BASML margin improves, but tax normalisation cuts net profit 48.79% QoQ
Revenue grew faster than expenses, lifting operating margin, but the tax benefit recorded in Q1 did not repeat.
Filed 11 Nov 2026, 18:13 IST · after market close · BASML (BASML)
Key takeaways
- Consolidated operating margin expanded 1.70 percentage points QoQ to 10.37% as revenue growth of 21.79% outpaced expense growth of 19.53%.
- Net profit fell 48.79% QoQ because the tax rate moved from -485.60% to 25.67%, despite pre-tax profit rising 302.99%.
- Other income was only 2.44% of pre-tax profit, leaving the quarter's pre-tax result largely operational.
Revenue growth outpaced expenses in Q2FY27
BASML's consolidated revenue grew 21.79% QoQ, while expenses rose 19.53%, allowing operating profit to increase 45.60%. That gap lifted operating margin by 1.70 percentage points to 10.37%.
Tax normalisation outweighed the pre-tax improvement
Pre-tax profit rose 302.99% QoQ, but the tax rate shifted from -485.60% in Q1FY27 to 25.67% in Q2FY27, reducing net profit by 48.79%. Interest expense also increased 3.98%, while other income fell 84.35%; other income contributed just 2.44% of pre-tax profit in the quarter.
Margin moved up from the previous quarter
The available quarterly trend shows operating margin improving from 8.67% in Q1FY27 to 10.37% in Q2FY27. The consolidated results were filed after market close on 11 November 2026 at 18:13 IST, so there is no market reaction to assess 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 | ₹264 cr | ₹217 cr | +21.79% |
| Other income | ₹0 cr | ₹1 cr | -84.35% |
| Expenses | ₹236 cr | ₹198 cr | +19.53% |
| Operating profit | ₹27 cr | ₹19 cr | +45.60% |
| Operating margin (%) | 10.37% | 8.67% | — |
| Interest | ₹11 cr | ₹10 cr | +3.98% |
| Depreciation | ₹7 cr | ₹8 cr | -2.37% |
| Profit before tax | ₹9 cr | ₹2 cr | +302.99% |
| Tax | ₹2 cr | ₹-11 cr | — |
| Net profit | ₹7 cr | ₹14 cr | -48.79% |
| EPS (₹) | ₹0.88 | ₹1.71 | -48.54% |
What to watch
- Whether operating margin holds above 10.37% after the 1.70-percentage-point QoQ expansion.
- Whether the tax rate remains near 25.67% rather than repeating Q1FY27's -485.60%.
- Whether interest growth moderates from 3.98% QoQ as operating profit improves.