Q2 FY27 results analysis · November 03, 2026
Jyoti CNC Automation Q2 FY27 Results Analysis: PAT Falls 15%, Margin Misses Guidance (JYOTICNC)
−15.1%PAT year on year, Rs. 72.58 Cr
Source: Quarterly results filing (BSE)
Quick summary
Jyoti CNC Automation Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 602.01 Cr (+18.53% YoY) and PAT growth of -15.11% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 602.01 Cr (+18.53% YoY) |
| PAT (Q2) | Rs. 72.58 Cr (-15.11% YoY) |
| EBITDA margin | 21.82% (-271 bps YoY) |
| EPS (Q2) | Rs. 3.19 (-15.16% YoY) |
Quarter Snapshot
Consolidated revenue grew 18.53% YoY to 602.01 crore with the standalone engine delivering 31.08% growth and a 27.89% EBITDA margin, but consolidated EBITDA margin of 21.82% missed management's ~25% guidance and PAT fell 15.11% YoY on widening overseas subsidiary losses (42.92 crore in Q2) and a 30.02% tax rate. Meeting the 25-30% FY27 revenue guidance now requires 28-37% H2 growth, contingent on the new capacity ramp and recognition of ~100 crore deferred Huron revenue, neither yet evidenced. Cash conversion is the one guidance metric on track, with H1 CFO at 46.5% of EBITDA.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue "ahead to in-line" on capital-goods/defence tailwinds, Huron licence still open | Rebound in dispatches, but deferred Huron revenue may slip again | Q2 revenue +18.53% YoY, +18.40% QoQ; below the 25–30% FY band | Partially |
| Margins compressing; WPI hit mostly lagged to H2 | Moderate Q2 cost drag | Consol EBITDA margin 21.82% vs 24.53% Q2FY26; QoQ stable-to-up; standalone margin expanded | Played out |
| Overseas losses / forex normalization is the gate | Watch whether Rs.(30.07) Cr Q1 loss normalizes | Forex normalized (~0.52 Q2); overseas loss widened to Rs.(42.92) Cr — subsidiaries), Played out (forex | Contradicted |
| Mild rupee headwind on the USD EMS book | Small drag | H1 unrealised forex loss Rs.10.52 Cr, Q2 portion ~Rs.0.52 Cr — mild | Played out |
| Huron licence resolution | No clearance found through late Oct | Filing: investigation unchanged; no recognition | Played out |
| Watch items: order intake/book, capacity confirmation, KPIs | — | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 consolidated top-line growth 25–30% | Reaffirmed on the Q1 FY27 earnings call (Aug 7, 2026) | Q2 +18.53% YoY; H1 +20.96% — H2 acceleration required | Below band |
| FY27 EBITDA margin "in the range of 25%", potential to exceed | Q1 FY27 earnings call (Aug 7, 2026) | Q2 21.82% (21.90% adj.); H1 21.63% | Missed |
| Huron FY27 revenue Rs.300–325 Cr at 8–10% standalone EBITDA margin | Q1 FY27 earnings call (Aug 7, 2026) | Overseas subs revenue Rs.43.77 Cr, net loss Rs.(42.92) Cr in Q2 | Too Early, but H1 run-rate far below path |
| FY27 machine deliveries 8,500–9,000 (10,000 committed) | Stated Nov 10, 2025 (Q2 FY26 call) | Not disclosed in the Q2 filing | Too Early |
| FY27 OCF close to 50% of EBITDA | Q1 FY27 earnings call (Aug 7, 2026) | H1 CFO = 46.5% of EBITDA | On Track |
| FY27 capex Rs.200–220 Cr with stable debt | Q1 FY27 earnings call (Aug 7, 2026) | H1 capex Rs.187.06 Cr; borrowings +93.26 Cr since Mar-26 | On Track on capex; debt above "stable" |
| "We are on track for guided 24–25% margin once Huron's revenue is recognized" | Q1 FY27 call (Aug 7, 2026) | Q2 consolidated margin 21.82%, still ~320 bps below; no Huron licence clearance evidenced in the filing | Too Early |
| Q2 expected better on local dispatches after new facility went live end-Sep 2026 | Q1 FY27 call (Aug 7, 2026) | Revenue +18.40% QoQ; standalone margin at a disclosed-series high 27.89% | Confirmed |
| ~Rs.100 Cr deferred Huron revenue is a deferment, not a loss; licences expected "very soon" | Q4 FY26 / Q1 FY27 calls | Filing reports the investigation unchanged, no recognition evidence, overseas loss widened | Too Early |
| Overseas losses/forex to normalize | Q1 FY27 call (Aug 7, 2026) | Forex normalized (Q2 component ~0.52); overseas loss widened to (42.92) — subsidiary losses | Contradicted |
Key Investment Insights
Key Positives
- Consolidated revenue grew 18.53% YoY and 18.40% QoQ to 602.01 crore
- Standalone revenue grew 31.08% YoY with standalone EBITDA margin at 27.89% (vs 24.66% in Q2FY26) and standalone PAT up 45.54% YoY
- Net material cost improved to 42.68% of revenue from 43.99% in Q2FY26
- Finance costs fell 42.81% QoQ to 13.92 crore as Q1's expensed interest partially unwound
- H1 CFO of 111.69 crore vs 13.15 crore a year earlier, at 0.86x PAT and 46.5% of EBITDA, on track for the ~50% of EBITDA guidance
- Forex normalized with Q2 unrealised forex loss component of only ~0.52 crore after 10 crore in Q1
- OCI of +7.79 crore lifted total comprehensive income to 80.37 crore
Risk Factors
- Consolidated EBITDA margin of 21.82% missed management's ~25% FY27 guidance by ~320 bps and compressed 271 bps YoY
- Overseas subsidiaries' group-share net loss widened to 42.92 crore in Q2 from 30.07 crore in Q1 (72.99 crore for H1)
- Consolidated PAT fell 15.11% YoY and effective tax rate jumped to 30.02% from 21.60%
- H1 revenue growth of 20.96% leaves the 25-30% FY27 guidance requiring +28.16% to +37.07% H2 YoY growth
- Inventories rose 274.55 crore to 1,440.52 crore and net debt increased 119.44 crore to 916.28 crore
- Huron Graffenstaden judicial investigation in France remains unresolved with restrictive interim measures and no impairment provided
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