Revenue surged, but faster costs cut profit 87.42% YoY
Operating margin improved sequentially, but remained far below last year's level and the Industrials peer median.
Filed 12 Nov 2026, 19:34 IST · after market close · Jinkushal Industries Ltd (JKIPL)
Key takeaways
- Revenue rose 82.45% YoY, but expenses grew 98.48%, cutting operating margin by 7.93 percentage points.
- Net profit fell 87.42% YoY to Rs 0.56 cr as interest rose 24.68% and the tax rate increased 31.16 percentage points.
- Operating margin recovered 3.06 percentage points QoQ to 1.72%, still 9.79 percentage points below the Industrials peer median.
Price around the results
Higher revenue did not convert into operating profit
Consolidated revenue rose 82.45% YoY to Rs 132.86 cr, but expenses increased faster at 98.48%. That cost gap reduced operating profit 67.43% to Rs 2.29 cr and compressed operating margin by 7.93 percentage points to 1.72%.
Profit quality weakened as tax and interest rose
Interest expense increased 24.68% YoY, while the tax rate rose 31.16 percentage points to 52.65%, further reducing the conversion of operating profit into net profit. Other income accounted for 96.61% of profit before tax, making the Rs 0.56 cr net profit reliant on a non-operating component.
Sequential recovery remains well below peers
Revenue increased 134.86% QoQ and expenses rose 127.81%, allowing operating margin to recover 3.06 percentage points from -1.34% in Q1FY27. Even so, the margin was below Q2FY26's 9.65% and the 11.51% median for 230 Industrials companies that had reported; JKIPL ranked 12th from the bottom. The results were filed after market close, so no market reaction is covered yet.
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 | YoY |
|---|---|---|---|---|
| Revenue | ₹133 cr | ₹57 cr | +134.86% | +82.45% |
| Other income | ₹1 cr | ₹6 cr | -79.35% | +165.12% |
| Expenses | ₹131 cr | ₹57 cr | +127.81% | +98.48% |
| Operating profit | ₹2 cr | ₹-1 cr | — | -67.43% |
| Operating margin (%) | 1.72% | -1.34% | — | — |
| Interest | ₹2 cr | ₹1 cr | +34.93% | +24.68% |
| Depreciation | ₹0 cr | ₹0 cr | +7.69% | +33.33% |
| Profit before tax | ₹1 cr | ₹3 cr | -61.18% | -79.19% |
| Tax | ₹1 cr | ₹1 cr | -26.19% | -49.18% |
| Net profit | ₹1 cr | ₹2 cr | -74.55% | -87.42% |
| EPS (₹) | ₹0.02 | ₹0.63 | -96.83% | -98.66% |
Operating margin of 1.72% compares with a Industrials sector median of 11.51% across 230 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 1.72% after its 3.06-percentage-point QoQ recovery.
- Whether expenses continue to grow faster than revenue, as they did by 98.48% versus 82.45% YoY.
- Whether other income remains close to 96.61% of profit before tax.