CONCOR's Q2 margin rebounds QoQ, but profit falls 6.93% YoY
Revenue grew 10.13% sequentially and costs rose 6.60%, but annual margin pressure and higher interest kept net profit below last year's level.
Filed 02 Nov 2026, 17:00 IST · after market close · Container Corporation Of India Ltd (CONCOR)
Key takeaways
- Consolidated net profit fell 6.93% year on year as expenses grew 2.80% against revenue growth of 1.02%.
- Operating margin recovered 2.55 percentage points sequentially to 23.12%, as revenue grew 10.13% while expenses rose 6.60%.
- Other income contributed 21.43% of pre-tax profit, while the 0.53 percentage-point year-on-year tax-rate reduction softened the profit decline.
Price around the results
Sequential recovery does not erase the annual slowdown
CONCOR's consolidated revenue rose 10.13% sequentially to Rs 2,378.57 cr, lifting operating profit 23.77% as expenses grew only 6.60%. Year on year, however, revenue increased just 1.02% while expenses rose 2.80%, leaving operating profit down 4.48% and net profit down 6.93% to Rs 353.66 cr. The results were filed after market close.
Margin improved QoQ, but financing and depreciation costs rose
The sequential operating-margin gain of 2.55 percentage points came from revenue growing faster than expenses. Against Q2FY26, the margin narrowed 1.33 percentage points because costs grew faster than revenue. Interest expense rose 19.45% year on year and depreciation increased 7.55%, adding pressure below operating profit.
Profit quality was supported by other income and tax
Other income of Rs 100.73 cr accounted for 21.43% of pre-tax profit, making it a meaningful contributor to reported earnings. The tax rate was 0.53 percentage points lower year on year, which partly cushioned the decline in pre-tax profit. Operating margin remained above the 13.52% median for 32 Services peers that had reported, by 9.60 percentage points.
Margin has recovered for two quarters after Q4FY26
Operating margin rose from 18.89% in Q4FY26 to 20.57% in Q1FY27 and 23.12% in Q2FY27. That sequential recovery contrasts with the year-on-year decline from 24.45% in Q2FY26, so the latest quarter shows improving recent momentum but not a full annual margin recovery. In the last eight result reactions, the stock rose four times and fell four times, with a median absolute move of 3.27%; no current reaction is covered because the filing came after market close.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,379 cr | ₹2,160 cr | +10.13% | +1.02% |
| Other income | ₹101 cr | ₹82 cr | +22.93% | +2.05% |
| Expenses | ₹1,829 cr | ₹1,715 cr | +6.60% | +2.80% |
| Operating profit | ₹550 cr | ₹444 cr | +23.77% | -4.48% |
| Operating margin (%) | 23.12% | 20.57% | — | — |
| Interest | ₹22 cr | ₹20 cr | +11.18% | +19.45% |
| Depreciation | ₹158 cr | ₹150 cr | +5.78% | +7.55% |
| Profit before tax | ₹470 cr | ₹357 cr | +31.83% | -7.58% |
| Tax | ₹116 cr | ₹88 cr | +32.79% | -9.49% |
| Net profit | ₹354 cr | ₹269 cr | +31.52% | -6.93% |
| EPS (₹) | ₹4.64 | ₹3.53 | +31.44% | -7.01% |
Operating margin of 23.12% compares with a Services sector median of 13.52% across 32 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 23.12% after its 2.55 percentage-point sequential recovery.
- Whether revenue growth continues to exceed the 6.60% sequential expense-growth rate.
- Whether other income remains below or above its 21.43% share of pre-tax profit.