Electrotherm swings to Rs 19.97 cr loss as costs outrun revenue
Consolidated operating margin fell 4.03 percentage points to -1.58%, leaving the company third-lowest among 143 Industrials peers that reported.
Filed 04 Nov 2026, 18:16 IST · after market close · Electrotherm (India) Ltd (ELECTHERM)
Key takeaways
- Consolidated operating profit swung from Rs 22.4 cr in Q1FY27 to a loss of Rs 14.41 cr as expenses rose +4.02% while revenue slipped -0.10%.
- The company reported a consolidated net loss of Rs 19.97 cr, reversing Q1FY27 net profit of Rs 6.93 cr and taking EPS to -Rs 15.67.
- Operating margin fell to -1.58%, 13.82 percentage points below the Industrials peer median, ranking Electrotherm third from the bottom among 143 reporters.
Price around the results
Flat revenue could not absorb the cost increase
Electrotherm’s consolidated revenue was broadly unchanged sequentially at Rs 912.43 cr, but expenses rose +4.02% to Rs 926.84 cr. That mismatch pushed operating profit from Rs 22.4 cr in Q1FY27 to a loss of Rs 14.41 cr, with operating margin narrowing by 4.03 percentage points to -1.58%.
Lower interest cost did not offset the operating loss
Interest expense fell -34.26% sequentially to Rs 2.61 cr, but the improvement was overwhelmed by the operating loss. Other income declined to Rs 0.96 cr and represented -3.52% of pre-tax profit because pre-tax profit was negative; a tax credit of Rs 7.33 cr reduced the reported loss but did not change the weak operating result.
Margin trails the Industrials peer set
Among 143 Industrials companies that had reported, Electrotherm’s -1.58% operating margin was 13.82 percentage points below the sector median of 12.24%. Sequentially, the quarter marked a reversal from Q1FY27’s 2.45% operating margin and Rs 6.93 cr net profit to a consolidated net loss of Rs 19.97 cr.
The market response will come after the filing
The consolidated results were filed after market close on 4 November 2026. The filing therefore does not yet provide a post-results price reaction to compare with the stock’s prior results history.
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 | ₹912 cr | ₹913 cr | -0.10% |
| Other income | ₹1 cr | ₹2 cr | -38.46% |
| Expenses | ₹927 cr | ₹891 cr | +4.02% |
| Operating profit | ₹-14 cr | ₹22 cr | — |
| Operating margin (%) | -1.58% | 2.45% | — |
| Interest | ₹3 cr | ₹4 cr | -34.26% |
| Depreciation | ₹11 cr | ₹11 cr | +0.99% |
| Profit before tax | ₹-27 cr | ₹9 cr | — |
| Tax | ₹-7 cr | ₹2 cr | — |
| Net profit | ₹-20 cr | ₹7 cr | — |
| EPS (₹) | ₹-15.67 | ₹5.44 | — |
Operating margin of -1.58% compares with a Industrials sector median of 12.24% across 143 peers that have reported Q2FY27.
What to watch
- Whether revenue moves above Rs 912.43 cr without another sequential expense increase from Rs 926.84 cr.
- Whether operating margin returns above the Q1FY27 level of 2.45%.
- Whether interest expense remains below the Q1FY27 level of Rs 3.97 cr while the tax credit of Rs 7.33 cr is repeated or reverses.