Carysil revenue rose +5.18%, but faster costs cut margin
Higher costs, depreciation and a 3.73-point tax-rate increase pushed consolidated net profit down -9.49% sequentially.
Filed 04 Nov 2026, 14:13 IST · Carysil Ltd (CARYSIL)
Key takeaways
- Consolidated revenue rose +5.18% QoQ to Rs 275.73 cr, but expenses grew +7.29%, cutting operating margin by 1.59 percentage points to 18.78%.
- Consolidated net profit fell -9.49% QoQ to Rs 29.01 cr as the tax rate increased by 3.73 percentage points to 27.64%.
- Carysil's 18.78% operating margin was 6.87 percentage points above the 11.91% median for 223 Consumer Discretionary peers.
Price around the results
Revenue grew, but profit slipped
In consolidated Q2FY27, revenue increased +5.18% QoQ to Rs 275.73 cr, but operating profit fell -3.03% to Rs 51.78 cr. The mismatch between topline growth and operating profit left net profit down -9.49% at Rs 29.01 cr.
Faster expenses narrowed the operating margin
Expenses grew +7.29% QoQ, faster than revenue, reducing operating margin by 1.59 percentage points to 18.78%. Depreciation also rose +8.61%, while interest increased a limited +0.43%; together, these contributed to the -4.82% fall in pre-tax profit. Other income accounted for 11.20% of pre-tax profit, so reported earnings were not entirely operating-led, while the tax-rate increase of 3.73 percentage points further pressured net profit.
Margin remains above the Consumer Discretionary median
Among 223 Consumer Discretionary peers that reported the same quarter, Carysil's 18.78% operating margin was 6.87 percentage points above the sector median of 11.91%. Against Q1FY27, however, the margin moved down from 20.37%, marking a sequential deterioration even as revenue rose +5.18%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹276 cr | ₹262 cr | +5.18% |
| Other income | ₹4 cr | ₹4 cr | +13.10% |
| Expenses | ₹224 cr | ₹209 cr | +7.29% |
| Operating profit | ₹52 cr | ₹53 cr | -3.03% |
| Operating margin (%) | 18.78% | 20.37% | — |
| Interest | ₹5 cr | ₹5 cr | +0.43% |
| Depreciation | ₹11 cr | ₹11 cr | +8.61% |
| Profit before tax | ₹40 cr | ₹42 cr | -4.82% |
| Tax | ₹11 cr | ₹10 cr | +10.03% |
| Net profit | ₹29 cr | ₹32 cr | -9.49% |
| EPS (₹) | ₹9.97 | ₹11.05 | -9.77% |
Operating margin of 18.78% compares with a Consumer Discretionary sector median of 11.91% across 223 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 18.78% after the 1.59-percentage-point sequential decline.
- Whether expense growth moderates from +7.29% QoQ relative to revenue growth of +5.18%.
- Whether the tax rate moves below or remains near 27.64% and other income stays around 11.20% of pre-tax profit.