SJS Enterprises (SJS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue reached a record ₹2,827.28 million, up 16.9% YoY; automotive revenue grew 21.7%.

• Q2 EBITDA rose 23.1% YoY to ₹896.4 million, with a 31% margin; reported PAT increased 34.8% to ₹583.25 million.

• H1 FY27 revenue grew 20.4% to ₹5,437.26 million; reported PAT was ₹1,327.46 million, including a property-sale gain.

Financial highlights

• Q2 gross profit rose 17.9% YoY to ₹1,597.3 million; gross margin improved to 56.5% despite higher raw-material, crude and startup costs.

• Q2 EBITDA margin expanded 144 bps YoY to 31%, supported by exports, improved product mix and operating efficiencies.

• Q2 domestic sales grew 16.3% to ₹2,544.8 million; exports rose 23.1% to ₹282.5 million.

• H1 EBITDA rose 28.9% to ₹1,696 million, with a 30.5% margin; normalized PAT grew 39.4% to ₹1,085.8 million.

• H1 reported PAT rose 70.4% YoY to ₹1,327.46 million.

Outlook and guidance

• FY27 revenue-growth guidance was revised to 1.2x–1.5x PV and motorcycle industry growth from 1.5x–2x; EBITDA margin guidance rose to 29%–30% from 27%–28%.

• FY27 revenue order book exceeds 90% of forecast revenue; longer-term existing-business growth expectation remains 1.5x–2x industry growth.

• Export revenue share target remains 14%–15% by FY28, supported by cross-selling, new customer programs and entry into additional markets.

• Management targets ₹500–700 crore in display revenue by 2031, at least 10% of the projected market; new capacity is expected to support growth.