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JTL Industries Q2 FY27 results: net profit up 30.7% to ₹28.97 crore, revenue up 43.0%
JTL Industries Limited reported consolidated Q2 FY27 revenue of ₹613.79 crore, up 43.0% from Q2 FY26, while net profit rose 30.7% to ₹28.97 crore. EBITDA increased 46.6% to ₹50.78 crore and the margin was 8.3%, compared with ₹35.37 crore profit in Q1 FY27.
Key points
- Consolidated Q2 FY27 revenue was ₹613.79 crore, up 43.0% year on year but down 14.9% from Q1 FY27.
- EBITDA was ₹50.78 crore, up 46.6% from Q2 FY26 and down 13.5% from Q1 FY27; the margin was 8.3%.
- Net profit was ₹28.97 crore and basic EPS was ₹0.64, compared with ₹22.16 crore and ₹0.56 in Q2 FY26.
- H1 FY27 revenue was ₹1,335.4 crore and net profit was ₹64.33 crore, up 37.2% and 66.2% respectively.
- Operating cash flow for H1 FY27 was ₹49.99 crore, compared with an outflow of ₹80.32 crore in H1 FY26.
How did JTL Industries perform in Q2 FY27?
JTL Industries reported consolidated revenue of ₹613.79 crore for Q2 FY27, up ₹184.49 crore or 43.0% from Q2 FY26, but down ₹107.82 crore or 14.9% from Q1 FY27. EBITDA rose ₹16.13 crore or 46.6% year on year to ₹50.78 crore and fell ₹7.93 crore or 13.5% sequentially; the margin was 8.3%, compared with 8.1% in both comparison periods.
Profit before tax was ₹39.55 crore, up ₹8.86 crore or 28.9% from Q2 FY26 and down ₹8.83 crore or 18.3% from Q1 FY27. The company reported a net profit of ₹28.97 crore, up ₹6.81 crore or 30.7% year on year and down ₹6.40 crore or 18.1% sequentially, while basic EPS was ₹0.64 against ₹0.56 and ₹0.90.
On the standalone basis, revenue was ₹533.54 crore and net profit was ₹29.02 crore. Revenue growth was 43.8%, while profit before tax was ₹19.91 crore. The earnings presentation said reported consolidated Q2 FY27 PAT included ₹27.8 Mn of additional non-cash depreciation arising from the March 2026 asset revaluation at JTL Defence.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 613.79 | 721.61 | 429.30 | +43.0% | −14.9% |
| Other income | 3.30 | 4.71 | 1.98 | +66.7% | −29.9% |
| Total expenses | 577.54 | 677.94 | 400.59 | +44.2% | −14.8% |
| EBITDA | 50.78 | 58.71 | 34.65 | +46.6% | −13.5% |
| EBITDA margin | 8.3% | 8.1% | 8.1% | +0.2 pp | +0.2 pp |
| Profit before tax | 39.55 | 48.38 | 30.69 | +28.9% | −18.3% |
| Tax | 10.74 | 13.07 | 8.53 | +25.9% | −17.8% |
| Net profit | 28.97 | 35.37 | 22.16 | +30.7% | −18.1% |
| EPS (₹) | 0.64 | 0.90 | 0.56 | +14.3% | −28.9% |
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 JTL Industries' costs and profit?
Cost of materials was ₹497.55 crore, up ₹161.05 crore or 47.9% from Q2 FY26 and down ₹103.77 crore or 17.3% from Q1 FY27. Employee cost rose to ₹12.86 crore from ₹11.16 crore a year earlier, finance costs increased to ₹4.69 crore from ₹1.23 crore, and depreciation was ₹9.84 crore against ₹4.70 crore.
