Dhruv Consultancy narrows loss as revenue rises 15.50% sequentially
Costs grew slower than revenue, but operating margin remained negative at -14.07% and lagged the Services peer median by 35.57 percentage points.
Filed 05 Nov 2026, 16:28 IST · after market close · Dhruv Consultancy Services Ltd (DHRUV)
Key takeaways
- Revenue grew 15.50% sequentially to Rs 17.96 cr, while operating loss narrowed to Rs 2.53 cr.
- Operating margin improved 9.17 percentage points to -14.07% as expenses grew 6.89%, slower than revenue.
- Net loss narrowed to Rs 3.65 cr from Rs 4.76 cr, helped partly by the absence of a tax charge this quarter.
Price around the results
Revenue improved, but operations stayed loss-making
In consolidated Q2FY27 results, revenue rose 15.50% sequentially to Rs 17.96 cr, while operating loss narrowed from Rs 3.61 cr to Rs 2.53 cr. This lifted operating margin by 9.17 percentage points, although it remained negative at -14.07%. Profit before tax improved to a loss of Rs 3.65 cr from Rs 4.49 cr.
Slower expense growth supported the margin recovery
Expenses increased 6.89% sequentially, slower than the 15.50% revenue growth, which explains the margin improvement. Interest expense nevertheless rose 24.53%, while depreciation declined 9.59%. The tax rate moved up 5.99 percentage points from -5.99%, reflecting no tax charge in the current quarter; other income of Rs 0.19 cr was only -5.21% of pre-tax profit and did not underpin earnings.
Margin remained among the weakest in reported Services peers
Dhruv Consultancy's -14.07% operating margin was 35.57 percentage points below the 21.50% median for 53 Services peers that had reported the same quarter, placing it fourth from the bottom. The available quarter trend shows a sequential improvement from -23.24%, but does not establish a longer multi-quarter direction. The consolidated results were filed after market close, so a market reaction is not included here.
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 | ₹18 cr | ₹16 cr | +15.50% |
| Other income | ₹0 cr | ₹0 cr | -51.28% |
| Expenses | ₹20 cr | ₹19 cr | +6.89% |
| Operating profit | ₹-3 cr | ₹-4 cr | +29.92% |
| Operating margin (%) | -14.07% | -23.24% | — |
| Interest | ₹1 cr | ₹1 cr | +24.53% |
| Depreciation | ₹1 cr | ₹1 cr | -9.59% |
| Profit before tax | ₹-4 cr | ₹-4 cr | +18.71% |
| Tax | ₹0 cr | ₹0 cr | -100.00% |
| Net profit | ₹-4 cr | ₹-5 cr | +23.32% |
| EPS (₹) | ₹0.00 | ₹-2.51 | — |
Operating margin of -14.07% compares with a Services sector median of 21.50% across 53 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -5.78% | -7.79% |
Volume on the results session was 0.51× its 20-day average.
What to watch
- Whether operating margin improves from -14.07% in the next quarter.
- Whether revenue growth remains ahead of expense growth after revenue rose 15.50% and expenses rose 6.89% sequentially.
- Whether interest expense moderates after increasing 24.53% sequentially.