Ajmera’s Q2FY27 profit rose despite a 3.05-point margin squeeze
Flat revenue and higher expenses pressured operations, but a -46.18% fall in interest expense lifted pre-tax profit and net profit.
Filed 03 Nov 2026, 13:55 IST · Ajmera Realty & Infra India Ltd (AJMERA)
Key takeaways
- Consolidated net profit rose +7.85% QoQ to Rs 48.47 cr as interest expense fell -46.18%.
- Revenue was flat QoQ while expenses rose +4.28%, narrowing operating margin by 3.05 percentage points to 25.74%.
- Operating margin remained 13.32 percentage points above the 12.42% median of 158 reported Consumer Discretionary peers.
Price around the results
Profit growth came from lower interest expense
Ajmera Realty’s consolidated revenue was flat QoQ, while net profit increased +7.85% to Rs 48.47 cr. The main support came from interest expense, which fell -46.18%; this more than offset the decline in operating profit. Other income contributed 4.66% of pre-tax profit, so it was not the main driver of earnings.
Higher costs narrowed the operating margin
Expenses rose +4.28% QoQ even as revenue was flat, causing operating profit to fall -10.61%. Operating margin therefore narrowed by 3.05 percentage points to 25.74%. The tax rate also declined by 0.40 percentage points to 27.17%, providing a modest additional lift to net profit.
Margin remained well above the sector median
The 25.74% operating margin was 13.32 percentage points above the 12.42% median for 158 Consumer Discretionary peers that had reported. The sequential margin decline marks a weaker operating quarter, but the company remained above the peer comparison on this measure.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹317 cr | ₹317 cr | +0.00% |
| Other income | ₹3 cr | ₹3 cr | +8.39% |
| Expenses | ₹235 cr | ₹226 cr | +4.28% |
| Operating profit | ₹82 cr | ₹91 cr | -10.61% |
| Operating margin (%) | 25.74% | 28.79% | — |
| Interest | ₹16 cr | ₹30 cr | -46.18% |
| Depreciation | ₹2 cr | ₹2 cr | +8.12% |
| Profit before tax | ₹67 cr | ₹62 cr | +7.25% |
| Tax | ₹18 cr | ₹17 cr | +5.67% |
| Net profit | ₹48 cr | ₹45 cr | +7.85% |
| EPS (₹) | ₹2.29 | ₹2.19 | +4.57% |
Operating margin of 25.74% compares with a Consumer Discretionary sector median of 12.42% across 158 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 25.74% after the 3.05-percentage-point QoQ decline.
- Whether expenses continue to grow faster than revenue after the +4.28% QoQ increase in costs.
- Whether interest expense remains below Rs 16.40 cr after falling -46.18% QoQ.