 from Rs 3,184, a larger percentage increase than the change in operational revenue per ton.

What changed in JTL's second quarter?

JTL's Q2 FY27 revenue rose 43.0% year on year to Rs 613.8 crore from Rs 429.3 crore in Q2 FY26, but declined 14.9% from Rs 721.6 crore in Q1 FY27. EBITDA reached Rs 50.8 crore, up 46.5% from Rs 34.7 crore a year earlier and down 13.5% sequentially from Rs 58.7 crore.

The quarterly EBITDA margin nevertheless increased to 8.3% in Q2 FY27 from 8.1% in both Q2 FY26 and Q1 FY27. Operational revenue per ton was Rs 61,083, 16.1% above Rs 52,615 in Q2 FY26 and slightly above Rs 60,888 in Q1 FY27. EBITDA per ton reached Rs 5,053, compared with Rs 4,247 a year earlier and Rs 4,954 in the preceding quarter.

JTL reported Q2 FY27 profit after tax of Rs 29 crore, up 30.7% from Rs 22.2 crore in Q2 FY26 but below Rs 35.4 crore in Q1 FY27. Profit after tax margin was 4.7%, compared with 5.2% a year earlier and 4.9% in Q1 FY27. Q2 EBITDA margin improved both year on year and quarter on quarter, while revenue and reported profit after tax declined from Q1 FY27.

What does JTL's income statement show about margin expansion?

JTL's H1 FY27 income statement shows total income of Rs 1,343.4 crore, against Rs 980.9 crore in H1 FY26. Cost of material consumed rose to Rs 1,098.9 crore from Rs 795.8 crore, purchases of trading goods increased to Rs 67.4 crore from Rs 49.6 crore, and employee benefits expense rose to Rs 24.1 crore from Rs 21.3 crore.

Changes in inventories were negative Rs 30.8 crore in H1 FY27, compared with negative Rs 7.1 crore in H1 FY26, while other expenses increased to Rs 66.3 crore from Rs 55.6 crore. Against these movements, EBITDA increased to Rs 109.5 crore from Rs 58 crore. The presentation establishes the period's margin expansion but does not attribute it to a particular product, cost item or operational initiative.

Below EBITDA, depreciation and amortisation increased to Rs 19.6 crore from Rs 9.1 crore, and finance costs rose to Rs 10 crore from Rs 4 crore. Earnings before interest and tax reached Rs 89.9 crore, up from Rs 48.9 crore, with its margin increasing to 6.7% from 5.0%. Profit before tax rose to Rs 88.1 crore from Rs 52.6 crore, while tax expense increased to Rs 23.8 crore from Rs 13.9 crore.

How did the JTL Defence revaluation affect reported profit?

JTL reported H1 FY27 profit after tax of Rs 64.3 crore, including Rs 2.78 crore of additional non-cash depreciation arising from the March 2026 asset revaluation at JTL Defence. The presentation states that, excluding this accounting adjustment, normalized H1 FY27 profit after tax would have been Rs 67.1 crore rather than the reported Rs 64.3 crore.

The quarterly disclosures contain inconsistent figures. Page 17 says reported profit after tax of Rs 35.4 crore in Q1 FY27 and Rs 29 crore in Q2 FY27 each include Rs 2.78 crore of additional non-cash depreciation, and gives normalized profit after tax of Rs 32.8 crore and Rs 31.8 crore, respectively. Page 18 instead gives normalized Q1 FY27 profit after tax of Rs 38.2 crore, while retaining Rs 31.8 crore for Q2 FY27 and Rs 67.1 crore for H1 FY27.

Adding Rs 2.78 crore to reported Q1 profit after tax of Rs 35.4 crore produces Rs 38.2 crore, and adding it to Q2 profit after tax of Rs 29 crore produces Rs 31.8 crore. However, the H1 normalized figure is only Rs 2.8 crore above reported profit after tax, rather than reflecting two separate Rs 2.78 crore adjustments. The presentation does not explain the differing Q1 statement or H1 treatment.

What do JTL's balance sheet and capital data show?

JTL reported total assets of Rs 2,042.7 crore at September 30, 2026, up from Rs 1,996.3 crore at March 31, 2026. Capital work in progress rose to Rs 213.7 crore from Rs 159 crore, while property, plant and equipment declined to Rs 488.5 crore from Rs 500.7 crore. Inventory increased to Rs 317.9 crore from Rs 271 crore, and trade receivables declined to Rs 379.3 crore from Rs 414.3 crore.

Total equity increased to Rs 1,583.1 crore at September 30 from Rs 1,521.8 crore at March 31. Current borrowings rose to Rs 232.1 crore from Rs 214.1 crore, while non-current borrowings declined to Rs 29.4 crore from Rs 30 crore. Total debt was Rs 261.5 crore in September 2026, compared with Rs 244.1 crore in March 2026.

The capital-structure page reports net debt of Rs 233 crore in September 2026, compared with Rs 199.5 crore in March 2026, alongside total equity of Rs 1,583.1 crore. Net debt to equity remained 0.1 times in both periods. Annualised net working-capital days were 83 for H1 FY27, down from 92 in FY26; receivables days fell from 59 to 54 and inventory days fell from 49 to 47, while payable days increased from 17 to 19.

Conclusion

JTL's H1 FY27 results show EBITDA growth of 88.7% exceeded revenue growth of 37.2%, lifting EBITDA margin from 6.0% to 8.2%. Per-ton EBITDA rose 57.0% to Rs 5,000, while reported profit after tax increased 66.2% to Rs 64.3 crore despite higher depreciation, finance costs and tax expense.

The next reported period should show whether Q2 revenue of Rs 613.8 crore, down from Rs 721.6 crore in Q1 FY27, develops into a broader trend and whether the 8.3% Q2 EBITDA margin is maintained. It should also clarify the presentation's conflicting normalized Q1 FY27 profit figures and the treatment of March 2026 JTL Defence revaluation depreciation across quarterly and H1 results.