Dhunseri Investments' operating margin drops 23.24 percentage points in Q2
Consolidated revenue fell 21.54% sequentially as expenses rose 11.85%, while other income still made up 78.19% of pre-tax profit.
Filed 12 Nov 2026, 13:09 IST · Dhunseri Investments Ltd (DHUNINV)
Key takeaways
- Consolidated revenue fell 21.54% quarter on quarter while expenses rose 11.85%, reducing operating profit by 61.73%.
- Operating margin narrowed 23.24 percentage points to 22.15% as costs grew faster than revenue and interest expense increased 177.66%.
- Other income contributed 78.19% of pre-tax profit, making the 48.06% sequential decline in net profit less reflective of operating performance alone.
Price around the results
Revenue contraction cuts operating profit
Dhunseri Investments reported consolidated revenue of Rs 203.16 cr in Q2FY27, down 21.54% from Q1FY27. Expenses rose 11.85% to Rs 158.17 cr despite the lower revenue base, causing operating profit to fall 61.73% to Rs 44.99 cr. Net profit declined 48.06% to Rs 100.66 cr, while EPS fell 52.07% to Rs 104.70.
Margin pressure combines with higher interest costs
Operating margin narrowed 23.24 percentage points to 22.15% because expenses grew while revenue contracted. Interest expense rose 177.66% to Rs 10.44 cr, adding further pressure below operating profit. The tax rate eased 1.34 percentage points to 21.30%, partly cushioning the decline in net profit.
Other income dominates profit and margin trails peers
Other income fell 30.16% to Rs 100.01 cr but still accounted for 78.19% of pre-tax profit, so reported earnings remained heavily dependent on non-operating income. The 22.15% operating margin was 29.46 percentage points below the 51.61% median for 118 Financial Services peers that had reported the quarter, placing the company 28th from the bottom. This was a sharp sequential reversal from the 45.39% operating margin in Q1FY27.
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 | ₹203 cr | ₹259 cr | -21.54% |
| Other income | ₹100 cr | ₹143 cr | -30.16% |
| Expenses | ₹158 cr | ₹141 cr | +11.85% |
| Operating profit | ₹45 cr | ₹118 cr | -61.73% |
| Operating margin (%) | 22.15% | 45.39% | — |
| Interest | ₹10 cr | ₹4 cr | +177.66% |
| Depreciation | ₹7 cr | ₹6 cr | +2.78% |
| Profit before tax | ₹128 cr | ₹251 cr | -48.94% |
| Tax | ₹27 cr | ₹57 cr | -51.97% |
| Net profit | ₹101 cr | ₹194 cr | -48.06% |
| EPS (₹) | ₹104.70 | ₹218.43 | -52.07% |
Operating margin of 22.15% compares with a Financial Services sector median of 51.61% across 118 peers that have reported Q2FY27.
What to watch
- Whether revenue moves up from Rs 203.16 cr next quarter.
- Whether operating margin holds above or recovers from 22.15%.
- Whether other income remains a large contributor after accounting for 78.19% of pre-tax profit.