Revenue doubled, but AURUS margin fell to 3.21%
Expenses rose faster than sales sequentially, leaving operating margin 8.35 percentage points below the sector median.
Filed 05 Nov 2026, 17:51 IST · after market close · AURUS GEM CORPORATION LTD (AURUS)
Key takeaways
- Standalone revenue more than doubled sequentially, rising +112.24% to Rs 5.03 cr, but expenses grew faster at +117.41%.
- Operating margin narrowed 2.10 percentage points to 3.21% as costs outpaced revenue, extending its decline from 19.02% in Q4FY26 to 5.31% in Q1FY27.
- AURUS's 3.21% operating margin was 8.35 percentage points below the 11.56% Consumer Discretionary median across 262 reported peers.
Price around the results
Q2 growth did not translate into proportional profit growth
AURUS reported standalone revenue growth of +112.24% sequentially, while profit before tax and net profit increased +57.14% each. The slower profit growth reflects weaker operating conversion despite the sharp rise in sales. The filing came after market close on 5 Nov 2026, leaving no immediate market reaction to discuss.
Costs outpaced sales and compressed operating margin
Expenses rose +117.41% sequentially against revenue growth of +112.24%, narrowing operating margin by 2.10 percentage points to 3.21%. Other income was zero, so profit was not supported by non-operating income. Tax was also zero, unchanged from Q1FY27, meaning the +57.14% rise in net profit was not due to a lower sequential tax rate.
Margin decline has continued for two quarters
Operating margin has fallen from 19.02% in Q4FY26 to 5.31% in Q1FY27 and 3.21% in Q2FY27. The current margin was 8.35 percentage points below the 11.56% median for 262 Consumer Discretionary peers that had reported the quarter.
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 | ₹5 cr | ₹2 cr | +112.24% |
| Other income | ₹0 cr | ₹0 cr | — |
| Expenses | ₹5 cr | ₹2 cr | +117.41% |
| Operating profit | ₹0 cr | ₹0 cr | +23.08% |
| Operating margin (%) | 3.21% | 5.31% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹0 cr | ₹0 cr | +57.14% |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹0 cr | ₹0 cr | +57.14% |
| EPS (₹) | ₹0.04 | ₹0.03 | +33.33% |
Operating margin of 3.21% compares with a Consumer Discretionary sector median of 11.56% across 262 peers that have reported Q2FY27.
What to watch
- Whether operating margin stabilises after falling from 19.02% in Q4FY26 to 5.31% in Q1FY27 and 3.21% in Q2FY27.
- Whether expense growth remains above revenue growth after +117.41% versus +112.24% sequentially.
- Whether profit conversion remains aligned with a 0% tax rate and 0% other-income share of pre-tax profit.