Revenue growth outpaced costs as operating margin widened 14.73 points
Standalone Q2 profit jumped sequentially, but zero tax and other income equal to 16.5% of PBT shape earnings quality.
Filed 11 Nov 2026, 16:53 IST · after market close · BAFNAPH (BAFNAPH)
Key takeaways
- Revenue rose +79.35% QoQ while expenses grew +51.98%, lifting operating margin by 14.73 percentage points to 18.05%.
- Profit before tax jumped +8462.50% QoQ to Rs 6.85 cr, but other income contributed 16.50% of it and the reported tax rate was 0.00%.
- Q2FY27 standalone results were filed after market close at 16:53 IST on 11 Nov 2026, so there is no immediate stock reaction to assess.
Q2FY27 earnings rebounded from a low Q1 base
In the standalone quarter, operating profit increased +877.27% QoQ as revenue growth outpaced expense growth. Profit before tax rose +8462.50% from Rs 0.08 cr in Q1FY27, making the sequential percentage comparison unusually large because of the low starting base. EPS increased to Rs 2.89 from Rs 0.03.
Operating leverage drove the margin rebound
The operating margin expansion came from revenue growth of +79.35% exceeding expense growth of +51.98%, rather than from a decline in expenses. Interest increased +8.51% and depreciation rose +5.06%, but these costs did not offset the operating improvement. Other income fell -40.84% QoQ but still represented 16.50% of current-quarter PBT, while the 0.00% tax rate allowed net profit to match PBT.
Margin moved sharply higher in the available trend
Operating margin rose from 3.32% in Q1FY27 to 18.05% in Q2FY27, a 14.73-percentage-point rebound. This is a sharp sequential improvement, although the available trend shows only one prior quarter rather than a longer multi-quarter direction.
No post-results market reaction yet
BAFNAPH filed its standalone Q2FY27 results at 16:53 IST on 11 Nov 2026, after market close. The stock's response and its comparison with the usual move after past results can therefore be assessed only after trading resumes.
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 | ₹48 cr | ₹27 cr | +79.35% |
| Other income | ₹1 cr | ₹2 cr | -40.84% |
| Expenses | ₹39 cr | ₹26 cr | +51.98% |
| Operating profit | ₹9 cr | ₹1 cr | +877.27% |
| Operating margin (%) | 18.05% | 3.32% | — |
| Interest | ₹1 cr | ₹1 cr | +8.51% |
| Depreciation | ₹2 cr | ₹2 cr | +5.06% |
| Profit before tax | ₹7 cr | ₹0 cr | +8462.50% |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹7 cr | ₹0 cr | +8462.50% |
| EPS (₹) | ₹2.89 | ₹0.03 | +9533.33% |
What to watch
- Whether operating margin holds above 18.05% after the 14.73-percentage-point QoQ rebound.
- Whether expense growth remains below revenue growth after +51.98% versus +79.35% in Q2FY27.
- Whether the reported 0.00% tax rate and other income's 16.50% share of PBT persist.