Industrials · Q2FY27 · Consolidated

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.

By Ashutosh

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 itemQ2FY27Q1FY27QoQYoY
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.