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Jay Bharat Maruti Q2 FY27 results: net profit up 73.7% to ₹32.01 crore, revenue up 41.3%
Jay Bharat Maruti Limited reported consolidated Q2 FY27 revenue of ₹823.42 crore, up 41.3% from Q2 FY26, while profit after tax rose 73.7% to ₹32.01 crore. EBITDA increased to ₹74.70 crore, but its margin fell 1.4 percentage points to 9.1%.
Key points
- Consolidated Q2 FY27 revenue was ₹823.42 crore, up ₹240.77 crore or 41.3% from Q2 FY26.
- EBITDA rose to ₹74.70 crore from ₹61.40 crore, while the margin fell to 9.1% from 10.5%.
- Profit after tax was ₹32.01 crore, up ₹13.58 crore or 73.7% year on year, and basic EPS was ₹2.96.
- Against Q1 FY27, revenue rose ₹196.63 crore to ₹823.42 crore and profit after tax increased ₹10.16 crore to ₹32.01 crore.
- For H1 FY27, revenue was ₹1,450.22 crore and profit after tax was ₹53.86 crore, up 27.3% and 29.1%, respectively.
How did Jay Bharat Maruti perform in Q2 FY27?
On a consolidated basis, Jay Bharat Maruti reported revenue of ₹823.42 crore in Q2 FY27, up ₹240.77 crore or 41.3% from ₹582.65 crore in Q2 FY26. Total income was ₹828.68 crore, up ₹244.99 crore or 42.0%. EBITDA rose ₹13.30 crore or 21.7% to ₹74.70 crore, but the margin fell 1.4 percentage points to 9.1%.
Profit before tax increased ₹13.26 crore or 46.8% to ₹41.60 crore, and profit after tax rose ₹13.58 crore or 73.7% to ₹32.01 crore. Basic EPS was ₹2.96, up ₹1.26 or 74.1%. Against Q1 FY27, revenue rose ₹196.63 crore or 31.4%, EBITDA increased ₹11.78 crore or 18.7%, and profit after tax rose ₹10.16 crore or 46.5%.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 823.42 | 626.79 | 582.65 | +41.3% | +31.4% |
| Other income | 5.26 | 0.18 | 1.04 | +405.8% | +2822.2% |
| Total expenses | 787.08 | 598.61 | 555.35 | +41.7% | +31.5% |
| EBITDA | 74.70 | 62.92 | 61.40 | +21.7% | +18.7% |
| EBITDA margin | 9.1% | 10.0% | 10.5% | −1.4 pp | −0.9 pp |
| Profit before tax | 41.60 | 28.37 | 28.34 | +46.8% | +46.6% |
| Tax | 10.70 | 7.42 | 10.47 | +2.2% | +44.2% |
| Net profit | 32.01 | 21.85 | 18.43 | +73.7% | +46.5% |
| EPS (₹) | 2.96 | 2.02 | 1.70 | +74.1% | +46.5% |
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 Jay Bharat Maruti's costs and profit?
Total expenses rose ₹231.73 crore or 41.7% to ₹787.08 crore in Q2 FY27 from ₹555.35 crore in Q2 FY26. Cost of materials was the largest increase, rising ₹215.74 crore or 50.1% to ₹646.51 crore, while employee cost rose ₹18.07 crore or 34.5% to ₹70.40 crore. Other expenses increased ₹13.17 crore or 33.3% to ₹52.74 crore.
Depreciation rose ₹3.25 crore or 13.5% to ₹27.36 crore and finance costs increased ₹1.02 crore or 10.2% to ₹11 crore. Other income rose ₹4.22 crore to ₹5.26 crore, while tax expense was ₹10.70 crore, up ₹0.23 crore or 2.2%. There was no exceptional item in either quarter.
