JSW Holdings LimitedQ2 FY27 Results & Financial Update
JSW Holdings Limited: Q2 FY27 consolidated results and company financials – revenue ₹166.59 Cr, PAT ₹130.88 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore JSW Holdings Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
JSW Holdings Limited reported consolidated revenue from operations of INR 166.59 crore for Q2 FY27, marking a sequential increase of 34.58% compared to INR 34.58 crore in Q1 FY27.
Consolidated profit after tax (PAT) surged to INR 130.88 crore for the quarter, up 433.44% sequentially from INR 24.54 crore reported in the preceding quarter.
The sharp expansion in top-line revenue and profitability during Q2 FY27 was propelled by substantial dividend income of INR 129.94 crore, compared to nil dividend income in Q1 FY27.
Interest income from lending operations maintained a steady upward trajectory, reaching INR 33.76 crore for the quarter compared to INR 32.16 crore in the June 2026 quarter.
Total expenses for the quarter stood at INR 4.97 crore, reflecting a reduction from INR 5.68 crore in Q1 FY27, driven by lower employee benefit expenses of INR 3.54 crore.
Basic and diluted earnings per share (EPS) for Q2 FY27 rose to INR 117.93, compared to INR 22.11 in the previous quarter.
Share of profit from associates (net) contributed INR 10.23 crore to the consolidated results for the quarter, supporting overall profitability alongside standalone operational gains.
01 · Business model
What does JSW Holdings do?
JSW Holdings Limited operates primarily as a core investment and financing company within the O.P. Jindal Group, holding strategic investments and providing financial and advisory services.
The company's primary revenue streams comprise interest income from loans, dividend earnings from its substantial equity investment portfolio, pledge fees, management advisory service fees, and fair-value changes.
Because of its core holding-company structure, its balance sheet is dominated by long-term financial investments and associated equity instruments rather than physical manufacturing assets.
The consolidated financial results include the financial performance of key associate entities such as Sun Investments Private Limited and Jindal Coated Steel Private Limited.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹166.59 Cr | ₹34.58 Cr |
| Total income | ₹166.59 Cr | ₹34.73 Cr |
| Profit before tax | ₹161.62 Cr | ₹29.05 Cr |
| Profit after tax | ₹130.88 Cr | ₹24.54 Cr |
| EPS | ₹117.93 | ₹22.10 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 78.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 97.0% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Dividend income formed the single largest revenue component at INR 129.94 crore for Q2 FY27, registering a sharp recovery from zero dividend income recorded in Q1 FY27.
Interest income from financing and loan operations increased to INR 33.76 crore during the quarter, compared to INR 32.16 crore in Q1 FY27.
Management advisory service fees remained stable at INR 1.61 crore, while pledge fees contributed INR 0.73 crore during the quarter.
Gain on fair value changes contributed INR 0.55 crore to operational revenue for Q2 FY27, up from INR 0.04 crore in the preceding quarter.
What drove margins
Employee benefit expenses moderated to INR 3.54 crore in Q2 FY27 compared to INR 4.55 crore in Q1 FY27, aiding operating efficiency.
Corporate Social Responsibility (CSR) expenses stood at INR 0.72 crore, while other expenses were recorded at INR 0.71 crore for the quarter.
Total tax expenses for the quarter rose to INR 40.97 crore, consisting of INR 41.00 crore in current tax offset by a deferred tax reversal of INR 0.03 crore.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates entirely within a single reportable segment encompassing investing and financing activities as per Ind AS 108.
05 · Reported developments
What changed operationally
Consolidated net profit expanded over fivefold sequentially, supported by robust dividend inflows and steady interest earnings.
06 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the half year ended September 30, 2026, stood at INR 122.53 crore, driven by robust dividend and interest realizations.
07 · Previous-quarter changes
What changed since the previous quarter
Total revenue from operations increased from INR 34.58 crore in Q1 FY27 to INR 166.59 crore in Q2 FY27, primarily driven by dividend receipts.
08 · Key Q&A
The quarter, answered directly
What does JSW Holdings do?
JSW Holdings Limited operates primarily as a core investment and financing company within the O.P. Jindal Group, holding strategic investments and providing financial and advisory services.
What is the clearest takeaway from Q2 FY27?
JSW Holdings Limited reported consolidated revenue from operations of INR 166.59 crore for Q2 FY27, marking a sequential increase of 34.58% compared to INR 34.58 crore in Q1 FY27.
What drove revenue or demand?
Dividend income formed the single largest revenue component at INR 129.94 crore for Q2 FY27, registering a sharp recovery from zero dividend income recorded in Q1 FY27.
What mattered most for margins or profitability?
Employee benefit expenses moderated to INR 3.54 crore in Q2 FY27 compared to INR 4.55 crore in Q1 FY27, aiding operating efficiency.
09 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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