Bliss GVS margin slips as expenses outpace Q2 revenue growth
Consolidated operating margin fell 1.03 percentage points sequentially, while a lower tax rate limited the impact on net profit.
Filed 29 Oct 2026, 17:44 IST · after market close · Bliss GVS Pharma Ltd (BLISSGVS)
Key takeaways
- Consolidated revenue grew 9.73% sequentially, but expenses rose 11.28%, cutting operating margin by 1.03 percentage points to 25.72%.
- Net profit increased 3.83% sequentially even as pre-tax profit fell 0.50%, helped by a 2.97-percentage-point decline in the tax rate.
- Bliss GVS's 25.72% operating margin was 5.82 percentage points above the 19.90% median for 31 reported healthcare peers.
Price around the results
Revenue growth did not translate into operating leverage
Bliss GVS's consolidated revenue rose 9.73% sequentially to Rs 313.37 cr, but expenses grew faster at 11.28% to Rs 232.78 cr. That cost gap reduced operating margin to 25.72%, down 1.03 percentage points from Q1FY27. Operating profit still increased 5.47% sequentially to Rs 80.58 cr.
Lower tax rate supported profit as interest costs jumped
Pre-tax profit declined 0.50% sequentially despite higher operating profit, as interest expense rose 468.97% to Rs 3.30 cr and other income fell 13.54% to Rs 8.30 cr. Other income accounted for 11.05% of pre-tax profit, so reported earnings included a meaningful non-operating contribution. Net profit rose 3.83% to Rs 53.34 cr mainly as the tax rate fell 2.97 percentage points to 28.97%.
Margin remains above the healthcare peer median
The company's 25.72% operating margin was above the 19.90% median among 31 healthcare peers that had reported the same quarter, a gap of 5.82 percentage points. Sequentially, however, the direction was weaker, with margin moving down from 26.75% in Q1FY27.
Results were filed after the market close
The consolidated results were filed at 17:44 IST on 29 October 2026, after market close. There was therefore no immediate market reaction to cover in this note.
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 | ₹313 cr | ₹286 cr | +9.73% |
| Other income | ₹8 cr | ₹10 cr | -13.54% |
| Expenses | ₹233 cr | ₹209 cr | +11.28% |
| Operating profit | ₹81 cr | ₹76 cr | +5.47% |
| Operating margin (%) | 25.72% | 26.75% | — |
| Interest | ₹3 cr | ₹1 cr | +468.97% |
| Depreciation | ₹11 cr | ₹10 cr | +5.63% |
| Profit before tax | ₹75 cr | ₹75 cr | -0.50% |
| Tax | ₹22 cr | ₹24 cr | -9.75% |
| Net profit | ₹53 cr | ₹51 cr | +3.83% |
| EPS (₹) | ₹4.92 | ₹4.73 | +4.02% |
Operating margin of 25.72% compares with a Healthcare sector median of 19.90% across 31 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 25.72% after the 1.03-percentage-point sequential decline.
- Whether expense growth falls below the 11.28% sequential pace.
- The next reported interest expense against Rs 3.30 cr after its 468.97% sequential increase.