Almondz margin slips as expenses fall slower than revenue
Other income supported reported profit, but a higher tax rate and rising interest costs pulled net profit down 27.45% qoq.
Filed 30 Oct 2026, 17:20 IST · after market close · Almondz Global Securities Ltd (ALMONDZ)
Key takeaways
- Consolidated net profit fell -27.45% QoQ to Rs 9.09 cr as operating profit declined -31.09%.
- Operating margin narrowed 4.96 percentage points to 17.44% because revenue fell -11.46% while expenses declined only -5.79%.
- Other income contributed 58.34% of pre-tax profit, while the tax rate increased 7.85 percentage points to 9.19%.
Price around the results
Operating profit drives the sequential earnings decline
Almondz's consolidated revenue fell -11.46% QoQ to Rs 39.4 cr, while operating profit dropped -31.09% to Rs 6.87 cr. Profit before tax declined -21.18% to Rs 10.01 cr, and net profit fell -27.45% to Rs 9.09 cr. The results were filed after market close.
Margin pressure came from slower cost reduction and higher charges
Expenses declined only -5.79% as revenue fell -11.46%, causing operating margin to narrow 4.96 percentage points to 17.44%. Interest expense rose +10.09% and depreciation increased +11.94% QoQ. The tax rate rose 7.85 percentage points to 9.19%, adding to the pressure on net profit.
Almondz trails the Financial Services peer margin benchmark
Other income was 58.34% of pre-tax profit, so reported earnings relied materially on non-operating income in the quarter. Among 66 Financial Services peers that had reported, Almondz's 17.44% operating margin was 39.86 percentage points below the sector median of 57.3%, placing it ninth from the bottom. The margin also declined from 22.4% in Q1FY27.
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 | ₹39 cr | ₹45 cr | -11.46% |
| Other income | ₹6 cr | ₹5 cr | +13.18% |
| Expenses | ₹33 cr | ₹35 cr | -5.79% |
| Operating profit | ₹7 cr | ₹10 cr | -31.09% |
| Operating margin (%) | 17.44% | 22.40% | — |
| Interest | ₹1 cr | ₹1 cr | +10.09% |
| Depreciation | ₹2 cr | ₹1 cr | +11.94% |
| Profit before tax | ₹10 cr | ₹13 cr | -21.18% |
| Tax | ₹1 cr | ₹0 cr | +441.18% |
| Net profit | ₹9 cr | ₹13 cr | -27.45% |
| EPS (₹) | ₹0.44 | ₹0.69 | -36.23% |
Operating margin of 17.44% compares with a Financial Services sector median of 57.30% across 66 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 17.44% in the next quarter.
- Whether revenue improves from Rs 39.4 cr while expenses remain below the prior quarter's Rs 34.53 cr.
- Whether other income's contribution to pre-tax profit falls from 58.34%.