Aptech’s margin expands, but stays below the sector median
Consolidated net profit rose +20.13% QoQ as costs grew slower than revenue, though lower tax and other income remained important to earnings.
Filed 04 Nov 2026, 16:51 IST · after market close · Aptech Ltd (APTECHT)
Key takeaways
- Consolidated operating profit rose +37.10% QoQ as revenue growth of +10.41% outpaced expense growth of +8.46%.
- Net profit increased +20.13% QoQ to Rs 9.19 cr, while other income contributed 15.90% of pre-tax profit.
- Operating margin improved 1.65 percentage points QoQ to 8.46%, but remained 3.45 percentage points below the 223-peer sector median.
Price around the results
Revenue growth outpaced costs in Q2FY27
Consolidated revenue increased +10.41% QoQ to Rs 147.68 cr, while expenses grew +8.46% to Rs 135.19 cr. The resulting operating leverage lifted operating profit +37.10% to Rs 12.49 cr. Net profit rose +20.13% QoQ to Rs 9.19 cr.
Lower tax rate helped offset higher interest
The slower increase in expenses improved operating margin by 1.65 percentage points to 8.46%. Interest expense increased +27.03% QoQ, but the tax rate fell 4.31 percentage points to 21.52%, supporting the increase in net profit. Other income accounted for 15.90% of pre-tax profit, so earnings were not generated entirely from operations.
Margin improved from Q1 but trails sector peers
Operating margin increased from 6.81% in Q1FY27 to 8.46% in Q2FY27, marking an improvement in the latest quarter rather than a multi-quarter trend. Among 223 Consumer Discretionary peers that have reported, Aptech’s margin was 3.45 percentage points below the 11.91% median.
Results were filed after market close
Aptech filed the consolidated Q2FY27 results on 04 Nov 2026 at 16:51 IST, after market close. The filing therefore has no post-results market reaction covered in this note.
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 | ₹148 cr | ₹134 cr | +10.41% |
| Other income | ₹2 cr | ₹4 cr | -51.05% |
| Expenses | ₹135 cr | ₹125 cr | +8.46% |
| Operating profit | ₹12 cr | ₹9 cr | +37.10% |
| Operating margin (%) | 8.46% | 6.81% | — |
| Interest | ₹0 cr | ₹0 cr | +27.03% |
| Depreciation | ₹2 cr | ₹2 cr | -3.13% |
| Profit before tax | ₹12 cr | ₹10 cr | +13.48% |
| Tax | ₹3 cr | ₹3 cr | -5.26% |
| Net profit | ₹9 cr | ₹8 cr | +20.13% |
| EPS (₹) | ₹1.58 | ₹1.32 | +19.70% |
Operating margin of 8.46% compares with a Consumer Discretionary sector median of 11.91% across 223 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 8.46% in the next quarter.
- Whether expense growth remains below revenue growth, following +8.46% versus +10.41% QoQ.
- Whether other income’s 15.90% contribution to pre-tax profit declines.