Jyoti CNC Automation Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 602.01 Cr (+18.53% YoY) and PAT growth of -15.11% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 602.01 Cr (+18.53% YoY) |
| PAT (Q2) | Rs. 72.58 Cr (-15.11% YoY) |
| EBITDA margin | 21.82% (-271 bps YoY) |
| EPS (Q2) | Rs. 3.19 (-15.16% YoY) |
Consolidated revenue grew 18.53% YoY to 602.01 crore with the standalone engine delivering 31.08% growth and a 27.89% EBITDA margin, but consolidated EBITDA margin of 21.82% missed management's ~25% guidance and PAT fell 15.11% YoY on widening overseas subsidiary losses (42.92 crore in Q2) and a 30.02% tax rate. Meeting the 25-30% FY27 revenue guidance now requires 28-37% H2 growth, contingent on the new capacity ramp and recognition of ~100 crore deferred Huron revenue, neither yet evidenced. Cash conversion is the one guidance metric on track, with H1 CFO at 46.5% of EBITDA.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue "ahead to in-line" on capital-goods/defence tailwinds, Huron licence still open | Rebound in dispatches, but deferred Huron revenue may slip again | Q2 revenue +18.53% YoY, +18.40% QoQ; below the 25–30% FY band | Partially |
| Margins compressing; WPI hit mostly lagged to H2 | Moderate Q2 cost drag | Consol EBITDA margin 21.82% vs 24.53% Q2FY26; QoQ stable-to-up; standalone margin expanded | Played out |
| Overseas losses / forex normalization is the gate | Watch whether Rs.(30.07) Cr Q1 loss normalizes | Forex normalized (~0.52 Q2); overseas loss widened to Rs.(42.92) Cr — subsidiaries), Played out (forex | Contradicted |
| Mild rupee headwind on the USD EMS book | Small drag | H1 unrealised forex loss Rs.10.52 Cr, Q2 portion ~Rs.0.52 Cr — mild | Played out |
| Huron licence resolution | No clearance found through late Oct | Filing: investigation unchanged; no recognition | Played out |
| Watch items: order intake/book, capacity confirmation, KPIs | — | Not addressed in the filing — remains open for the call | Not observable |
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| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 consolidated top-line growth 25–30% | Reaffirmed on the Q1 FY27 earnings call (Aug 7, 2026) | Q2 +18.53% YoY; H1 +20.96% — H2 acceleration required | Below band |
| FY27 EBITDA margin "in the range of 25%", potential to exceed | Q1 FY27 earnings call (Aug 7, 2026) | Q2 21.82% (21.90% adj.); H1 21.63% | Missed |
| Huron FY27 revenue Rs.300–325 Cr at 8–10% standalone EBITDA margin | Q1 FY27 earnings call (Aug 7, 2026) | Overseas subs revenue Rs.43.77 Cr, net loss Rs.(42.92) Cr in Q2 | Too Early, but H1 run-rate far below path |
| FY27 machine deliveries 8,500–9,000 (10,000 committed) | Stated Nov 10, 2025 (Q2 FY26 call) | Not disclosed in the Q2 filing | Too Early |
| FY27 OCF close to 50% of EBITDA | Q1 FY27 earnings call (Aug 7, 2026) | H1 CFO = 46.5% of EBITDA | On Track |
| FY27 capex Rs.200–220 Cr with stable debt | Q1 FY27 earnings call (Aug 7, 2026) | H1 capex Rs.187.06 Cr; borrowings +93.26 Cr since Mar-26 | On Track on capex; debt above "stable" |
| "We are on track for guided 24–25% margin once Huron's revenue is recognized" | Q1 FY27 call (Aug 7, 2026) | Q2 consolidated margin 21.82%, still ~320 bps below; no Huron licence clearance evidenced in the filing | Too Early |
| Q2 expected better on local dispatches after new facility went live end-Sep 2026 | Q1 FY27 call (Aug 7, 2026) | Revenue +18.40% QoQ; standalone margin at a disclosed-series high 27.89% | Confirmed |
| ~Rs.100 Cr deferred Huron revenue is a deferment, not a loss; licences expected "very soon" | Q4 FY26 / Q1 FY27 calls | Filing reports the investigation unchanged, no recognition evidence, overseas loss widened | Too Early |
| Overseas losses/forex to normalize | Q1 FY27 call (Aug 7, 2026) | Forex normalized (Q2 component ~0.52); overseas loss widened to (42.92) — subsidiary losses | Contradicted |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.