Revenue grew 10.64%, but margin fell 6.02 percentage points
Consolidated profit declined as expenses outpaced revenue growth, while the operating margin trailed the sector peer median.
Filed 30 Oct 2026, 18:45 IST · after market close · DCM Nouvelle Ltd (DCMNVL)
Key takeaways
- Consolidated revenue rose +10.64% QoQ, but expenses grew +18.67%, reducing operating margin by 6.02 percentage points to 10.98%.
- Net profit fell -36.80% QoQ to Rs 17.4 cr as the tax rate increased by 2.52 percentage points to 30.32%.
- DCM Nouvelle's 10.98% operating margin was 2.11 percentage points below the 13.09% median for 129 reported Consumer Discretionary peers.
Price around the results
Revenue growth did not translate into profit growth
Consolidated revenue increased +10.64% QoQ to Rs 318.02 cr, but operating profit declined -28.55% to Rs 34.92 cr. Net profit fell -36.80% to Rs 17.4 cr, with EPS down -35.91% to Rs 9.6. The result was weaker at the profit level despite higher sequential sales.
Faster cost growth drove the margin squeeze
Expenses grew +18.67%, faster than revenue growth of +10.64%, which narrowed operating margin by 6.02 percentage points from Q1FY27. Interest expense fell -12.67%, but that benefit was outweighed by the operating cost increase. Other income contributed 8.57% of pre-tax profit, while the tax rate rose by 2.52 percentage points, so neither provided a material offset to the margin pressure.
Margin trailed the reported sector median
The 10.98% operating margin was below the 13.09% median among 129 Consumer Discretionary peers that had reported the quarter, a gap of 2.11 percentage points. Sequentially, margin fell from 17.00% in Q1FY27, marking a sharp deterioration in the available quarter-on-quarter comparison. The consolidated results were filed after market close on 30 October 2026 at 18:45 IST.
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 | ₹318 cr | ₹287 cr | +10.64% |
| Other income | ₹2 cr | ₹2 cr | +22.99% |
| Expenses | ₹283 cr | ₹239 cr | +18.67% |
| Operating profit | ₹35 cr | ₹49 cr | -28.55% |
| Operating margin (%) | 10.98% | 17.00% | — |
| Interest | ₹4 cr | ₹5 cr | -12.67% |
| Depreciation | ₹8 cr | ₹7 cr | +3.54% |
| Profit before tax | ₹25 cr | ₹38 cr | -34.51% |
| Tax | ₹8 cr | ₹11 cr | -28.58% |
| Net profit | ₹17 cr | ₹28 cr | -36.80% |
| EPS (₹) | ₹9.60 | ₹14.98 | -35.91% |
Operating margin of 10.98% compares with a Consumer Discretionary sector median of 13.09% across 129 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 10.98% after the 6.02 percentage-point sequential decline.
- Whether expense growth slows from +18.67% relative to revenue growth of +10.64%.
- Whether the tax rate moderates from 30.32%.