Dalmia Bharat Sugar lifts operating margin 5.62 points in Q2
Revenue grew faster than expenses sequentially, but other income still made up 31.94% of pre-tax profit.
Filed 03 Nov 2026, 18:54 IST · after market close · Dalmia Bharat Sugar & Industries Ltd (DALMIASUG)
Key takeaways
- Consolidated operating margin rose 5.62 percentage points sequentially to 10.72% as revenue grew +25.07% while expenses grew +17.67%.
- Net profit rose +889.87% sequentially to Rs 68.40 cr, helped by a 41.42% fall in interest and a 3.63 percentage-point lower tax rate.
- Other income contributed 31.94% of consolidated pre-tax profit, making the Rs 68.40 cr net profit less purely operational.
Price around the results
Q2 revenue growth widened the operating spread
Consolidated revenue rose +25.07% sequentially to Rs 1,060.81 cr, while expenses increased +17.67% to Rs 947.11 cr. The slower expense growth lifted operating profit to Rs 113.70 cr and raised operating margin by 5.62 percentage points to 10.72%. This was a sharp recovery from Q1FY27's 5.10% margin.
Lower interest and tax rates amplified profit growth
Interest expense fell 41.42% sequentially, while depreciation increased 2.21%, supporting the improvement in pre-tax profit. The tax rate declined 3.63 percentage points to 26.07%, which further supported net profit growth. Other income of Rs 29.55 cr represented 31.94% of pre-tax profit, so the quarter's earnings were not solely driven by operations.
Margin sits just above the reported FMCG peer median
Dalmia Bharat Sugar's 10.72% operating margin was 0.06 percentage points above the 10.66% median for the 45 Fast Moving Consumer Goods peers that had reported the quarter. The sequential margin recovery is clear, but the available quarter-to-quarter direction does not establish a longer multi-quarter trend.
Results were filed after market close
The company filed its consolidated Q2FY27 results after market close on 3 Nov 2026.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,061 cr | ₹848 cr | +25.07% |
| Other income | ₹30 cr | ₹28 cr | +7.38% |
| Expenses | ₹947 cr | ₹805 cr | +17.67% |
| Operating profit | ₹114 cr | ₹43 cr | +162.65% |
| Operating margin (%) | 10.72% | 5.10% | — |
| Interest | ₹16 cr | ₹27 cr | -41.42% |
| Depreciation | ₹35 cr | ₹34 cr | +2.21% |
| Profit before tax | ₹93 cr | ₹10 cr | +841.20% |
| Tax | ₹24 cr | ₹3 cr | +726.03% |
| Net profit | ₹68 cr | ₹7 cr | +889.87% |
| EPS (₹) | ₹8.45 | ₹0.85 | +894.12% |
Operating margin of 10.72% compares with a Fast Moving Consumer Goods sector median of 10.66% across 45 peers that have reported Q2FY27.
What to watch
- Whether consolidated operating margin holds above 10.72% next quarter.
- Whether other income remains below or around its 31.94% share of pre-tax profit.
- Whether the 41.42% sequential decline in interest expense is sustained.