Other expenses were ₹29.77 crore, up ₹1.53 crore or 5.4% from Q2 FY26, while other income increased ₹1.32 crore or 66.7% to ₹3.30 crore. There was no exceptional item. Tax expense rose ₹2.21 crore or 25.9% to ₹10.74 crore from the year-ago quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 497.55 | 336.50 | +161.05 | +47.9% |
| Employee cost | 12.86 | 11.16 | +1.70 | +15.2% |
| Finance costs | 4.69 | 1.23 | +3.46 | +281.3% |
| Depreciation | 9.84 | 4.70 | +5.14 | +109.4% |
| Other expenses | 29.77 | 28.24 | +1.53 | +5.4% |
| Total expenses | 577.54 | 400.59 | +176.95 | +44.2% |
| Other income | 3.30 | 1.98 | +1.32 | +66.7% |
| Tax | 10.74 | 8.53 | +2.21 | +25.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,335.4 crore, up ₹362.24 crore or 37.2% from H1 FY26, while total income rose ₹362.53 crore or 37.0% to ₹1,343.42 crore. The company reported sales volume of 2,18,997 MT in H1 FY27, up 20.2% year on year.
Profit before tax for H1 FY27 was ₹87.93 crore, up ₹35.34 crore or 67.2%, and net profit was ₹64.33 crore, up ₹25.62 crore or 66.2%. Basic EPS rose from ₹0.98 to ₹1.54. The earnings presentation said H1 EBITDA was ₹1,095 Mn, up 88.7%, with an 8.2% margin, and reported PAT included ₹27.8 Mn of additional non-cash depreciation at JTL Defence.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,335 | 973.16 | +37.2% |
| Profit before tax | 87.93 | 52.59 | +67.2% |
| Net profit | 64.33 | 38.71 | +66.2% |
| EPS (₹) | 1.54 | 0.98 | +57.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Consolidated total assets stood at ₹2,042.69 crore on 30 September 2026, compared with ₹1,996.28 crore on 31 March 2026. Total equity was ₹1,583.09 crore against ₹1,521.76 crore, while borrowings increased to ₹261.53 crore from ₹244.06 crore. Cash fell to ₹2.27 crore from ₹34.75 crore.
Inventories increased to ₹317.9 crore from ₹271.04 crore, while trade receivables declined to ₹379.3 crore from ₹414.29 crore. Trade payables were ₹86.58 crore against ₹143.66 crore. H1 FY27 operating cash flow was ₹49.99 crore, compared with an outflow of ₹80.32 crore in H1 FY26; investing cash flow was an outflow of ₹85.01 crore and capital expenditure was ₹76.48 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,043 | 1,996 |
| Total equity | 1,583 | 1,522 |
| Borrowings | 261.53 | 244.06 |
| Cash and equivalents | 2.27 | 34.75 |
| Inventories | 317.90 | 271.04 |
| Trade receivables | 379.30 | 414.29 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 49.99 | −80.32 |
| Cash from investing | −85.01 | −84.65 |
| Cash from financing | 2.54 | 93.06 |
| Capital expenditure | 76.48 | 59.76 |
Source: Company's results filing (XBRL).
How has JTL Industries done over the last 8 quarters?
Revenue reached its peak of ₹721.61 crore in Q1 FY27 before falling to ₹613.79 crore in Q2 FY27; the lowest quarterly revenue in the supplied series was ₹429.3 crore in Q2 FY26. Net profit also fell from ₹35.37 crore to ₹28.97 crore, while the highest profit shown was ₹37.86 crore in Q4 FY26.
The EBITDA margin rose from 8.1% in Q2 FY26 to 8.3% in Q2 FY27, matching the 8.3% recorded in Q4 FY26; the lowest margin shown was 3.2% in Q4 FY25. Revenue has risen year on year in each of the last four quarters, while profit has risen year on year in each of the last two quarters.
What else did the company announce?
On 2 November 2026, the board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, together with the cash flow statement, statement of assets and liabilities and the auditors’ limited review report. It also approved the reconstitution of the Audit Committee, effective from 3 November 2026.
The company also disclosed that the Nomination and Remuneration Committee had approved a grant of 11,42,500 employee stock options to eligible employees under the JTL Industries Employee Stock Option Scheme 2025, through a resolution by circulation passed on 10 August 2026. The same-day filings did not announce a dividend or a fund raise.
