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Zodiac-JRD-MKJ Q2 FY27 results: net profit up 92.6% to ₹1.04 crore, revenue up 0.4%
Zodiac-JRD-MKJ Ltd reported consolidated revenue of ₹10.33 crore in Q2 FY27, up 0.4% from ₹10.29 crore a year earlier, while net profit rose to ₹1.04 crore from ₹0.54 crore. EBITDA was ₹1.65 crore and the EBITDA margin was 16.0%, against 12.2% in the year-ago quarter, as lower total expenses and higher other income lifted profit.
Key points
- Consolidated revenue was ₹10.33 crore in Q2 FY27, up 0.4% from ₹10.29 crore in Q2 FY26.
- EBITDA rose to ₹1.65 crore from ₹1.26 crore, lifting the EBITDA margin to 16.0% from 12.2%.
- Net profit was ₹1.04 crore against ₹0.54 crore in the year-ago quarter, and basic EPS was ₹0.86 against ₹0.49.
- Against Q1 FY27, revenue fell to ₹10.33 crore from ₹12.95 crore, while net profit rose to ₹1.04 crore from ₹0.92 crore.
- In H1 FY27, net profit was ₹1.97 crore against ₹0.89 crore in H1 FY26, and revenue was ₹23.28 crore against ₹23.07 crore.
How did Zodiac-JRD-MKJ perform in Q2 FY27?
Consolidated revenue for Q2 FY27, the July–September 2026 quarter, was ₹10.33 crore against ₹10.29 crore in Q2 FY26, a rise of 0.4%. Total income was ₹10.75 crore, up ₹0.36 crore from ₹10.39 crore. EBITDA rose to ₹1.65 crore from ₹1.26 crore, and the EBITDA margin was 16.0% against 12.2%, a gain of 3.8 percentage points.
Profit before tax was ₹1.29 crore against ₹0.54 crore in the year-ago quarter, and net profit was ₹1.04 crore against ₹0.54 crore. Basic EPS was ₹0.86 against ₹0.49, and the profit attributable to owners was ₹0.94 crore against ₹0.00 crore. Sequentially, revenue fell to ₹10.33 crore from ₹12.95 crore in Q1 FY27 while EBITDA rose to ₹1.65 crore from ₹1.50 crore and net profit rose to ₹1.04 crore from ₹0.92 crore.
On the standalone basis, revenue from operations was ₹6.87 crore and profit before tax was ₹0.66 crore, compared with ₹0.31 crore of profit before tax in the year-ago quarter. The board approved the unaudited results for the second quarter and half year ended 30 September 2026, along with the limited review report of the statutory auditor.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 10.33 | 12.95 | 10.29 | +0.4% | −20.2% |
| Other income | 0.42 | 0.38 | 0.10 | +320.0% | +10.5% |
| Total expenses | 9.46 | 12.41 | 9.85 | −4.0% | −23.8% |
| EBITDA | 1.65 | 1.50 | 1.26 | +31.0% | +10.0% |
| EBITDA margin | 16.0% | 11.6% | 12.2% | +3.8 pp | +4.4 pp |
| Profit before tax | 1.29 | 0.92 | 0.54 | +138.9% | +40.2% |
| Tax | 0.24 | 0 | 0 | ||
| Net profit | 1.04 | 0.92 | 0.54 | +92.6% | +13.0% |
| EPS (₹) | 0.86 | 0.76 | 0.49 | +75.5% | +13.2% |
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 Zodiac-JRD-MKJ's costs and profit?
Total expenses fell to ₹9.46 crore from ₹9.85 crore in the year-ago quarter, a decline of 4.0%. Other expenses fell by ₹0.54 crore to ₹0.51 crore from ₹1.05 crore, depreciation fell by ₹0.12 crore to ₹0.56 crore from ₹0.68 crore, and these reductions were partly offset by employee cost, which rose by ₹0.27 crore to ₹1.88 crore from ₹1.61 crore, and finance costs, which rose by ₹0.10 crore to ₹0.23 crore from ₹0.13 crore.
Other income rose to ₹0.42 crore from ₹0.10 crore, an increase of ₹0.32 crore. Tax was ₹0.24 crore in Q2 FY27 against no tax expense in the year-ago quarter. There was no exceptional item in either period. The cost of materials line was ₹4.36 crore against a reported ₹3.76 crore in Q2 FY26, a difference of ₹8.12 crore as given in the results data.
