Revenue doubles, but Art Nirman remains loss-making
Standalone revenue rose +102.84% QoQ and margins improved, but the -1.83% operating margin was 13.39 percentage points below the peer median.
Filed 05 Nov 2026, 17:00 IST · after market close · Art Nirman Ltd (ARTNIRMAN)
Key takeaways
- Standalone revenue rose +102.84% QoQ to Rs 4.28 cr, but Art Nirman still reported a Rs 0.08 cr net loss.
- Operating margin improved 2.02 percentage points QoQ as revenue grew faster than expenses, yet remained at -1.83%.
- Art Nirman's -1.83% operating margin was 13.39 percentage points below the 11.56% median for 262 Consumer Discretionary peers.
Price around the results
Revenue growth did not yet remove the operating loss
Art Nirman's standalone revenue rose +102.84% QoQ, while expenses grew +98.18%, allowing the operating margin to improve but not turn positive. Operating loss remained at Rs 0.08 cr, even as the net loss narrowed to Rs 0.08 cr from Rs 0.20 cr in Q1FY27. The improvement in reported loss came alongside lower depreciation and interest costs.
Lower costs helped margins, but profit quality remains weak
Operating margin improved by 2.02 percentage points as expenses grew more slowly than revenue; interest fell -25.00% and depreciation fell -40.00% QoQ. The tax charge fell to zero from Rs 0.04 cr, also supporting the reduction in net loss, although the prior quarter's negative tax rate makes the rate comparison unusual. Other income of Rs 0.12 cr equalled -150.00% of profit before tax, showing that non-operating income did not overcome the operating loss.
Margin improved from Q1 but remains near the sector's lower end
The operating margin improved from -3.85% in Q1FY27 to -1.83% in Q2FY27, the first sequential improvement in the available trend. It remained 13.39 percentage points below the 11.56% median for 262 Consumer Discretionary peers that had reported. Art Nirman ranked 20th from the bottom on operating margin in that peer set.
Results were filed after market close
The standalone results were filed after market close on 05 Nov 2026. A post-results market reaction was not yet recorded.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹4 cr | ₹2 cr | +102.84% |
| Other income | ₹0 cr | ₹0 cr | +9.09% |
| Expenses | ₹4 cr | ₹2 cr | +98.18% |
| Operating profit | ₹-0 cr | ₹-0 cr | +0.00% |
| Operating margin (%) | -1.83% | -3.85% | — |
| Interest | ₹0 cr | ₹0 cr | -25.00% |
| Depreciation | ₹0 cr | ₹0 cr | -40.00% |
| Profit before tax | ₹-0 cr | ₹-0 cr | +50.00% |
| Tax | ₹0 cr | ₹0 cr | -100.00% |
| Net profit | ₹-0 cr | ₹-0 cr | +60.00% |
| EPS (₹) | ₹-0.03 | ₹-0.08 | +62.50% |
Operating margin of -1.83% compares with a Consumer Discretionary sector median of 11.56% across 262 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -0.99% | -3.00% |
Volume on the results session was 0.06× its 20-day average.
What to watch
- Whether operating margin moves above -1.83% after the 2.02 percentage-point QoQ improvement.
- Whether revenue continues to grow faster than expenses after +102.84% versus +98.18% QoQ.
- Whether operating losses narrow without relying on Rs 0.12 cr of other income.