Jaiprakash Power Ventures Ltd (JPPOWER) Q2 FY27 Results Analysis: PAT Plunges 82%, EBITDA Surges 39%

Jaiprakash Power Ventures Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,512.12 Cr (+5.13% YoY) and PAT growth of -81.69% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Pre-exceptional EBITDA grew 39.47% YoY and margin expanded to 43.42%, while net debt declined to Rs.157 Cr. Reported PAT fell 81.69% after a Rs.511.00 Cr NARCL settlement provision, and coal revenue fell 80.17% YoY.

Key Investment Insights

Key Positives

• Pre-exceptional EBITDA grew 39.47% YoY to Rs.656.54 Cr, with margin expanding 1,069 bps to 43.42%.
• Power segment EBITDA grew 30.42% YoY to Rs.685.11 Cr, while revenue grew 5.14%.
• Net debt declined 88.5% in six months to Rs.157 Cr.
• H1 FY27 CFO was Rs.879.57 Cr and free cash flow was Rs.861.29 Cr after capex of Rs.18.28 Cr.
• Total expenses fell 10.84% YoY while revenue grew 5.13%.

Risk Factors

• Coal segment revenue fell 80.17% YoY to Rs.40.16 Cr following the surrender of Amelia (North) and Bandha North mines.
• A Rs.511.00 Cr NARCL settlement provision reduced Q2 FY27 PBT to Rs.10.46 Cr.
• The consolidated auditor qualification on the ICICI recompense claim continues; no provision was recorded.
• Reported PAT fell 81.69% YoY to Rs.33.34 Cr.