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Jaiprakash Power Ventures Q2 FY27 results: net profit down 81.7% to ₹33.34 crore, revenue up 5.1%
Jaiprakash Power Ventures Limited reported Q2 FY27 consolidated revenue of ₹1,512 crore, up 5.1% from a year earlier, while a net profit of ₹33.34 crore was 81.7% lower. EBITDA rose to ₹656.54 crore and the margin widened to 43.4%, but a ₹511 crore exceptional charge pulled profit before tax down to ₹10.46 crore.
Key points
- Consolidated revenue was ₹1,512 crore in Q2 FY27, up 5.1% from ₹1,438 crore in Q2 FY26 but down 14.8% from ₹1,776 crore in Q1 FY27.
- EBITDA was ₹656.54 crore, up 39.5% year on year, with the EBITDA margin rising 10.7 percentage points to 43.4%.
- Net profit was ₹33.34 crore, down 81.7% from ₹182.10 crore a year earlier and down 92.9% from ₹468.84 crore in Q1 FY27; basic EPS was ₹0.04.
- A ₹511 crore exceptional charge was recorded in the quarter, against no exceptional item in Q2 FY26 and a ₹193.63 crore charge in Q1 FY27.
- For H1 FY27, revenue rose 7.1% to ₹3,236.15 crore and net profit rose 9.1% to ₹502.18 crore, while profit before tax fell 46.7% to ₹387.26 crore.
How did Jaiprakash Power Ventures perform in Q2 FY27?
Jaiprakash Power Ventures reported consolidated revenue of ₹1,512 crore for Q2 FY27, up ₹73.82 crore or 5.1% from ₹1,438 crore in Q2 FY26. Total income was ₹1,579.34 crore, up 6.8% year on year. Against Q1 FY27, revenue was lower by ₹263.58 crore, or 14.8%, from ₹1,776 crore, and total income was lower by ₹227.15 crore, or 12.6%.
EBITDA was ₹656.54 crore, up ₹185.81 crore or 39.5% from ₹470.73 crore in the year-ago quarter, and the EBITDA margin rose 10.7 percentage points to 43.4% from 32.7%. EBITDA was down ₹102.48 crore, or 13.5%, from ₹759.02 crore in Q1 FY27, while the margin was higher by 0.7 percentage points at 42.7%.
Profit before tax was ₹10.46 crore, down ₹281.55 crore or 96.4% from ₹292.01 crore a year earlier and down ₹366.34 crore or 97.2% from ₹376.80 crore in the previous quarter. Net profit was ₹33.34 crore, down ₹148.76 crore or 81.7% year on year from ₹182.10 crore and down ₹435.50 crore or 92.9% from ₹468.84 crore in Q1 FY27. Basic EPS was ₹0.04, against ₹0.20 in Q2 FY26 and ₹0.52 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,512 | 1,776 | 1,438 | +5.1% | −14.8% |
| Other income | 67.22 | 30.79 | 40.19 | +67.3% | +118.3% |
| Total expenses | 1,058 | 1,236 | 1,186 | −10.8% | −14.4% |
| EBITDA | 656.54 | 759.02 | 470.73 | +39.5% | −13.5% |
| EBITDA margin | 43.4% | 42.7% | 32.7% | +10.7 pp | +0.7 pp |
| Profit before tax | 10.46 | 376.80 | 292.01 | −96.4% | −97.2% |
| Tax | −22.88 | −92.04 | 109.91 | ||
| Net profit | 33.34 | 468.84 | 182.10 | −81.7% | −92.9% |
| EPS (₹) | 0.04 | 0.52 | 0.20 | −80.0% | −92.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Jaiprakash Power Ventures' costs and profit?
Total expenses were ₹1,057.88 crore in Q2 FY27, down ₹128.60 crore or 10.8% from ₹1,186 crore in the year-ago quarter and down ₹178.18 crore or 14.4% from ₹1,236 crore in Q1 FY27. Cost of materials fell ₹52.37 crore or 6.2% to ₹788.11 crore, employee cost fell ₹4.56 crore or 10.9% to ₹37.24 crore, finance costs fell ₹15.95 crore or 16.0% to ₹83.81 crore, depreciation fell ₹0.66 crore or 0.6% to ₹118.49 crore, and other expenses fell ₹55.06 crore or 64.6% to ₹30.23 crore.
