JBM Auto Q2 FY27 Results: Net Profit Rises 11% to ₹61.3 Crore as EV Revenue Grows

Key numbers

P/E vs Industry	51.4x / 41.2xTTM Basis
Market Cap	₹11,521 CrAutomobiles
RSI (14-Day)	21.95Oversold Zone
Promoter Holding	67.53%No Pledges

Key highlights

• Consolidated revenue from operations grew 21% YoY to ₹1,656 crore in Q2 FY27
• Net profit reached ₹61.3 crore, representing a 38.4% sequential growth from Q1 FY27
• The newly renamed EV Business segment contributed ₹548.33 crore to total revenue this quarter
• Component Division remains the largest segment with revenue of ₹1,036.97 crore
• Operating margin improved sequentially to 4.5% compared to 4.1% in the previous quarter
• Electric bus order book was reported to exceed 10,000 units as of September 2026

Consolidated Revenue Trends and Segment Shifts

JBM Auto recorded consolidated revenue from operations of ₹1,656 crore for the quarter ended September 30, 2026, up from ₹1,368 crore in the same period last year. This 21.03% YoY growth was accompanied by a sequential increase of 14.84% from the ₹1,442 crore reported in Q1 FY27. A key strategic move during the period was the renaming of the company's OEM Division to the EV Business segment, reflecting a shift in core focus.

This division generated ₹548.33 crore in revenue, aligning with earlier management guidance that electric buses would become a dominant revenue stream by the end of FY27. The Component Division continued its steady performance, contributing ₹1,036.97 crore to the quarterly top line.

Profitability and Operational Margin Analysis

Net profit for the quarter stood at ₹61.3 crore, an 11.1% increase compared to ₹55.2 crore in Q2 FY26. On a quarter-on-quarter basis, profit rose 38.4% from ₹44.3 crore. Profit growth was achieved despite a significant reduction in Other Income, which dropped to ₹10.2 crore from ₹38.8 crore a year ago.

Consolidated operating margins were recorded at 4.5%, showing sequential improvement from 4.1% in Q1 FY27, though they moderated slightly from 5.3% in the corresponding quarter of the previous year. Finance costs for the quarter reached ₹73.06 crore, while depreciation and amortisation expenses stood at ₹45.37 crore, consistent with the company's capital-intensive expansion in the electric vehicle sector.

Impact of Environmental Regulations and EPR Obligations

The company addressed the notification of the Environment Protection (End-of-Life Vehicles) Rules, 2025, which introduces Extended Producer Responsibility (EPR) for vehicle manufacturers regarding scrapping. JBM Auto noted that while these rules took effect in April 2025, the implementation framework and pricing mechanism for EPR certificates are still being established. Consequently, the company is currently evaluating the potential financial impact and range of possible outcomes.

These obligations are expected to be fulfilled through the purchase of EPR certificates from Registered Vehicle Scrapping Facilities via a centralised online portal, which has been made partially operational by the Ministry of Environment, Forest and Climate Change.

Market Valuation and Technical Position

• The stock is currently trading at a P/E ratio of 51.39x, compared to a three-year average of 87.99x
• Market capitalization stands at ₹11,520.82 crore following a 24.94% decline in share price over the past year
• Technical indicators show an RSI of 21.95, suggesting the stock is in oversold territory
• Promoter holding remains unchanged at 67.53%, with no shares currently under pledge
• FII and Institutional holdings saw a marginal decrease of 0.1% and 0.13% respectively in the latest quarter
• The company maintains a Piotroski Score of 4, indicating average financial strength across key metrics

What to watch next

• Execution progress of the 10,000+ electric bus order book throughout the remainder of FY27
• Clarification on financial obligations regarding EPR certificates for vehicle scrapping
• Performance of the renamed EV Business segment against the FY27 revenue contribution target
• Q3 FY27 financial results announcement expected in January 2027

JBM Auto · financial snapshot

Share price	₹487.15
Market capitalisation	₹11,520.82 Cr
Revenue (annual)	₹6,088.37 Cr
Net profit (annual)	₹218.78 Cr
Revenue (latest quarter)	₹1,442.45 Cr-22.13% vs previous quarter
Net profit (latest quarter)	₹42.20 Cr-43.16% vs previous quarter
P/E (TTM)	51.39×Sector 30.59×
Promoter holding	67.53%0.00% QoQ
FII holding	1.93%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.