JSWHL's Q2 FY27 numbers came in mixed, with revenue of Rs. 166.59 Cr (+99.33% YoY) and PAT growth of +94.84% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 29, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 166.59 Cr (+99.33% YoY) |
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| PAT (Q2) | Rs. 130.88 Cr (+94.84% YoY) |
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| EBITDA margin | 97.00% |
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| EPS (Q2) | Rs. 117.93 (+94.86% YoY) |
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| Market cap | Rs. 12,571.23 Cr |
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| CMP | Rs. 11,332.00 |
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Quarter Snapshot
JSWHL delivered consolidated PAT of Rs.130.88 Cr, up 94.84% YoY, on total income of Rs.166.59 Cr (+99.33% YoY), though the headline is flattered by lumpy dividend income of Rs.129.94 Cr; ex-dividend revenue grew 15.35% YoY. The debt-free balance sheet expanded with net worth up 8.43% in six months and the loan book up 10.67%. No prior management guidance exists to benchmark against, and earnings remain driven by investee payouts and equity marks rather than a scalable operating engine.
Key Investment Insights
Key Positives
- Total income grew +99.33% YoY to Rs.166.59 Cr; ex-dividend revenue grew +15.35% YoY
- Consolidated net profit grew +94.84% YoY to Rs.130.88 Cr; EPS rose to Rs.117.93 from Rs.60.52
- Dividend income of Rs.129.94 Cr received in Q2 vs nil in Q1, fully cash-received per the H1 cash-flow statement
- Interest income grew +12.57% YoY and +4.96% QoQ to Rs.33.76 Cr
- Cost-to-income improved to 2.98% from 16.35% in Q1FY27; employee costs fell 22.17% QoQ
- Loan book grew +10.67% in six months to Rs.1,488.26 Cr; investments grew +8.60% to Rs.38,931.07 Cr
- Net worth grew +8.43% in six months to Rs.35,793.11 Cr with zero debt
- H1 operating cash flow of Rs.122.53 Cr vs Rs.79.52 Cr in H1FY26; FCF of Rs.122.53 Cr with nil capex
Risk Factors
- Dividend income is lumpy: FY26 dividend income fell 61.12% YoY on lower investee payout, and Q2's Rs.129.94 Cr followed nil in Q1
- OCI fell 80.37% QoQ and 84.26% YoY to Rs.430.83 Cr; the equity book carries a disclosed sensitivity of ±Rs.1,734.94 Cr per 5% move
- Associate contribution fell to 7.82% of consolidated PAT from 11.26% in Q2FY26 despite +35.21% YoY absolute growth
- Employee benefits expense grew +38.32% YoY
- Trade receivables nearly doubled in six months (Rs.183.10 Cr to Rs.346.54 Cr), outpacing ex-dividend revenue growth