Revenue grew 20.10%, but faster costs cut margin to 3.02%
The standalone tax rate rose 4.32 percentage points, leaving net profit down 0.38% sequentially despite higher pre-tax profit.
Filed 03 Nov 2026, 17:43 IST · after market close · BMW Ventures Ltd (BMWVENTLTD)
Key takeaways
- Revenue rose +20.10% sequentially, but expenses grew faster at +20.56%, narrowing operating margin by 0.38 percentage points to 3.02%.
- Standalone net profit fell -0.38% sequentially as the tax rate rose 4.32 percentage points to 29.57%, despite profit before tax increasing +5.72%.
- BMW Ventures’ 3.02% operating margin was 11.16 percentage points below the 14.18% median for 92 reported Commodities peers.
Price around the results
Q2 growth came with weaker operating leverage
Standalone revenue increased +20.10% sequentially to Rs 731.26 cr, while expenses rose faster at +20.56% to Rs 709.15 cr. That cost gap reduced operating margin from 3.40% in Q1FY27 to 3.02%, a decline of 0.38 percentage points.
Higher tax absorbed the pre-tax profit increase
Profit before tax rose +5.72% sequentially, but the tax rate increased by 4.32 percentage points to 29.57%, taking net profit down -0.38% to Rs 10.54 cr. Other income fell -57.84% and accounted for only 2.87% of profit before tax, so reported earnings were not materially supported by non-operating income; interest was unchanged at Rs 5.85 cr.
Margin remains well below the Commodities peer set
BMW Ventures’ 3.02% operating margin ranked ninth from the bottom among 92 Commodities companies that had reported the quarter. The sequential margin decline from 3.40% to 3.02% also marks weaker direction after the previous quarter, although the available trend covers only these two quarters.
Results were filed after the market close
The standalone results were filed at 17:43 IST on 03 November 2026, after market close. No post-results stock reaction is covered here.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹731 cr | ₹609 cr | +20.10% |
| Other income | ₹0 cr | ₹1 cr | -57.84% |
| Expenses | ₹709 cr | ₹588 cr | +20.56% |
| Operating profit | ₹22 cr | ₹21 cr | +6.86% |
| Operating margin (%) | 3.02% | 3.40% | — |
| Interest | ₹6 cr | ₹6 cr | +0.00% |
| Depreciation | ₹2 cr | ₹2 cr | +1.16% |
| Profit before tax | ₹15 cr | ₹14 cr | +5.72% |
| Tax | ₹4 cr | ₹4 cr | +23.81% |
| Net profit | ₹11 cr | ₹11 cr | -0.38% |
| EPS (₹) | ₹1.22 | ₹1.22 | +0.00% |
Operating margin of 3.02% compares with a Commodities sector median of 14.18% across 92 peers that have reported Q2FY27.
What to watch
- Whether expenses continue to grow faster than revenue after rising +20.56% versus revenue growth of +20.10%.
- Whether operating margin moves back above the Q1FY27 level of 3.40%.
- Whether the tax rate moderates from 29.57% while interest remains at Rs 5.85 cr.