Expenses fell faster than revenue, narrowing Blueblends' operating loss
Consolidated Q2 loss narrowed sequentially as the tax charge fell away; other income was not a material support.
Filed 06 Nov 2026, 19:06 IST · after market close · BLUEBLENDS (BLUEBLENDS)
Key takeaways
- Blueblends' consolidated operating margin improved 1.7 percentage points qoq to -0.29% as expenses fell 10.13%, faster than revenue's 8.61% decline.
- The consolidated net loss narrowed to -0.25 from -5.53 qoq, but the comparison was distorted by Q1FY27 tax expense of 4.19.
- Other income was only 0.01 and represented -4.0% of pre-tax profit, so it did not drive the quarter.
A smaller revenue base still produced a narrower operating loss
Consolidated revenue declined 8.61% qoq, but expenses declined faster at 10.13%, allowing the operating loss to narrow to -0.16 from -1.18. This lifted operating margin by 1.7 percentage points to -0.29%, although the business remained below break-even. Depreciation also fell 50.0% to 0.1, while interest remained at zero.
Tax, rather than operating income, drove much of the profit improvement
The net loss narrowed to -0.25 from -5.53 qoq as Q1FY27 included tax expense of 4.19, whereas current-quarter tax was -0.0. The tax rate therefore moved 313.89 percentage points, from -312.31% to 1.58%, making the sequential net-profit comparison less clean. Other income was 0.01 and accounted for -4.0% of pre-tax profit.
Sequential momentum improved, but losses persisted
From Q1FY27 to Q2FY27, the sharper reduction in expenses than revenue supported a 1.7-percentage-point improvement in operating margin. Pre-tax loss also narrowed from -1.34 to -0.25, but operating margin and pre-tax profit remained negative in Q2FY27.
Results were filed after market close
The consolidated results were filed after market close on 6 November 2026. No market reaction is covered for this release.
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 | ₹54 cr | ₹59 cr | -8.61% |
| Other income | ₹0 cr | ₹0 cr | -75.00% |
| Expenses | ₹54 cr | ₹61 cr | -10.13% |
| Operating profit | ₹-0 cr | ₹-1 cr | +86.44% |
| Operating margin (%) | -0.29% | -1.99% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | -50.00% |
| Profit before tax | ₹-0 cr | ₹-1 cr | +81.34% |
| Tax | ₹0 cr | ₹4 cr | -100.00% |
| Net profit | ₹-0 cr | ₹-6 cr | +95.48% |
| EPS (₹) | ₹-0.47 | ₹-2.55 | +81.57% |
What to watch
- Whether operating margin moves above -0.29% next quarter.
- Whether expenses continue to decline faster than revenue, compared with -10.13% versus -8.61% this quarter.
- Whether tax remains near -0.0 instead of repeating Q1FY27's 4.19 expense.