Management said higher MSIL volumes improved capacity utilisation, while improved product mix raised realisation. It also cited stable finance cost despite expansion of new plants and renewable-energy steps intended to minimise energy cost. Management identified adverse commodity prices in the context of the West Asia conflict and the Haryana minimum-wages hike as negative factors. It said the lower tax rate under the new regime supported profit.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 646.51 | 430.77 | +215.74 | +50.1% |
| Employee cost | 70.40 | 52.33 | +18.07 | +34.5% |
| Finance costs | 11 | 9.98 | +1.02 | +10.2% |
| Depreciation | 27.36 | 24.11 | +3.25 | +13.5% |
| Other expenses | 52.74 | 39.57 | +13.17 | +33.3% |
| Total expenses | 787.08 | 555.35 | +231.73 | +41.7% |
| Other income | 5.26 | 1.04 | +4.22 | +405.8% |
| Tax | 10.70 | 10.47 | +0.23 | +2.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹1,450.22 crore, up ₹310.74 crore or 27.3% from ₹1,139.48 crore in H1 FY26. Total income rose ₹315.07 crore or 27.6% to ₹1,455.65 crore, while profit before tax increased ₹6.05 crore or 9.5% to ₹69.97 crore.
Consolidated profit after tax for the first half was ₹53.86 crore, up ₹12.14 crore or 29.1% from ₹41.72 crore, and EPS was ₹4.98 against ₹3.85. The standalone profit after tax for H1 FY27 was ₹52.32 crore, compared with ₹41.10 crore in H1 FY26, while standalone total income was ₹1,455.65 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,450 | 1,139 | +27.3% |
| Profit before tax | 69.97 | 63.92 | +9.5% |
| Net profit | 53.86 | 41.72 | +29.1% |
| EPS (₹) | 4.98 | 3.85 | +29.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,114.37 crore, up from ₹1,831.05 crore at 31 March 2026. Total equity rose to ₹742.11 crore from ₹696.12 crore, while borrowings increased to ₹442.31 crore from ₹438.73 crore. Cash declined to ₹0.81 crore from ₹4.77 crore. Inventories were ₹389.54 crore, against ₹268.61 crore previously.
Trade receivables increased to ₹196.87 crore from ₹116.89 crore, and trade payables rose to ₹435.01 crore from ₹294.79 crore. For H1 FY27, operating cash flow was ₹158.24 crore, compared with ₹26.41 crore in H1 FY26. Investing cash flow was negative ₹125.71 crore against negative ₹73.6 crore, while financing cash flow was negative ₹36.49 crore against positive ₹48.13 crore. Capital expenditure was ₹131.13 crore, compared with ₹88.97 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,114 | 1,831 |
| Total equity | 742.11 | 696.12 |
| Borrowings | 442.31 | 438.73 |
| Cash and equivalents | 0.81 | 4.77 |
| Inventories | 389.54 | 268.61 |
| Trade receivables | 196.87 | 116.89 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 158.24 | 26.41 |
| Cash from investing | −125.71 | −73.60 |
| Cash from financing | −36.49 | 48.13 |
| Capital expenditure | 131.13 | 88.97 |
Source: Company's results filing (XBRL).
How has Jay Bharat Maruti done over the last 8 quarters?
Revenue reached its highest level in Q2 FY27 at ₹823.42 crore, compared with its lowest at ₹556.83 crore in Q1 FY26. Profit after tax peaked at ₹79.59 crore in Q4 FY26 and was lowest at ₹3.92 crore in Q3 FY25. Revenue has risen year on year in each of the last eight quarters.
The EBITDA margin bottomed at 6.0% in Q3 FY25 and peaked at 11.9% in Q4 FY26. It fell to 10.0% in Q1 FY27 before declining further to 9.1% in Q2 FY27. Revenue moved higher in the latest quarter, while profit after tax increased from ₹21.85 crore to ₹32.01 crore and the margin declined.
What else did the company announce?
The board approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report of GSA & Associates LLP, on 2 November 2026. The same filing did not announce a dividend or fund raise.
The board approved the appointment of Radhika Khurana as Company Secretary and Compliance Officer, also a Key Managerial Personnel, effective 18 December 2026. Mayank Varma was appointed CEO for the tooling and auto components businesses, while Deepak Gupta was assigned responsibility for strategy and diversification.