Against Q1 FY27, the cost of materials fell by ₹0.41 crore to ₹4.36 crore from ₹4.77 crore and finance costs fell by ₹0.17 crore to ₹0.23 crore from ₹0.40 crore. Employee cost rose by ₹0.21 crore to ₹1.88 crore from ₹1.67 crore, other expenses rose by ₹0.09 crore to ₹0.51 crore from ₹0.42 crore, and other income rose by ₹0.04 crore to ₹0.42 crore from ₹0.38 crore. Depreciation was unchanged at ₹0.56 crore, and tax was ₹0.24 crore against no tax expense in Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 4.36 | −3.76 | +8.12 | |
| Employee cost | 1.88 | 1.61 | +0.27 | +16.8% |
| Finance costs | 0.23 | 0.13 | +0.10 | +76.9% |
| Depreciation | 0.56 | 0.68 | −0.12 | −17.6% |
| Other expenses | 0.51 | 1.05 | −0.54 | −51.4% |
| Total expenses | 9.46 | 9.85 | −0.39 | −4.0% |
| Other income | 0.42 | 0.10 | +0.32 | +320.0% |
| Tax | 0.24 | 0 | +0.24 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹23.28 crore against ₹23.07 crore in H1 FY26, up ₹0.21 crore or 0.9%. Total income was ₹24.08 crore against ₹22.9 crore, an increase of ₹1.18 crore or 5.2%. Profit before tax was ₹2.21 crore against ₹0.89 crore, up ₹1.32 crore or 148.3%.
Net profit for the first half was ₹1.97 crore against ₹0.89 crore in the year-ago half, up ₹1.08 crore or 121.3%. Basic EPS was ₹1.61 against ₹0.81, a rise of ₹0.80 or 98.8%. On the standalone basis, revenue from operations for the half year was ₹1,309.95 lakh against ₹997.87 lakh in H1 FY26, and profit for the period was ₹107.24 lakh against ₹41.42 lakh.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 23.28 | 23.07 | +0.9% |
| Profit before tax | 2.21 | 0.89 | +148.3% |
| Net profit | 1.97 | 0.89 | +121.3% |
| EPS (₹) | 1.61 | 0.81 | +98.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹153.44 crore as on 30 September 2026 against ₹142.72 crore as on 31 March 2026, and total equity was ₹98.25 crore against ₹96.28 crore. Borrowings fell to ₹3.43 crore from ₹5.70 crore, while cash and cash equivalents were ₹0.07 crore against ₹0.60 crore. Inventories rose to ₹70.02 crore from ₹59.25 crore, trade receivables to ₹28.23 crore from ₹27.82 crore, and trade payables to ₹22.14 crore from ₹17.25 crore.
In H1 FY27, operating cash flow was negative ₹0.29 crore, compared with negative ₹7.62 crore in H1 FY26. Investing cash flow was ₹0.45 crore against ₹5.49 crore, and financing cash flow was negative ₹0.69 crore against ₹2.81 crore. Capital expenditure was ₹0.00 crore in H1 FY27 against ₹11.15 crore in the year-ago half.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 153.44 | 142.72 |
| Total equity | 98.25 | 96.28 |
| Borrowings | 3.43 | 5.70 |
| Cash and equivalents | 0.07 | 0.60 |
| Inventories | 70.02 | 59.25 |
| Trade receivables | 28.23 | 27.82 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −0.29 | −7.62 |
| Cash from investing | 0.45 | 5.49 |
| Cash from financing | −0.69 | 2.81 |
| Capital expenditure | 0 | 11.15 |
Source: Company's results filing (XBRL).
How has Zodiac-JRD-MKJ done over the last 6 quarters?
Revenue over the last six quarters ranged from ₹7.97 crore in Q4 FY26 to ₹14.22 crore in Q3 FY26. Q2 FY27 revenue of ₹10.33 crore was higher than the ₹10.29 crore of Q2 FY26 and lower than the ₹12.95 crore of Q1 FY27. Revenue rose year on year in each of the last two quarters, as did profit.
