Lower costs cushioned Jet Freight's 34.01% revenue drop
Operating margin improved sequentially, but higher interest and weak operating leverage pulled net profit down 17.79%.
Filed 28 Oct 2026, 14:44 IST · Jet Freight Logistics Ltd (JETFREIGHT)
Key takeaways
- Consolidated revenue fell 34.01% QoQ to Rs 118.11 cr, while expenses declined 34.90%, lifting operating margin by 1.3 percentage points.
- Net profit declined 17.79% QoQ as interest costs rose 7.28%, although the tax rate fell 3.04 percentage points to 28.05%.
- The 4.94% operating margin was 17.87 percentage points below the Services peer median, placing Jet Freight third from the bottom among 14 reporters.
Price around the results
Revenue contracted sharply, but costs fell faster
In consolidated Q2FY27, revenue fell 34.01% QoQ, while expenses declined 34.90%. That narrower cost base limited the damage to operating profit, which fell 10.43%, and lifted operating margin by 1.3 percentage points to 4.94%. The improvement was therefore driven by expense reduction rather than revenue momentum.
Interest and tax shaped the profit outcome
Interest expense rose 7.28% QoQ even as depreciation was unchanged, contributing to a 21.53% decline in profit before tax. The lower tax rate, down 3.04 percentage points to 28.05%, partly cushioned the fall in net profit. Other income accounted for 11.11% of profit before tax, so reported profit also included a meaningful non-operating contribution.
Margin remains near the bottom of the Services group
Jet Freight's 4.94% operating margin was 17.87 percentage points below the 22.81% median for the 14 Services peers that had reported the same quarter. It ranked third from the bottom on this measure. The available quarter-on-quarter comparison shows margin improvement from Q1FY27, but revenue, operating profit and net profit all declined sequentially.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹118 cr | ₹179 cr | -34.01% |
| Other income | ₹0 cr | ₹0 cr | +33.33% |
| Expenses | ₹112 cr | ₹172 cr | -34.90% |
| Operating profit | ₹6 cr | ₹7 cr | -10.43% |
| Operating margin (%) | 4.94% | 3.64% | — |
| Interest | ₹3 cr | ₹3 cr | +7.28% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹3 cr | ₹4 cr | -21.53% |
| Tax | ₹1 cr | ₹1 cr | -28.95% |
| Net profit | ₹2 cr | ₹3 cr | -17.79% |
| EPS (₹) | ₹0.45 | ₹0.55 | -18.18% |
Operating margin of 4.94% compares with a Services sector median of 22.81% across 14 peers that have reported Q2FY27.
What to watch
- Whether revenue recovers from Rs 118.11 cr after the 34.01% QoQ decline.
- Whether operating margin holds above 4.94% after the 1.3-percentage-point sequential improvement.
- Whether interest expense reverses from the 7.28% QoQ increase and tax rate remains near 28.05%.