APCL narrows loss as operating margin rises 5.12 percentage points
Revenue grew 32.92% QoQ while expenses rose 26.01%, but the 6.64% margin remained 5.76 points below the 149-peer sector median.
Filed 12 Nov 2026, 18:35 IST · after market close · Anjani Portland Cement Ltd (APCL)
Key takeaways
- Consolidated operating profit rose 482.35% QoQ as revenue grew 32.92% while expenses grew 26.01%, lifting operating margin by 5.12 percentage points to 6.64%.
- Consolidated net loss narrowed to Rs 3.36 cr from Rs 9.80 cr, helped by stronger operating profit and a 2.44% QoQ decline in interest expense.
- APCL's 6.64% operating margin was 5.76 percentage points below the 12.4% median for 149 reported Commodities peers.
Price around the results
Revenue recovery lifts Q2 operating profit
On a consolidated basis, revenue increased 32.92% QoQ to Rs 119.31 cr, while expenses rose 26.01% to Rs 111.39 cr. Revenue therefore grew faster than costs, driving a 482.35% increase in operating profit and a 5.12 percentage-point expansion in operating margin. The improvement reduced the net loss to Rs 3.36 cr from Rs 9.80 cr in Q1FY27.
Lower interest helped, but losses persisted
Interest expense fell 2.44% QoQ to Rs 4.80 cr, partly supporting the narrower loss, while depreciation rose 1.34% to Rs 7.54 cr. Other income was Rs 0.17 cr and accounted for -4.0% of pre-tax profit, so it did not underpin the result. The tax rate increased 11.35 percentage points to 20.94%, with tax reported at -Rs 0.89 cr.
Margin remains below the commodities peer median
APCL's 6.64% operating margin was 5.76 percentage points below the 12.4% median among 149 Commodities companies that had reported the quarter. The sequential margin improvement is significant, but the reported level still sat below the sector comparison.
After-close filing leaves market reaction untested
The consolidated results were filed at 18:35 IST on 12 Nov 2026, after market close. There is therefore no post-results price reaction to compare with the stock's history.
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 | ₹119 cr | ₹90 cr | +32.92% |
| Other income | ₹0 cr | ₹0 cr | +6.25% |
| Expenses | ₹111 cr | ₹88 cr | +26.01% |
| Operating profit | ₹8 cr | ₹1 cr | +482.35% |
| Operating margin (%) | 6.64% | 1.52% | — |
| Interest | ₹5 cr | ₹5 cr | -2.44% |
| Depreciation | ₹8 cr | ₹7 cr | +1.34% |
| Profit before tax | ₹-4 cr | ₹-11 cr | +60.79% |
| Tax | ₹-1 cr | ₹-1 cr | +14.42% |
| Net profit | ₹-3 cr | ₹-10 cr | +65.71% |
| EPS (₹) | ₹-1.00 | ₹-2.41 | +58.51% |
Operating margin of 6.64% compares with a Commodities sector median of 12.40% across 149 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 6.64% after the 5.12 percentage-point QoQ improvement.
- Whether interest expense moves below Rs 4.80 cr after falling 2.44% QoQ.
- Whether the net loss narrows further from Rs 3.36 cr.