Costs erased operating profit as other income kept Jaykay profitable
Revenue grew +25.16% QoQ, but expenses rose +53.53%, while a lower tax rate and other income supported the reported profit.
Filed 13 Nov 2026, 19:30 IST · after market close · Jaykay Enterprises Ltd (JAYKAY)
Key takeaways
- Jaykay Enterprises swung to a consolidated operating loss of Rs 4.85 cr as expenses grew +53.53% QoQ against revenue growth of +25.16%.
- Net profit rose +92.02% QoQ to Rs 8.66 cr, but other income amounted to 193.10% of profit before tax.
- Operating margin fell 19.44 percentage points QoQ to -5.20%, placing Jaykay 16.66 percentage points below the Industrials peer median.
Price around the results
Revenue growth did not cover the cost increase
Consolidated revenue rose +25.16% QoQ to Rs 93.33 cr, but expenses grew more than twice as fast at +53.53% to Rs 98.18 cr. That cost gap pushed operating profit from Rs 10.62 cr in Q1FY27 to an operating loss of Rs 4.85 cr in Q2FY27. Profit before tax still increased +69.00% QoQ because other income rose to Rs 23.79 cr from Rs 3.24 cr.
Operating margin fell 19.44 percentage points
Operating margin narrowed from 14.24% to -5.20% as expenses grew faster than revenue. Interest expense declined -4.83% QoQ and depreciation rose only +2.34%, so the main pressure came from operating costs rather than financing or depreciation. Other income was 193.10% of profit before tax, while the tax rate fell 8.46 percentage points to 29.66%, both of which supported net profit despite the operating loss.
Jaykay was near the bottom of its reporting peer set
Jaykay's -5.20% operating margin was 16.66 percentage points below the 11.46% median for the 267 Industrials peers that had reported the same quarter. It ranked ninth from the bottom in that comparison.
Results were filed after market close
The consolidated results were filed after market close on 13 November 2026. There is therefore no post-results market move to assess yet, and no recent reaction history is available for comparison.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹93 cr | ₹75 cr | +25.16% |
| Other income | ₹24 cr | ₹3 cr | +634.26% |
| Expenses | ₹98 cr | ₹64 cr | +53.53% |
| Operating profit | ₹-5 cr | ₹11 cr | — |
| Operating margin (%) | -5.20% | 14.24% | — |
| Interest | ₹1 cr | ₹1 cr | -4.83% |
| Depreciation | ₹5 cr | ₹5 cr | +2.34% |
| Profit before tax | ₹12 cr | ₹7 cr | +69.00% |
| Tax | ₹4 cr | ₹3 cr | +31.29% |
| Net profit | ₹9 cr | ₹5 cr | +92.02% |
| EPS (₹) | ₹0.66 | ₹0.35 | +88.57% |
Operating margin of -5.20% compares with a Industrials sector median of 11.46% across 267 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from -5.20% after the 19.44-percentage-point QoQ decline.
- Whether expense growth falls below the +53.53% QoQ pace against revenue growth of +25.16%.
- How much of profit before tax continues to come from other income after its 193.10% share in Q2FY27.