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Jayaswal Neco Industries Q2 FY27 results: net profit up 118.6% to ₹229.81 crore, revenue up 23.2%
Jayaswal Neco Industries Limited reported standalone revenue of ₹2,194 crore and a net profit of ₹229.81 crore for Q2 FY27. Revenue rose 23.2% from Q2 FY26, while EBITDA increased 34.6% to ₹440.11 crore and the margin expanded 1.7 percentage points to 20.1%.
Key points
- Q2 FY27 standalone revenue was ₹2,194 crore, up 23.2% from ₹1,781 crore in Q2 FY26.
- EBITDA was ₹440.11 crore in Q2 FY27, up 34.6% from ₹326.95 crore, with margin rising 1.7 percentage points to 20.1%.
- Net profit increased 118.6% to ₹229.81 crore from ₹105.13 crore, and basic EPS rose to ₹2.37 from ₹1.08.
- Against Q1 FY27, revenue increased 4.2% to ₹2,194 crore, while net profit rose 18.5% to ₹229.81 crore.
- H1 FY27 revenue was ₹4,301.02 crore and net profit was ₹423.73 crore, up 25.4% and 113.8%, respectively, from H1 FY26.
How did Jayaswal Neco Industries perform in Q2 FY27?
Jayaswal Neco Industries reported standalone revenue of ₹2,194 crore for Q2 FY27, against ₹1,781 crore in Q2 FY26, an increase of 23.2%. EBITDA rose 34.6% to ₹440.11 crore from ₹326.95 crore, while the margin expanded 1.7 percentage points to 20.1%.
Profit before tax increased 115.4% to ₹307.45 crore from ₹142.71 crore. Net profit rose 118.6% to ₹229.81 crore from ₹105.13 crore, and basic EPS increased to ₹2.37 from ₹1.08.
Compared with Q1 FY27, revenue rose 4.2% to ₹2,194 crore from ₹2,107 crore. EBITDA increased 11.2% to ₹440.11 crore from ₹395.61 crore, the margin rose 1.3 percentage points to 20.1%, and net profit rose 18.5% to ₹229.81 crore from ₹193.92 crore. Basic EPS was ₹2.37, against ₹2.0 in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,194 | 2,107 | 1,781 | +23.2% | +4.2% |
| Other income | 6.48 | 11.74 | 3.76 | +72.3% | −44.8% |
| Total expenses | 1,893 | 1,853 | 1,642 | +15.3% | +2.2% |
| EBITDA | 440.11 | 395.61 | 326.95 | +34.6% | +11.2% |
| EBITDA margin | 20.1% | 18.8% | 18.4% | +1.7 pp | +1.3 pp |
| Profit before tax | 307.45 | 264.97 | 142.71 | +115.4% | +16.0% |
| Tax | 77.64 | 71.05 | 37.58 | +106.6% | +9.3% |
| Net profit | 229.81 | 193.92 | 105.13 | +118.6% | +18.5% |
| EPS (₹) | 2.37 | 2.00 | 1.08 | +119.4% | +18.5% |
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 Jayaswal Neco Industries' costs and profit?
Total expenses increased 15.3% to ₹1,893 crore from ₹1,642 crore in Q2 FY26. Cost of materials rose 26.1% by ₹178.81 crore to ₹863.92 crore, while other expenses increased 28.3% by ₹167.65 crore to ₹759.48 crore.
Finance costs fell 45.2% by ₹50.75 crore to ₹61.57 crore from ₹112.32 crore. Employee cost declined by ₹0.20 crore to ₹108.55 crore, while depreciation increased by ₹1.89 crore to ₹77.57 crore. Other income rose 72.3% by ₹2.72 crore to ₹6.48 crore.
There was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense increased 106.6% by ₹40.06 crore to ₹77.64 crore from ₹37.58 crore, while profit before tax rose by ₹164.74 crore to ₹307.45 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 863.92 | 685.11 | +178.81 | +26.1% |
| Employee cost | 108.55 | 108.75 | −0.20 | −0.2% |
| Finance costs | 61.57 | 112.32 | −50.75 | −45.2% |
| Depreciation | 77.57 | 75.68 | +1.89 | +2.5% |
| Other expenses | 759.48 | 591.83 | +167.65 | +28.3% |
| Total expenses | 1,893 | 1,642 | +251.44 | +15.3% |
| Other income | 6.48 | 3.76 | +2.72 | +72.3% |
| Tax | 77.64 | 37.58 | +40.06 | +106.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue increased 25.4% to ₹4,301.02 crore from ₹3,430.35 crore in H1 FY26. Total income rose 25.6% to ₹4,319.24 crore from ₹3,438.96 crore.
Profit before tax increased 113.5% to ₹572.42 crore from ₹268.1 crore. Net profit rose 113.8% to ₹423.73 crore from ₹198.15 crore, while basic EPS increased to ₹4.36 from ₹2.04.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,301 | 3,430 | +25.4% |
| Profit before tax | 572.42 | 268.10 | +113.5% |
| Net profit | 423.73 | 198.15 | +113.8% |
| EPS (₹) | 4.36 | 2.04 | +113.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹5,862.2 crore, against ₹5,970.14 crore at 31 March 2026. Total equity increased to ₹3,316.44 crore from ₹2,841.36 crore, while borrowings fell to ₹1,496.0 crore from ₹2,096.68 crore.
Cash and cash equivalents rose to ₹242.87 crore from ₹126.08 crore. Inventories fell to ₹1,276.92 crore from ₹1,395.17 crore, trade receivables declined to ₹312.63 crore from ₹469.0 crore, and trade payables decreased to ₹279.23 crore from ₹424.24 crore.