Other income was ₹67.22 crore, up ₹27.03 crore or 67.3% from ₹40.19 crore in Q2 FY26 and up ₹36.43 crore or 118.3% from ₹30.79 crore in Q1 FY27. The filing does not state the reasons for the movement in other income.
The quarter carried an exceptional charge of ₹511 crore, against no exceptional item in the year-ago quarter and an exceptional charge of ₹193.63 crore in Q1 FY27. Tax was ₹22.88 crore against ₹109.91 crore in Q2 FY26 and ₹92.04 crore in Q1 FY27. With no reason stated in the filing for the exceptional charge, the figures show it was the main change in reported profit before tax.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 788.11 | 840.48 | −52.37 | −6.2% |
| Employee cost | 37.24 | 41.80 | −4.56 | −10.9% |
| Finance costs | 83.81 | 99.76 | −15.95 | −16.0% |
| Depreciation | 118.49 | 119.15 | −0.66 | −0.6% |
| Other expenses | 30.23 | 85.29 | −55.06 | −64.6% |
| Total expenses | 1,058 | 1,186 | −128.60 | −10.8% |
| Other income | 67.22 | 40.19 | +27.03 | +67.3% |
| Tax | −22.88 | 109.91 | −132.79 | |
| Exceptional items | −511 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹3,236.15 crore, up ₹214.69 crore or 7.1% from ₹3,021.46 crore in H1 FY26. Total income was ₹3,334.16 crore, up ₹224.79 crore or 7.2% from ₹3,109.37 crore.
Profit before tax in H1 FY27 was ₹387.26 crore, down ₹339.56 crore or 46.7% from ₹726.82 crore in H1 FY26. Net profit was ₹502.18 crore, up ₹41.95 crore or 9.1% from ₹460.23 crore, and EPS was ₹0.56 against ₹0.51.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,236 | 3,021 | +7.1% |
| Profit before tax | 387.26 | 726.82 | −46.7% |
| Net profit | 502.18 | 460.23 | +9.1% |
| EPS (₹) | 0.56 | 0.51 | +9.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹18,367.43 crore as at 30 September 2026 against ₹17,957.64 crore at 31 March 2026, and total equity was ₹13,234.69 crore against ₹12,732.26 crore. Borrowings fell to ₹3,047.02 crore from ₹3,380.25 crore, while cash rose to ₹785.21 crore from ₹754.95 crore. Inventories were ₹355.37 crore against ₹488.78 crore, trade receivables ₹1,024.99 crore against ₹1,090.78 crore, and trade payables ₹181.70 crore against ₹276.80 crore.
For the first half, operating cash flow was ₹879.57 crore, against ₹1,038.63 crore in H1 FY26. Investing cash flow was an outflow of ₹319.15 crore against ₹480.81 crore, and financing cash flow was an outflow of ₹530.16 crore against ₹455.83 crore. Capital expenditure was ₹18.28 crore against ₹15.83 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 18,367 | 17,958 |
| Total equity | 13,235 | 12,732 |
| Borrowings | 3,047 | 3,380 |
| Cash and equivalents | 785.21 | 754.95 |
| Inventories | 355.37 | 488.78 |
| Trade receivables | 1,025 | 1,091 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 879.57 | 1,039 |
| Cash from investing | −319.15 | −480.81 |
| Cash from financing | −530.16 | −455.83 |
| Capital expenditure | 18.28 | 15.83 |
Source: Company's results filing (XBRL).
How has Jaiprakash Power Ventures done over the last 8 quarters?
Revenue rose year on year in each of the last five quarters. It reached a low of ₹1,140.17 crore in Q3 FY25 and a high of ₹1,775.70 crore in Q1 FY27, before easing to ₹1,512.12 crore in Q2 FY27.
Net profit reached a high of ₹468.84 crore in Q1 FY27 and a low in the series with a loss of ₹13.37 crore in Q4 FY26, after ₹3.77 crore in Q3 FY26. In Q2 FY27, net profit was ₹33.34 crore.
The EBITDA margin bottomed at 8.8% in Q4 FY26 and rose to 42.7% in Q1 FY27, reaching 43.4% in Q2 FY27, the highest in the reported series.
Which businesses drove the quarter?
Power was the main reported segment, with revenue of ₹1,512.28 crore and EBIT of ₹685.11 crore in Q2 FY27, an EBIT margin of 45.3%. Coal recorded revenue of ₹40.16 crore and EBIT of ₹3.26 crore, an EBIT margin of 8.1%.
