Revenue jumped 42.58% sequentially, but margin barely moved
Expenses rose almost in line with sales, while interest climbed 16.51% and operating margin remained below the sector median.
Filed 06 Nov 2026, 14:09 IST · Cords Cable Industries Ltd (CORDSCABLE)
Key takeaways
- Revenue rose 42.58% sequentially, but expenses grew 42.56%, leaving operating margin almost unchanged at a 0.01 percentage-point improvement.
- Net profit increased 24.87% sequentially despite interest costs rising 16.51%, with a 0.59 percentage-point decline in the tax rate providing some support.
- Operating margin at 6.11% was 5.39 percentage points below the 11.5% median for 197 Industrials peers that had reported.
Price around the results
Sequential growth came without operating leverage
Cords Cable Industries reported standalone revenue growth of 42.58% sequentially in Q2FY27, while expenses rose 42.56%. The near-identical growth rates left operating margin broadly stable, improving by only 0.01 percentage points. Operating profit nevertheless increased 42.90% as the company scaled its revenue base.
Higher interest limited profit conversion
Interest expense increased 16.51% sequentially, contributing to a more modest 23.89% rise in profit before tax than in operating profit. Net profit grew 24.87%, helped by a 0.59 percentage-point decline in the tax rate to 25.48%. Other income accounted for 9.72% of profit before tax, so it supported earnings but was not the main profit driver.
Margin trails the Industrials peer set
The 6.11% operating margin was 5.39 percentage points below the 11.5% median among 197 Industrials companies that had reported the same quarter. Cords Cable Industries ranked 29th from the bottom on this measure.
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 | ₹352 cr | ₹247 cr | +42.58% |
| Other income | ₹1 cr | ₹4 cr | -68.95% |
| Expenses | ₹331 cr | ₹232 cr | +42.56% |
| Operating profit | ₹22 cr | ₹15 cr | +42.90% |
| Operating margin (%) | 6.11% | 6.10% | — |
| Interest | ₹8 cr | ₹7 cr | +16.51% |
| Depreciation | ₹2 cr | ₹2 cr | +2.40% |
| Profit before tax | ₹13 cr | ₹11 cr | +23.89% |
| Tax | ₹3 cr | ₹3 cr | +21.09% |
| Net profit | ₹10 cr | ₹8 cr | +24.87% |
| EPS (₹) | ₹7.52 | ₹6.01 | +25.12% |
Operating margin of 6.11% compares with a Industrials sector median of 11.50% across 197 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 6.11% after expenses grew 42.56% sequentially.
- Whether interest growth moderates from 16.51% sequentially.
- Whether the tax rate remains near 25.48% without increasing reliance on other income, which contributed 9.72% of profit before tax.