H1 FY27 operating cash flow was ₹968.17 crore, against ₹670.24 crore in H1 FY26. Investing cash flow was negative ₹199.67 crore, compared with negative ₹57.62 crore, while financing cash flow was negative ₹651.71 crore against negative ₹630.16 crore. Capital expenditure was ₹158.08 crore, up from ₹60.83 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,862 | 5,970 |
| Total equity | 3,316 | 2,841 |
| Borrowings | 1,496 | 2,097 |
| Cash and equivalents | 242.87 | 126.08 |
| Inventories | 1,277 | 1,395 |
| Trade receivables | 312.63 | 469 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 968.17 | 670.24 |
| Cash from investing | −199.67 | −57.62 |
| Cash from financing | −651.71 | −630.16 |
| Capital expenditure | 158.08 | 60.83 |
Source: Company's results filing (XBRL).
How has Jayaswal Neco Industries done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis. It reached a low of ₹1,649.35 crore in Q1 FY26 and a high of ₹2,194.46 crore in Q2 FY27, with the latest quarter extending the upward direction.
Net profit bottomed at ₹74.09 crore in Q3 FY26 and reached a high of ₹229.81 crore in Q2 FY27. Profit has increased year on year in each of the last three quarters.
The EBITDA margin bottomed at 15.9% in Q3 FY25 and reached a high of 20.4% in Q4 FY25. It stood at 20.1% in Q2 FY27, after 19.0% in Q4 FY26 and 18.8% in Q1 FY27.
Which businesses drove the quarter?
Steel remained the main business, recording revenue of ₹2,061.28 crore in Q2 FY27 against ₹1,659.47 crore in Q2 FY26, an increase of 24.2%. Segment EBIT rose to ₹370.13 crore from ₹256.37 crore, and the reported EBIT margin was 18.0%.
Iron and Steel Castings reported revenue of ₹141.2 crore, up 3.2% from ₹136.81 crore, while EBIT fell to ₹1.48 crore from ₹4.27 crore. Its EBIT margin was 1.0%. Others reported revenue of ₹4.1 crore and EBIT of negative ₹0.12 crore, with a margin of negative 2.9%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Steel | 2,061 | +24.2% | 370.13 | 18.0% |
| Iron and Steel Castings | 141.20 | +3.2% | 1.48 | 1.0% |
| Others | 4.10 | −0.12 | -2.9% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
Chaturvedi & Shah LLP included an Emphasis of Matter concerning Directorate of Enforcement attachments of company properties to the extent of Rs. 30,758 Lakhs. The PMLA Appellate Tribunal had set aside the provisional attachments, while the Supreme Court directed the ED to approach the Delhi High Court and kept the company’s release application pending.
The reviewers said their conclusion was not modified in respect of this matter. They also stated that the interim review was substantially less in scope than an audit and that they did not express an audit opinion, but nothing came to their attention indicating that the required disclosures were absent or that the results contained a material misstatement.
How did Jayaswal Neco Industries shares react?
The stock rose 5.4% within five minutes of the filing and 2.4% after 30 minutes. It closed 3.8% above its pre-results close on the reaction day, and by the next day’s close it was up 1.1% from that close; by the fifth session, it was down 7.8% from the pre-results close.
Earlier reaction-day moves were mixed: the shares fell 6.4% on 17 July 2026, rose 8.5% on 24 April 2026, fell 9.6% on 17 January 2026 and rose 8.3% on 17 October 2025.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | +5.4% | |
| 15 minutes | +2.4% | |
| 30 minutes | +2.4% | |
| Reaction day | +3.8% | +0.3% |
| Next day | +1.1% | −1.3% |
| 5 days | −7.8% | −7.6% |
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 |
|---|---|
| 17 July 2026 | −6.4% |
| 24 April 2026 | +8.5% |
| 17 January 2026 | −9.6% |
| 17 October 2025 | +8.3% |
| 18 July 2025 | −5.1% |
| 23 January 2025 | +4.2% |
| 26 October 2024 | −3.1% |
| 14 August 2024 | −4.6% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Among 28 other Iron & Steel Products companies that filed for the quarter, the median revenue growth was 25.5%. Thirteen peers grew revenue more slowly than Jayaswal Neco Industries, while 15 grew faster.
Of 33 peers for which profit was compared, 22 reported higher profit. The peer comparison was recorded as of 4 November 2026.
| Jayaswal Neco Industries revenue growth (YoY) | +23.2% |
|---|---|
| Median of 28 other Iron & Steel Products companies | +25.5% |
| Companies with slower revenue growth than Jayaswal Neco Industries | 13 of 28 |
| Companies with faster revenue growth than Jayaswal Neco Industries | 15 of 28 |
| Companies whose net profit rose | 22 of 33 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Jayaswal Neco Industries' revenue in Q2 FY27?
Revenue from operations was ₹2,194 crore, up 23.2% from ₹1,781 crore in Q2 FY26 (standalone).
Did Jayaswal Neco Industries make a profit in Q2 FY27?
Yes. Net profit was ₹229.81 crore, against a net profit of ₹105.13 crore in Q2 FY26.
What was Jayaswal Neco Industries' EPS in Q2 FY27?
Basic earnings per share were ₹2.37, against ₹1.08 in Q2 FY26.
How did Jayaswal Neco Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.8% from the previous close; the median Iron & Steel Products stock moved +0.3%.
When did Jayaswal Neco Industries announce its Q2 FY27 results?
On 16 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting. (BSE, 8 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 16 October 2026) · PDF
- Financial Results Fro The Quarter And Half Year Ended 30Th September 2026 (BSE, 17 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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