Other income nearly offsets Ballarpur's operating loss
Revenue rose 1.94% QoQ, but faster expense growth pushed operating margin down 7.58 percentage points to -39.66%.
Filed 13 Nov 2026, 19:48 IST · after market close · BALLARPUR (BALLARPUR)
Key takeaways
- Consolidated operating margin narrowed 7.58 percentage points QoQ to -39.66% as expenses grew 7.78% while revenue rose 1.94%.
- Other income of Rs 84.02 cr nearly offset operating, interest and depreciation charges, leaving a net loss of Rs 0.48 cr.
- The net loss narrowed from Rs 80.73 cr in Q1FY27, but interest remained high at Rs 48.26 cr and tax provided no benefit.
Revenue edged up as costs accelerated
Consolidated revenue rose 1.94% QoQ to Rs 86.11 cr, but expenses increased 7.78% to Rs 120.25 cr. Costs therefore grew faster than revenue, widening the operating loss and narrowing operating margin by 7.58 percentage points to -39.66%.
Non-operating income drove the near break-even result
Other income swung to Rs 84.02 cr from negative Rs 3.21 cr in Q1FY27, nearly offsetting the operating loss, interest and depreciation charges. This made the reported result heavily dependent on non-operating income: profit before tax was still a loss of Rs 0.48 cr, with interest at Rs 48.26 cr and tax at zero.
Loss narrowed sequentially, but operating performance weakened
The net loss narrowed to Rs 0.48 cr from Rs 80.73 cr in Q1FY27, mainly because of the change in other income rather than an improvement in operating margin. Interest was broadly flat, declining 0.21% QoQ, while depreciation rose 1.46%; no year-on-year comparison or longer quarterly direction is available here. The results were filed after market close on 13 November 2026, so there is no reported market reaction yet.
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 | ₹86 cr | ₹84 cr | +1.94% |
| Other income | ₹84 cr | ₹-3 cr | — |
| Expenses | ₹120 cr | ₹112 cr | +7.78% |
| Operating profit | ₹-34 cr | ₹-27 cr | -26.01% |
| Operating margin (%) | -39.66% | -32.08% | — |
| Interest | ₹48 cr | ₹48 cr | -0.21% |
| Depreciation | ₹2 cr | ₹2 cr | +1.46% |
| Profit before tax | ₹-0 cr | ₹-81 cr | +99.41% |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹-0 cr | ₹-81 cr | +99.41% |
| EPS (₹) | ₹-0.07 | ₹-14.64 | +99.52% |
What to watch
- Whether operating margin improves from -39.66% in the next quarter.
- Whether revenue growth outpaces the 7.78% QoQ increase in expenses.
- Whether the result continues to rely on other income after the Rs 84.02 cr reported this quarter.