What did the auditors point out?
The auditors’ limited review report included an Emphasis of Matter concerning the Corporate Insolvency Resolution Process of JTL Defence Limited, its subsequent acquisition by JTL Industries Limited under an NCLT order dated October 09, 2025, and the financial impact, if any, which the excerpt said was presently not ascertainable. The auditors stated that their opinion was not qualified in respect of that matter.
The report also stated that the auditors did not review the interim financial results of JTL Engineering Limited, JTL Defence Limited and JTL Tubes Limited. It identified no going-concern or qualified-opinion signal in the supplied excerpts.
What did JTL Industries' management say?
Management identified monsoon and electrical-connection delays, container shortages and freight costs, new-capacity ramp-up, elevated working-capital days of 83, high HR-coil prices and temporary mill-maintenance supply tightness as risks. No analyst questions were recorded in the supplied call details.
How did JTL Industries shares react?
From the price when the filing appeared, JTL Industries’ stock fell 1.7% after five minutes and 2.3% after 15 minutes, before rising 0.8% after 30 minutes. It closed the reaction day down 0.5% from ₹76.39, and by the next day’s close the cumulative move was down 3.5% from the pre-results close.
Earlier results-day moves were mixed: the stock fell 1.2% on 5 August 2026, fell 0.4% on 11 May 2026, rose 0.5% on 24 January 2026, fell 0.8% on 10 November 2025, fell 5.4% on 16 July 2025, fell 3.9% on 27 May 2025, fell 2.6% on 28 January 2025, and rose 4.2% on 30 October 2024.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | −1.7% | |
| 15 minutes | −2.3% | |
| 30 minutes | +0.8% | |
| Reaction day | −0.5% | +0.9% |
| Next day | −3.5% | +1.5% |
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 |
|---|---|
| 5 August 2026 | −1.2% |
| 11 May 2026 | −0.4% |
| 24 January 2026 | +0.5% |
| 10 November 2025 | −0.8% |
| 16 July 2025 | −5.4% |
| 27 May 2025 | −3.9% |
| 28 January 2025 | −2.6% |
| 30 October 2024 | +4.2% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Among 25 other Iron & Steel Products companies that had filed for the quarter, the median revenue growth was 23.2%. Of the peers whose revenue growth could be compared with JTL Industries, 20 grew slower than the company and 5 grew faster. The company’s Q2 FY27 consolidated revenue growth was 43.0%.
Profit growth was available for 30 peers, of whom 19 reported higher profit. JTL Industries reported a 30.7% year-on-year rise in consolidated net profit for Q2 FY27.
| JTL Industries revenue growth (YoY) | +43.0% |
|---|---|
| Median of 25 other Iron & Steel Products companies | +23.2% |
| Companies with slower revenue growth than JTL Industries | 20 of 25 |
| Companies with faster revenue growth than JTL Industries | 5 of 25 |
| Companies whose net profit rose | 19 of 30 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was JTL Industries' revenue in Q2 FY27?
Revenue from operations was ₹613.79 crore, up 43.0% from ₹429.30 crore in Q2 FY26 (consolidated).
Did JTL Industries make a profit in Q2 FY27?
Yes. Net profit was ₹28.97 crore, against a net profit of ₹22.16 crore in Q2 FY26.
What was JTL Industries' EPS in Q2 FY27?
Basic earnings per share were ₹0.64, against ₹0.56 in Q2 FY26.
How did JTL Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.5% from the previous close; the median Iron & Steel Products stock moved +0.9%.
When did JTL Industries announce its Q2 FY27 results?
On 2 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Un-Audited Financial Results For The Period Ended 30.09.2026 Among Other Agenda Items. (BSE, 28 October 2026) · PDF
- Outcome of Board Meeting (NSE, 2 November 2026) · PDF
- Outcome of Board Meeting (NSE, 2 November 2026) · PDF
- Updates (NSE, 2 November 2026) · PDF
- The earnings call (3 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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