Margin loss narrows, but Bajaj Hindusthan stays near sector bottom
Expenses fell faster than revenue sequentially, but the company still posted a Rs 121.28 cr consolidated net loss.
Filed 11 Nov 2026, 13:14 IST · Bajaj Hindusthan Sugar Ltd (BAJAJHIND)
Key takeaways
- Bajaj Hindusthan's consolidated operating margin improved 6.25 percentage points sequentially to -4.39% as expenses fell faster than revenue.
- The consolidated net loss narrowed 34.34% sequentially to Rs 121.28 cr, while revenue declined 13.99%.
- Operating margin was 15.08 percentage points below the 68-peer FMCG median of 10.69%, placing the company second from the bottom.
Price around the results
Operating loss narrowed despite lower revenue
Bajaj Hindusthan reported a consolidated operating loss of Rs 42.47 cr in Q2FY27, compared with Rs 119.78 cr in Q1FY27. Revenue declined 13.99% sequentially to Rs 968.43 cr, but expenses declined faster at 18.85%, reducing the operating loss. The net loss narrowed to Rs 121.28 cr from Rs 184.7 cr.
Lower costs and interest supported the sequential improvement
The 6.25-percentage-point improvement in operating margin came from expenses falling faster than revenue, rather than from revenue growth. Interest expense declined 23.07% sequentially to Rs 8.77 cr, while depreciation increased 1.87% to Rs 57.18 cr. Other income was Rs 2.36 cr and represented -2.23% of pre-tax profit, so it did not meaningfully offset the Rs 106.06 cr pre-tax loss.
Margin remains well below sector peers; shares fell 1.86%
Among 68 FMCG peers that had reported the same quarter, the median operating margin was 10.69%, putting Bajaj Hindusthan's -4.39% margin 15.08 percentage points below the sector median and second from the bottom. The stock opened 0.48% higher but ended down 1.86%, with volume at 1.82 times the reference level.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹968 cr | ₹1,126 cr | -13.99% |
| Other income | ₹2 cr | ₹2 cr | +2.16% |
| Expenses | ₹1,011 cr | ₹1,246 cr | -18.85% |
| Operating profit | ₹-42 cr | ₹-120 cr | +64.54% |
| Operating margin (%) | -4.39% | -10.64% | — |
| Interest | ₹9 cr | ₹11 cr | -23.07% |
| Depreciation | ₹57 cr | ₹56 cr | +1.87% |
| Profit before tax | ₹-106 cr | ₹-185 cr | +42.67% |
| Tax | ₹-0 cr | ₹-0 cr | -20.83% |
| Net profit | ₹-121 cr | ₹-185 cr | +34.34% |
| EPS (₹) | ₹-0.15 | ₹-0.23 | +34.78% |
Operating margin of -4.39% compares with a Fast Moving Consumer Goods sector median of 10.69% across 68 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -1.86% | -2.70% |
Volume on the results session was 1.82× its 20-day average.
What to watch
- Whether operating margin improves further from -4.39%.
- Whether revenue recovers from Rs 968.43 cr after the 13.99% sequential decline.
- Whether interest expense remains below Rs 8.77 cr.