Aptus margin slips as expenses outpace revenue growth
Consolidated Q2FY27 net profit rose +18.02% YoY, helped by a lower tax rate, while operating margin fell 2.31 percentage points.
Filed 04 Nov 2026, 16:52 IST · after market close · Aptus Value Housing Finance India Ltd (APTUS)
Key takeaways
- Consolidated operating margin narrowed 2.31 percentage points YoY to 80.92% as expenses grew +30.46%, faster than revenue at +14.62%.
- Net profit increased +18.02% YoY to Rs 267.38 cr, helped by a 1.58 percentage-point fall in the tax rate to 21.43%.
- Aptus's 80.92% operating margin was 29.26 percentage points above the 51.66% median for 93 reported Financial Services peers.
Price around the results
Expense growth widened the margin pressure
On a consolidated basis, Q2FY27 revenue grew +3.88% QoQ, but expenses rose +9.80%, reducing operating margin by 1.02 percentage points to 80.92%. The same mismatch was sharper YoY: expenses increased +30.46% against revenue growth of +14.62%, cutting margin by 2.31 percentage points. This was the second straight quarter of margin decline, after 82.89% in Q4FY26 and 81.94% in Q1FY27.
Lower tax rate supported profit growth
Net profit grew +18.02% YoY and +2.47% QoQ, despite operating profit growing more slowly at +11.43% YoY and +2.58% QoQ. The tax rate fell 1.58 percentage points YoY to 21.43%, although it rose 0.72 percentage points QoQ. Other income contributed 3.26% of pre-tax profit, so it was not a large part of the reported profit.
Margin remains well above the sector median
Aptus's 80.92% operating margin was 29.26 percentage points above the 51.66% median among 93 Financial Services peers that had reported the quarter. The comparison shows that the sequential margin decline has not removed the company's wide operating-margin gap versus its sector.
No immediate market reaction to assess
The consolidated results were filed after market close, so there is no post-results reaction to assess yet. Across the past eight result reactions, the stock rose four times and fell four times, with a median absolute move of 2.75%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹624 cr | ₹600 cr | +3.88% | +14.62% |
| Other income | ₹11 cr | ₹10 cr | +6.94% | +14.92% |
| Expenses | ₹119 cr | ₹108 cr | +9.80% | +30.46% |
| Operating profit | ₹505 cr | ₹492 cr | +2.58% | +11.43% |
| Operating margin (%) | 80.92% | 81.94% | — | — |
| Interest | ₹171 cr | ₹170 cr | +1.04% | +3.90% |
| Depreciation | ₹4 cr | ₹3 cr | +12.32% | +22.50% |
| Profit before tax | ₹340 cr | ₹329 cr | +3.40% | +15.64% |
| Tax | ₹73 cr | ₹68 cr | +6.98% | +7.68% |
| Net profit | ₹267 cr | ₹261 cr | +2.47% | +18.02% |
| EPS (₹) | ₹5.34 | ₹5.21 | +2.50% | +17.62% |
Operating margin of 80.92% compares with a Financial Services sector median of 51.66% across 93 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 80.92% after two consecutive quarterly declines.
- Whether expense growth remains above revenue growth after the +30.46% YoY rise in expenses.
- Whether the tax rate stays near 21.43% after its 1.58 percentage-point YoY decline.