JMA margin slips as costs fall slower than revenue
Operating profit fell 16.89% QoQ, while other income accounted for 24.16% of pre-tax profit.
Filed 12 Nov 2026, 18:21 IST · after market close · Jullundur Motor Agency (Delhi) Ltd (JMA)
Key takeaways
- Revenue fell 3.18% QoQ while expenses declined 2.38%, narrowing operating margin by 0.78 percentage points to 4.68%.
- Other income contributed 24.16% of pre-tax profit, cushioning the quarter as net profit fell 13.94% QoQ.
- JMA's 4.68% operating margin was 6.55 percentage points below the 11.23% median for 329 reporting Consumer Discretionary peers.
Price around the results
Revenue slowdown cuts operating profit
In consolidated results, revenue declined 3.18% QoQ to Rs 155.37 cr, while operating profit fell 16.89% to Rs 7.28 cr. Expenses fell 2.38%, less than the decline in revenue, which drove the 0.78-percentage-point contraction in operating margin to 4.68%. Net profit consequently fell 13.94% QoQ to Rs 6.85 cr.
Other income remained material to profit
Other income rose 5.16% QoQ and made up 24.16% of pre-tax profit, providing a significant contribution outside operations. The tax rate increased by 0.78 percentage points to 26.11%, so the lower tax rate did not flatter net profit this quarter. Interest expense remained at Rs 0.0 cr.
Margin trails the reported peer median
JMA's 4.68% operating margin was 6.55 percentage points below the 11.23% median among 329 Consumer Discretionary peers that had reported. The company ranked 66th from the bottom on this measure, putting its margin well below the sector comparison.
Results were filed after market close
JMA filed its consolidated Q2FY27 results after market close on 12 Nov 2026.
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 | ₹155 cr | ₹160 cr | -3.18% |
| Other income | ₹2 cr | ₹2 cr | +5.16% |
| Expenses | ₹148 cr | ₹152 cr | -2.38% |
| Operating profit | ₹7 cr | ₹9 cr | -16.89% |
| Operating margin (%) | 4.68% | 5.46% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | +13.64% |
| Profit before tax | ₹9 cr | ₹11 cr | -13.04% |
| Tax | ₹2 cr | ₹3 cr | -10.37% |
| Net profit | ₹7 cr | ₹8 cr | -13.94% |
| EPS (₹) | ₹2.95 | ₹3.43 | -13.99% |
Operating margin of 4.68% compares with a Consumer Discretionary sector median of 11.23% across 329 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 4.68% after the 0.78-percentage-point QoQ decline.
- Whether revenue momentum improves after the 3.18% QoQ decline.
- Whether other income remains close to its 24.16% share of pre-tax profit.