Sand Mining recorded no revenue for the quarter. The Others, Cement Grinding etc. segment reported EBIT of ₹35.39 crore with no revenue. The filing does not provide segment revenue or EBIT for the year-ago quarter, so no segment growth figures are stated.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| i) Power | 1,512 | 685.11 | 45.3% | |
| ii) Coal | 40.16 | 3.26 | 8.1% | |
| iii) Sand Mining | 0 | 0 | ||
| iv) Others,Cement Grinding etc. | 0 | 35.39 |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
Lodha & Co LLP issued a qualified conclusion on the standalone results for the quarter and half year ended 30 September 2026. The auditors drew attention to non-provisioning against the recompense claim of Rs. 5,69,651 lakhs claimed by lenders, with ICICI Bank as lead. The company has challenged the amount demanded and asked ICICI Bank to explain the basis for it.
Management believes that, based on the present free cashflow situation and the extent of RBI guidelines, nothing is payable or due as on 30 September 2026, and that any impact will not be material as the amount is recoverable under PPAs; the impact, if any, cannot be ascertained at this stage. The auditors noted that this matter was also qualified in the audit report for the year ended 31 March 2026 and that the limited review report for the quarter ended 30 June 2026 was modified on the same point.
How did Jaiprakash Power Ventures shares react?
The results were announced after market on 19 October 2026. From the price when the filing appeared, the stock was down 2.7% after five minutes, down 3.4% after 15 minutes and down 3.3% after 30 minutes. On the reaction day, it fell 6.9% from the previous close of ₹14.90.
Earlier results-day moves were mixed: down 0.7% on 4 July 2026, up 1.1% on 4 May 2026, down 6.8% on 4 February 2026, down 0.2% on 18 October 2025, down 3.1% on 30 July 2025, down 1.8% on 1 May 2025, down 9.1% on 1 February 2025 and up 0.4% on 26 October 2024.
| After the filing | Stock | Power Generation median |
|---|---|---|
| 5 minutes | −2.7% | |
| 15 minutes | −3.4% | |
| 30 minutes | −3.3% | |
| Reaction day | −6.9% | −3.2% |
| Next day | −8.9% | −4.1% |
| 5 days | −12.8% | −2.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 July 2026 | −0.7% |
| 4 May 2026 | +1.1% |
| 4 February 2026 | −6.8% |
| 18 October 2025 | −0.2% |
| 30 July 2025 | −3.1% |
| 1 May 2025 | −1.8% |
| 1 February 2025 | −9.1% |
| 26 October 2024 | +0.4% |
Source: MarketPing price-reaction measurement.
How did other Power Generation companies do?
Fourteen other Power Generation companies had filed results for this quarter by 4 November 2026, with a median revenue growth of 22.0%. Eleven of them grew revenue faster than Jaiprakash Power Ventures and three grew more slowly, against the company's 5.1% revenue growth in Q2 FY27.
Of the 15 peers for which profit was compared, 12 reported higher profit. Jaiprakash Power Ventures' net profit for the quarter fell year on year, against higher profit at the majority of the peers.
| Jaiprakash Power Ventures revenue growth (YoY) | +5.1% |
|---|---|
| Median of 14 other Power Generation companies | +22.0% |
| Companies with slower revenue growth than Jaiprakash Power Ventures | 3 of 14 |
| Companies with faster revenue growth than Jaiprakash Power Ventures | 11 of 14 |
| Companies whose net profit rose | 12 of 15 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Jaiprakash Power Ventures' revenue in Q2 FY27?
Revenue from operations was ₹1,512 crore, up 5.1% from ₹1,438 crore in Q2 FY26 (consolidated).
Did Jaiprakash Power Ventures make a profit in Q2 FY27?
Yes. Net profit was ₹33.34 crore, against a net profit of ₹182.10 crore in Q2 FY26.
What was Jaiprakash Power Ventures' EPS in Q2 FY27?
Basic earnings per share were ₹0.04, against ₹0.20 in Q2 FY26.
How did Jaiprakash Power Ventures shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.9% from the previous close; the median Power Generation stock moved −3.2%.
When did Jaiprakash Power Ventures announce its Q2 FY27 results?
On 19 October 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of Board Meeting Held On 19Th October, 2026 And Submission Of Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 As Per SEBI LODR (BSE, 19 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Change in Management (BSE, 19 October 2026) · PDF
- Appointment of Company Secretary and Compliance Officer (BSE, 19 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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