JTL Industries Q2 FY27: Consol PAT +31% YoY to ₹28.97 Cr, NPM dips on higher finance costs

Consolidated revenue came in at ₹613.79 Cr, up 42.97% YoY from ₹429.30 Cr but down 14.94% QoQ from Q1 FY27's ₹721.61 Cr, on sales volume up 25.3% YoY to 1,02,255 MT. Consolidated PAT was ₹28.97 Cr, up 30.71% YoY from ₹22.16 Cr (down 18.09% QoQ from ₹35.37 Cr). Adjusted for a company-disclosed ₹2.78 Cr extra depreciation charge on revalued JTL Defence assets, underlying PAT growth works out to roughly 43% YoY, ahead of the reported number. Standalone (parent-only) PAT was ₹29.02 Cr on revenue ₹533.54 Cr — close to the consolidated figure, since the three consolidated subsidiaries (JTL Engineering, JTL Tubes, JTL Defence) together added only ₹0.23 Cr of PAT on ₹89.94 Cr of revenue this quarter. Operating margin expanded to roughly 8.27% from 8.07% a year ago and 8.14% last quarter, implying an EBITDA/ton of around ₹4,965 — above management's stated ₹4,500+/ton target. Net margin, however, compressed to roughly 4.72% from 5.14% YoY and 4.87% QoQ: finance costs nearly quadrupled YoY (₹4.69 Cr vs ₹1.24 Cr) and depreciation more than doubled (₹9.84 Cr vs ₹4.70 Cr), reflecting the JTL Defence acquisition — consolidated for the first time since the October 2025 NCLT order — and ongoing capex toward the 2MT capacity target. No exceptional items were booked in either the current or year-ago quarter. No quarter-specific street consensus for JTL Industries' Q2 FY27 could be found; FY27 full-year consensus revenue of roughly ₹2,970 Cr implies an H2 run-rate broadly consistent with the ₹1,335 Cr already booked in H1. Against management's own guidance, the reaffirmed 30% YoY volume growth target was not met this quarter (25.3% YoY, though accelerating from Q1's 17.8%, taking H1 volume to 2,20,806 MT, up 21.2% YoY), while the EBITDA/ton target was achieved. During the quarter the company secured a ₹27.4 Cr export order from Canada and CPWD approval for its steel products, incremental positives even as its own export-of-sales target stands already revised down to 10% from 15% as of last quarter. No separate management press release was available for this result to cross-check company framing beyond the filing's own notes. The sequential revenue and profit decline reads as post-monsoon construction-demand seasonality rather than a demand slowdown, given the strength of the YoY volume and revenue trends.