What did Jay Bharat Maruti's management say?
Management said higher MSIL volumes improved capacity utilisation and operating performance, while improved product mix supported realisation. It also said sheet-metal turnover rose 42% in Q2 FY27 from Q2 FY26 and 24% from Q1 FY27, and that H1 FY27 sheet-metal turnover was 34% higher year on year.
Management said expansion of new plants was accompanied by stable finance cost. It also cited steps taken towards renewable energy to minimise energy cost, but gave no forward targets. The presentation identified lower incentive eligibility, adverse commodity prices in the context of the West Asia conflict, and higher Haryana minimum wages as margin pressures.
Management said PAT growth was helped by a lower tax rate of 25.17% under the new regime, compared with 34.94% earlier. It noted that material cost was 75.49% of income against 73.56% in Q2 FY26, while Q2 incentive figures were ₹29.80 crore against ₹34.26 crore and H1 incentive figures were ₹64.05 crore against ₹88.70 crore. The presentation did not record any analyst questions.
How did Jay Bharat Maruti shares react?
After the filing appeared, the stock was up 6.9% after 5 minutes and 6.5% after 15 minutes. It closed the reaction day 13.8% above the previous close of ₹114.71. By the next day's close, it was up 4.4% from that pre-results close.
The Auto Components & Equipments industry median rose 1.6% on the reaction day and 2.6% by the next day's close. Jay Bharat Maruti therefore exceeded the sector median by 12.2 percentage points on the reaction day and 1.9 percentage points by the next day's close. Earlier results-day moves included a rise of 18.7% on 19 May 2026 and a fall of 5.0% on 4 August 2026.
| After the filing | Stock | Auto Components & Equipments median |
|---|---|---|
| 5 minutes | +6.9% | |
| 15 minutes | +6.5% | |
| Reaction day | +13.8% | +1.6% |
| Next day | +4.4% | +2.6% |
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 August 2026 | −5.0% |
| 19 May 2026 | +18.7% |
| 6 February 2026 | +17.4% |
| 6 November 2025 | +4.9% |
| 1 August 2025 | +15.5% |
| 22 May 2025 | +19.4% |
| 30 January 2025 | +2.9% |
| 6 November 2024 | −0.6% |
Source: MarketPing price-reaction measurement.
How did other Auto Components & Equipments companies do?
A total of 45 other Auto Components & Equipments companies that had filed for Q2 FY27 were compared, with a median revenue growth of 33.6%. Of these, 12 grew faster than Jay Bharat Maruti and 33 grew more slowly. Among 46 peers whose profit was compared, 36 reported higher profit.
| Jay Bharat Maruti revenue growth (YoY) | +41.3% |
|---|---|
| Median of 45 other Auto Components & Equipments companies | +33.6% |
| Companies with slower revenue growth than Jay Bharat Maruti | 33 of 45 |
| Companies with faster revenue growth than Jay Bharat Maruti | 12 of 45 |
| Companies whose net profit rose | 36 of 46 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Jay Bharat Maruti's revenue in Q2 FY27?
Revenue from operations was ₹823.42 crore, up 41.3% from ₹582.65 crore in Q2 FY26 (consolidated).
Did Jay Bharat Maruti make a profit in Q2 FY27?
Yes. Net profit was ₹32.01 crore, against a net profit of ₹18.43 crore in Q2 FY26.
What was Jay Bharat Maruti's EPS in Q2 FY27?
Basic earnings per share were ₹2.96, against ₹1.70 in Q2 FY26.
How did Jay Bharat Maruti shares react to the Q2 FY27 results?
On the reaction day the stock moved +13.8% from the previous close; the median Auto Components & Equipments stock moved +1.6%.
When did Jay Bharat Maruti announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Considering The Un-Audited Financial Results (Standalone & Consolidated) For The Second Quarter And Half Year Ended September 30, 2026 And Other Matters (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 2 November 2026) · PDF
- Financial Results For Sept 30, 2026 (BSE, 2 November 2026) · PDF
- The investor presentation (2 November 2026)
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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