JBM Auto Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,656.37 Cr (+21.06% YoY) and PAT growth of +11.01% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 26, 2026 |
|---|
| Quarter | Q2 FY 2026-2027 |
|---|
| Revenue (Q2) | Rs. 1,656.37 Cr (+21.06% YoY) |
|---|
| PAT (Q2) | Rs. 61.30 Cr (+11.01% YoY) |
|---|
| EBITDA margin | 12.16% (-207 bps YoY) |
|---|
| EPS (Q2) | Rs. 2.49 (+11.70% YoY) |
|---|
| Market cap | Rs. 11,583.46 Cr |
|---|
| CMP | Rs. 489.80 |
|---|
Quarter Snapshot
Q2 FY27 delivered 21.06% YoY consolidated revenue growth with both Components (+24.68%) and EV Business (+21.84%) accelerating, and EV segment margin expanding to 10.15% while September e-bus share hit 33%. Headline margin compression of 207 bps YoY is entirely an other-income collapse, with ex-other-income EBITDA up 22.56% YoY and margins stable; PBT flatness reflects a lower tax rate rather than operations. No prior management guidance exists to benchmark against, so the alpha case rests on the EV demand recovery, deleveraging, and the pending Rs.1,500 Cr fund-raise.
Key Investment Insights
Key Positives
- Consolidated revenue grew 21.06% YoY to Rs.1,656.37 Cr and 14.83% QoQ, reversing Q1's sequential decline
- Components segment revenue grew 24.68% YoY to Rs.1,036.97 Cr with segment result up 23.77% and stable margin (8.22%)
- EV Business revenue grew 21.84% YoY to Rs.548.33 Cr with segment result up 30.93% and margin expanding to 10.15% from 9.45%
- Ex-other-income EBITDA grew 22.56% YoY with margin steady at 11.54% vs 11.40%
- Finance costs grew only 3.73% YoY and fell 11.85% QoQ, reversing FY26's +28.87% trajectory
- Consolidated borrowings reduced to Rs.2,867.89 Cr from Rs.3,006.23 Cr; Debt/Equity improved to 1.71 from 1.89
- H1 consolidated CFO/PAT at 1.35x; e-bus registrations of 892 in H1 FY27 (~24% share) with September at 274 units (33% share)
- Standalone revenue grew 45.95% YoY to Rs.1,755.88 Cr
Risk Factors
- Other income collapsed 73.58% YoY to Rs.10.25 Cr, compressing headline EBITDA margin 207 bps YoY to 12.16%
- Tool Room segment revenue declined 18.25% YoY with segment result down 33.06% and margin down to 16.22% from 19.81%
- Un-allocable net income fell to Rs.3.58 Cr from Rs.21.85 Cr YoY, a Rs.18.27 Cr swing dragging PBT growth to 3.64%
- PBT was flat YoY (−0.28%) with PAT growth of 11.01% aided by an 840 bps lower effective tax rate including a Rs.(7.82) Cr deferred-tax credit
- EPR obligations under End-of-Life Vehicles Rules 2025 remain unprovisioned as the company is unable to reliably estimate the impact
- Standalone H1 CFO was negative at Rs.(24.55) Cr; trade receivables rose Rs.165.17 Cr to Rs.2,350.61 Cr