Net profit ranged from ₹0.18 crore in Q3 FY26 to ₹2.79 crore in Q4 FY26, and was ₹1.04 crore in Q2 FY27 against ₹0.54 crore in Q2 FY26. The EBITDA margin bottomed at 3.2% in Q4 FY26 and was 16.0% in Q2 FY27, the highest of the six quarters shown, against 12.2% in Q2 FY26.
What else did the company announce?
Alongside the results on 3 November 2026, the board approved a grant of 1,42,066 employee stock options to eligible employees under the Zodiac JRD MKJ Employee Stock Option Plan 2026, with an exercise price of ₹10 and vesting over three years. Options may be exercised any time after vesting but before completion of five years from the grant date.
The company also filed on the rights issue. On 3 November 2026 it said BSE had given in-principle approval for the proposed rights issue of equity shares, and a board meeting was scheduled for 4 November 2026 to consider the issue price, rights entitlement ratio, record date and other terms. Earlier, the board had approved the issue of equity shares to existing shareholders through a rights issue for an amount not exceeding ₹40 crore.
On 4 November 2026, the board fixed 11 November 2026 as the record date for determining the equity shareholders entitled to receive the rights entitlement. No dividend or appointment was among the filings made around the result.
How did Zodiac-JRD-MKJ shares react?
The results were filed after market hours on 3 November 2026. From the price when the filing appeared, the stock was up 9.4% after five minutes and 5.0% after 15 minutes, before easing to 0.6% after 30 minutes. The pre-results close was ₹28.90, and the base price was ₹30.02.
Earlier results-day moves were mixed: up 3.3% on 30 May 2026 and 3.6% on 12 August 2024, against falls of 6.5% on 14 February 2026, 1.0% on 12 November 2025, 1.2% on 23 July 2025, 3.2% on 29 May 2025 and 4.8% on 30 May 2024.
| After the filing | Stock | Gems, Jewellery And Watches median |
|---|---|---|
| 5 minutes | +9.4% | |
| 15 minutes | +5.0% | |
| 30 minutes | +0.6% | |
| Reaction day | +10.7% | +0.7% |
| Next day | +14.2% | +1.4% |
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 |
|---|---|
| 30 May 2026 | +3.3% |
| 14 February 2026 | −6.5% |
| 12 November 2025 | −1.0% |
| 23 July 2025 | −1.2% |
| 29 May 2025 | −3.2% |
| 12 August 2024 | +3.6% |
| 30 May 2024 | −4.8% |
Source: MarketPing price-reaction measurement.
How did other Gems, Jewellery And Watches companies do?
Fourteen other Gems, Jewellery And Watches companies have filed for this quarter, with a median revenue growth of 32.4%. Three peers grew slower than Zodiac-JRD-MKJ and 11 grew faster than the company. Of the 13 peers compared on profit, 8 reported higher profit.
| Zodiac-JRD-MKJ revenue growth (YoY) | +0.4% |
|---|---|
| Median of 14 other Gems, Jewellery And Watches companies | +32.4% |
| Companies with slower revenue growth than Zodiac-JRD-MKJ | 3 of 14 |
| Companies with faster revenue growth than Zodiac-JRD-MKJ | 11 of 14 |
| Companies whose net profit rose | 8 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Zodiac-JRD-MKJ's revenue in Q2 FY27?
Revenue from operations was ₹10.33 crore, up 0.4% from ₹10.29 crore in Q2 FY26 (consolidated).
Did Zodiac-JRD-MKJ make a profit in Q2 FY27?
Yes. Net profit was ₹1.04 crore, against a net profit of ₹0.54 crore in Q2 FY26.
What was Zodiac-JRD-MKJ's EPS in Q2 FY27?
Basic earnings per share were ₹0.86, against ₹0.49 in Q2 FY26.
How did Zodiac-JRD-MKJ shares react to the Q2 FY27 results?
On the reaction day the stock moved +10.7% from the previous close; the median Gems, Jewellery And Watches stock moved +0.7%.
When did Zodiac-JRD-MKJ announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Un-Audited Financial Results Of The Company For The Second Quarter And Half Year Ended 30Th September, 2026 (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held For Approval Of Un-Audited Financial Result For The Second Quarter And Half Year Ended 30Th September, 2026 (BSE, 3 November 2026) · PDF
- Un-Audited Financial Result For The Second Quarter And Half Year Ended 30Th September, 2026 (BSE, 3 November 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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