BLB’s revenue fell 89.52% QoQ, but faster cost cuts lifted margin
Net profit still fell 55.15% as the revenue base shrank; operating margin remained 14.71 percentage points below the Financial Services peer median.
Filed 04 Nov 2026, 16:56 IST · after market close · BLB Ltd (BLBLIMITED)
Key takeaways
- Consolidated revenue fell 89.52% QoQ to Rs 9.77 cr, but expenses fell faster at 92.60%, lifting operating margin by 26.29 percentage points.
- Net profit declined 55.15% QoQ to Rs 2.48 cr as the sharp drop in revenue outweighed the margin improvement.
- Operating margin at 36.95% was 14.71 percentage points below the 51.66% median for 93 Financial Services peers.
Price around the results
Revenue contraction outweighed the margin recovery
BLB reported consolidated revenue of Rs 9.77 cr in Q2FY27, down 89.52% QoQ, while net profit fell 55.15% to Rs 2.48 cr. The profit decline was less severe than the revenue decline because expenses contracted faster and operating margin rose to 36.95% from 10.66% in Q1FY27. The results were filed after market close.
Faster expense reduction drove the 26.29-point margin gain
Expenses fell 92.60% QoQ, outpacing the 89.52% decline in revenue and producing a 26.29 percentage-point improvement in operating margin. Interest expense also fell 33.33%, while depreciation declined 20.00%. Other income contributed only 0.60% of pre-tax profit, so it did not materially support earnings; the tax rate was broadly stable, rising 0.46 percentage points to 25.53%.
Margin remained below the Financial Services peer median
BLB’s 36.95% operating margin was below the 51.66% median among 93 Financial Services companies that had reported the same quarter. The comparison places BLB 14.71 percentage points below the peer median. With only Q1FY27 available in the trend, the clearest movement is the sharp sequential margin recovery from 10.66%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹10 cr | ₹93 cr | -89.52% |
| Other income | ₹0 cr | ₹-2 cr | — |
| Expenses | ₹6 cr | ₹83 cr | -92.60% |
| Operating profit | ₹4 cr | ₹10 cr | -63.68% |
| Operating margin (%) | 36.95% | 10.66% | — |
| Interest | ₹0 cr | ₹0 cr | -33.33% |
| Depreciation | ₹0 cr | ₹0 cr | -20.00% |
| Profit before tax | ₹3 cr | ₹7 cr | -54.88% |
| Tax | ₹1 cr | ₹2 cr | -54.05% |
| Net profit | ₹2 cr | ₹6 cr | -55.15% |
| EPS (₹) | ₹0.47 | ₹1.05 | -55.24% |
Operating margin of 36.95% compares with a Financial Services sector median of 51.66% across 93 peers that have reported Q2FY27.
What to watch
- Whether revenue recovers from Rs 9.77 cr after the 89.52% QoQ decline.
- Whether operating margin holds above 36.95% after the 26.29 percentage-point sequential improvement.
- Whether expenses remain below the prior-quarter base of Rs 83.28 cr.