Jaiprakash Power Ventures (JPPOWER): Q2 FY27 results analysis (quarter ended 30 Sep 2026)
All figures consolidated, ₹ crore unless stated. Results released in the evening of 19 Oct 2026 [3][4]. EBITDA here excludes other income and exceptional items. YoY/QoQ %, margins and ratios are my calculations from reported numbers.
| Metric | Q2 FY27 | YoY | QoQ |
| Revenue from ops | 1,512.1 | +5.1% | −12.3% |
| EBITDA | 657 | +39.5% | −13.4% |
| EBITDA margin | 43.5% | 32.8% | 44.0% |
| PBT before exceptional | ~521 | +78% | −8.7% |
| Exceptional (NARCL) | −511 | – | – |
| PAT | 33.3 | −81.7% | −92.9% |
| PAT margin | 2.2% | 12.7% | 27.2% |
| Other income / PBT (pre-exceptional) | ~13% | 14% | 5% |
Sources: [1][2][5][6]
Source notes:
- Q1 FY27 revenue was ₹1,775.7 cr in the Q1 release [6] but ₹1,724.0 cr as the comparative in Q2 coverage [1][2]. I use ₹1,724 cr.
Quality of earnings
The headline PAT fall is a one-off. The company booked a ₹511 cr exceptional charge to settle NARCL's insolvency claim [1][7]. That claim came from a corporate guarantee JPVL gave for parent Jaiprakash Associates, and it is now to be withdrawn [7].
Before the exceptional, PBT was ~₹521 cr vs ₹292 cr a year ago [1][2]. Core EBITDA rose ~40% YoY on 5% revenue growth because expenses fell to ₹856 cr from ₹968 cr [2]. Finance cost fell ~16% to ₹84 cr [1][2].
Tax was a credit this quarter (PAT ₹33 cr exceeds PBT ₹10 cr) [2]. Q1 also had a tax credit and a ₹194 cr exceptional for surrendering two coal mines [6]. Two quarters in a row with large one-offs means headline PAT is a poor guide right now (my view).
Base effect: Q2 FY26 was a normal quarter (32.8% margin) [2]. The weak base is Q3–Q4 FY26, when margins fell to 15% and 9% [2][8].
Margins (Chart 3)
EBITDA margin over five quarters: 32.8% → 15.1% → 8.7% → 44.0% → 43.5% [2]. Q3–Q4 FY26 operating costs jumped (Q4 costs up ~33% YoY on 3% higher sales) [8]. H1 FY27 margins have recovered strongly. Hydro (Vishnuprayag) is seasonally stronger in Q1–Q2 [6], so some H2 moderation is normal (interpretation).
Guidance
What the filing and coverage show:
- NARCL: Full and final settlement at ₹511 cr; IBC proceedings to be withdrawn once conditions are met [7].
- Sand-mining notices above ₹12,000 cr: under an interim High Court stay [3].
- UPPCL matter: pending at APTEL [3].
- Shareholding: Adani Power acquired JAL's 24% stake in May 2026 [1].
- Capacity mix: ~56% under long-term contracts and ~975 MW merchant, so exposed to spot power prices [1].
Positives
- Core PBT up ~78% YoY before the exceptional [1][2]
- The NARCL overhang is resolved [7]
- Finance cost is falling [1]
Concerns
- Large contested claims and an auditor qualification [3]
- One-offs in back-to-back quarters cloud the earnings trend [1][6]
- Merchant exposure to power prices [1]
- No formal guidance or call, which limits visibility (my view)
Things to track in Q3 FY27
- Whether the EBITDA margin holds near 40% in the seasonally weaker H2
- Formal withdrawal of the NCLT petition
- Developments on the ₹5,697 cr lenders' claim
- Any strategic update after Adani Power's entry
Not a buy/sell recommendation. Facts are sourced; opinions are labelled.
Sources [1] Trade Brains, 21 Oct · [2] Screener.in – consolidated · [3] Whalesbook – filing summary · [4] Sahi – 19 Oct · [5] ScanX, 19 Oct · [6] Trade Brains – Q1 FY27 · [7] Business Standard – NARCL settlement, 21 Sep · [8] MarketsMojo – Q4 FY26 · [9] Business Standard – Q4 FY26 · [10] HDFC Sky – market holidays
Charts:
(1) last 5 quarters revenue & PAT [1][2][9];
(2) FY24–FY26 revenue & PAT [2][9];
(3) EBITDA margin and pre-exceptional PBT (own calc. from [1][2][6]).
