JPL Q2 FY27 Results Analysis: PAT Jumps 13.69%, Margin Expands 181 bps

Cofacto Research Published October 30, 2026 3 min read

Neutral

JPL's Q2 FY27 numbers came in mixed, with revenue of Rs. 40,475.00 Cr (+11.40% YoY) and PAT growth of +13.69% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 40,475.00 Cr (+11.40% YoY)
PAT (Q2)	Rs. 8,389.00 Cr (+13.69% YoY)
EBITDA margin	51.64% (+181 bps YoY)
EPS (Q2)	Rs. 9.38 (+13.69% YoY)

Quarter Snapshot

JPL's first results as a listed company show 11.40% YoY revenue growth with EBITDA margin expanding 181 bps YoY to 51.64% and PAT up 13.69% YoY. H1 free cash flow of Rs.31,065 crore on halved capex and a 10.55% net-debt reduction, plus Rs.27,500 crore of IPO proceeds earmarked for RJIL ECB prepayment, mark a clear deleveraging phase. No prior management guidance exists to benchmark against, and ARPU/subscriber KPIs are not disclosed in the filing.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"steady-to-ahead rather than a step-change" — volume + ~1% QoQ ARPU, no headline hike	+3.32% QoQ, +11.40% YoY (Rs.40,475 cr)	Played out
Margins	"flat-to-modestly-expanding"	EBITDA margin 51.64% vs 50.65% (Q1) and 49.83% (YoY) — expansion exceeded "flat"	Played out
Cost pressure	"diesel-linked network-cost pressure is a next-quarter pass-through question"	Network opex −0.68% QoQ, +3.34% YoY	Played out in-quarter; Q3 pass-through risk open
ARPU print (~Rs.216–218 cluster)	Watch item	Not disclosed in the filing	Not observable
Subscriber net adds (~7 mn)	Watch item	Not disclosed in the filing	Not observable
Standalone vs consolidated picture	First consolidated read as a listed entity	Consol owners' PAT Rs.8,389 cr vs standalone Rs.419 cr; subsidiaries 95.0%	Played out
Post-IPO balance sheet / proceeds	"none of which could be pre-read from extracted data"	IPO disclosed as a subsequent event: Rs.30,188 cr raised 26 Oct; Rs.27,500 cr applied to RJIL ECB prepayment; 30-Sep BS predates it	Partially
Pre-registered one-time items	None pre-registered	None identified in the filing	Played out

Read our full results preview.

Key Investment Insights

Key Positives

Revenue from operations grew 11.40% YoY to Rs.40,475 crore; H1 FY27 revenue grew 11.61% YoY
EBITDA margin expanded 181 bps YoY and 99 bps QoQ to 51.64%; EBITDA grew 15.46% YoY
PAT to owners grew 13.69% YoY to Rs.8,389 crore; basic EPS Rs.9.38
H1 free cash flow of Rs.31,065 crore with capex down 48.6% YoY to Rs.10,637 crore
Net debt fell 10.55% in six months to Rs.1,54,412 crore before IPO proceeds
IPO listed 28 October 2026 raising Rs.30,188 crore; Rs.27,500 crore applied to RJIL ECB prepayment
Standalone PAT grew 39.20% YoY to Rs.419 crore

Risk Factors

Finance costs rose 40.28% YoY to Rs.3,009 crore, though only +0.97% QoQ as the step-up occurred in FY26
Other expenses grew 20.07% YoY and D&A 14.02% YoY, faster than revenue growth
Cash tax rate is 0.27% with the tax charge almost entirely deferred (Rs.2,842 cr of Rs.2,872 cr); normalization of future cash taxes is a watch item
Crude-basket surge ($117.4/bbl vs ~$66 FY26 average) poses a next-quarter network-cost pass-through risk not yet visible in results