Costs outrun revenue as CMICABLES loss widens in Q4FY26
Standalone revenue rose 24.30% sequentially, but faster expense growth and a 1,200.00% rise in interest pushed operating margin down 9.52 percentage points.
Filed 16 Sep 2026, 18:43 IST · after market close · CMICABLES (CMICABLES)
Key takeaways
- Standalone revenue grew 24.30% sequentially, but expenses grew 36.06%, pushing operating margin down 9.52 percentage points.
- The standalone net loss widened to Rs 3.49 cr from Rs 1.79 cr as interest rose 1,200.00% sequentially.
- Operating margin deteriorated to -9.66% after improving to -0.14% in Q3FY26, leaving the quarterly trend uneven.
Revenue recovery was outweighed by cost growth
Standalone revenue increased 24.30% sequentially, but expenses rose faster at 36.06%. That mismatch turned a near break-even operating result in Q3FY26 into an operating loss of Rs 1.42 cr in Q4FY26. Operating margin therefore narrowed by 9.52 percentage points to -9.66%.
Higher interest added to the quarterly loss
Interest expense rose 1,200.00% sequentially, from Rs 0.03 cr to Rs 0.39 cr, while depreciation was broadly unchanged. Other income was Rs 0.17 cr and represented -4.87% of pre-tax profit because the company remained loss-making, so it did not materially offset the operating and financing burden. With tax at 0.00%, the net loss matched the pre-tax loss rather than being reduced by a tax benefit.
Margins improved from Q2 but slipped again in Q4
The quarterly margin path moved from 3.12% in Q1FY26 to -18.62% in Q2FY26, recovered to -0.14% in Q3FY26, and then fell to -9.66% in Q4FY26. Q4 therefore reversed the previous quarter's improvement, while the full-year quarterly pattern remained volatile.
Results were filed after market close
The standalone results were filed after market close on 16 September 2026. There is no post-results market reaction to assess yet.
Q4FY26 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q4FY26 | Q3FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹15 cr | ₹12 cr | +24.30% |
| Other income | ₹0 cr | ₹0 cr | +41.67% |
| Expenses | ₹16 cr | ₹12 cr | +36.06% |
| Operating profit | ₹-1 cr | ₹-0 cr | -7000.00% |
| Operating margin (%) | -9.66% | -0.14% | — |
| Interest | ₹0 cr | ₹0 cr | +1200.00% |
| Depreciation | ₹2 cr | ₹2 cr | -0.54% |
| Profit before tax | ₹-3 cr | ₹-2 cr | -94.97% |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹-3 cr | ₹-2 cr | -94.97% |
| EPS (₹) | ₹-0.22 | ₹-0.11 | -100.00% |
What to watch
- Whether expense growth slows from 36.06% to below the 24.30% revenue growth rate.
- Whether operating margin recovers from -9.66% after the Q3FY26 level of -0.14%.
- Whether interest expense remains near Rs 0.39 cr rather than the Rs 0.03 cr reported in Q3FY26.