Aptus profit rises 19%, but operating margin falls for the quarter
Expenses grew faster than revenue, while a 2.51-point fall in the tax rate supported net profit growth.
Filed 31 Jul 2026, 13:21 IST · Aptus Value Housing Finance India Ltd (APTUS)
Key takeaways
- Consolidated net profit rose 19.01% year on year to Rs 260.94 cr, helped by a lower tax rate.
- Operating margin fell 2.48 percentage points year on year to 81.94% as expenses grew 33.75%, faster than revenue at 15.38%.
- Aptus's 81.94% operating margin was 19.26 percentage points above the 62.68% median for 40 Financial Services peers.
Price around the results
Profit growth slowed to a near-standstill sequentially
Consolidated revenue grew 15.38% year on year, while operating profit rose 11.99% and net profit increased 19.01%. Sequentially, revenue grew only 1.21% and net profit was flat, with EPS at Rs 5.21 versus Rs 5.22 in Q4FY26.
Expense growth kept pressuring the operating margin
Year-on-year expenses rose 33.75%, more than twice the 15.38% revenue growth, narrowing operating margin by 2.48 percentage points. The same pattern appeared sequentially: expenses grew 6.82% against 1.21% revenue growth, taking margin down 0.95 percentage points. Interest expense also rose 5.77% year on year and 5.71% quarter on quarter.
Lower tax rate supported reported profit quality
The tax rate fell 2.51 percentage points year on year to 20.71%, which helped net profit grow faster than profit before tax. Other income contributed 3.15% of pre-tax profit, so it was not the main reason for the earnings increase.
Margin remains well above peers despite the recent decline
The operating margin has moved from 84.47% in Q4FY25 to 84.42% in Q1FY26, 83.23% in Q2FY26, 82.61% in Q3FY26, 82.89% in Q4FY26 and 81.94% now. That makes the latest quarter a decline after Q4FY26's brief improvement, although Aptus remained 19.26 percentage points above the 62.68% median among 40 reported Financial Services peers.
Past result reactions have been mixed and modest
Across the eight recent result reactions, the stock rose five times and fell three times, with a median absolute move of 2.15%. The latest quarter does not yet have a recorded post-results market reaction, so there is no current move to compare with that history.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹600 cr | ₹593 cr | +1.21% | +15.38% |
| Other income | ₹10 cr | ₹0 cr | — | +4.96% |
| Expenses | ₹108 cr | ₹101 cr | +6.82% | +33.75% |
| Operating profit | ₹492 cr | ₹492 cr | +0.05% | +11.99% |
| Operating margin (%) | 81.94% | 82.89% | — | — |
| Interest | ₹170 cr | ₹161 cr | +5.71% | +5.77% |
| Depreciation | ₹3 cr | ₹4 cr | -2.24% | +11.50% |
| Profit before tax | ₹329 cr | ₹328 cr | +0.47% | +15.25% |
| Tax | ₹68 cr | ₹67 cr | +2.31% | +2.79% |
| Net profit | ₹261 cr | ₹261 cr | +0.00% | +19.01% |
| EPS (₹) | ₹5.21 | ₹5.22 | -0.19% | +18.68% |
Operating margin of 81.94% compares with a Financial Services sector median of 62.68% across 40 peers that have reported Q1FY27.
What to watch
- Whether operating margin recovers from 81.94% after the 0.95-point sequential decline.
- Whether expense growth moderates from 33.75% year on year and 6.82% quarter on quarter.
- Whether the tax rate remains near 20.71% after its 2.51-point year-on-year decline.