Dhunseri Ventures' margin drops 16.43 points as costs rise on lower revenue
Other income still made up 77.94% of pre-tax profit, while interest expense jumped +177.66% QoQ.
Filed 06 Nov 2026, 14:00 IST · Dhunseri Ventures Ltd (DVL)
Key takeaways
- Consolidated operating margin fell 16.43 percentage points QoQ to 22.88% as expenses rose +11.56% while revenue declined -12.20%.
- Net profit declined -39.25% QoQ, while other income still contributed 77.94% of pre-tax profit.
- Despite the sequential contraction, operating margin was 11.38 percentage points above the 11.5% median for 197 reporting Industrials peers.
Price around the results
Revenue fell while operating profit nearly halved sequentially
Dhunseri Ventures reported consolidated revenue growth of -12.20% QoQ, but expenses increased +11.56%. That mismatch reduced operating profit by -48.89% and net profit by -39.25%, with EPS also down -39.25% to Rs 30.23. Other income declined -28.15%, contributing to the -40.80% fall in pre-tax profit.
Cost pressure drove the 16.43-point margin contraction
Operating margin narrowed by 16.43 percentage points to 22.88% because costs grew while revenue contracted. Interest expense increased +177.66% QoQ, adding pressure below the operating line. The tax rate fell by 2.03 percentage points, which partly cushioned the decline in net profit, but other income still represented 77.94% of pre-tax profit and remains a major part of reported earnings.
Margin remained above the Industrials peer median
The 22.88% operating margin was 11.38 percentage points above the 11.5% median among 197 Industrials peers that had reported the quarter. The sequential direction was nevertheless weaker, following the 39.31% margin recorded 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 | ₹232 cr | -12.20% |
| Other income | ₹104 cr | ₹145 cr | -28.15% |
| Expenses | ₹157 cr | ₹141 cr | +11.56% |
| Operating profit | ₹47 cr | ₹91 cr | -48.89% |
| Operating margin (%) | 22.88% | 39.31% | — |
| Interest | ₹10 cr | ₹4 cr | +177.66% |
| Depreciation | ₹7 cr | ₹6 cr | +2.82% |
| Profit before tax | ₹134 cr | ₹226 cr | -40.80% |
| Tax | ₹28 cr | ₹52 cr | -46.04% |
| Net profit | ₹106 cr | ₹174 cr | -39.25% |
| EPS (₹) | ₹30.23 | ₹49.76 | -39.25% |
Operating margin of 22.88% compares with a Industrials sector median of 11.50% across 197 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 22.88% after the 16.43-point QoQ decline.
- Whether interest expense moderates after its +177.66% QoQ increase.
- Whether other income's 77.94% share of pre-tax profit declines.