EMMBI revenue rises 18%, but higher tax limits profit growth
Operating costs matched revenue growth, keeping margin broadly flat, while higher interest, depreciation and tax rates weighed below the operating line.
Filed 29 Oct 2026, 17:05 IST · after market close · EMMBI (EMMBI)
Key takeaways
- Consolidated revenue rose +18.00% QoQ, but operating margin improved only 0.02 percentage points to 9.10%.
- Net profit increased +10.09% QoQ, slower than the +17.85% rise in pre-tax profit as the tax rate rose 4.72 percentage points.
- Interest expense rose +11.79% and depreciation +27.36% QoQ, while other income contributed only 2.57% of pre-tax profit.
Revenue momentum did not widen the operating margin
EMMBI’s consolidated revenue grew +18.00% QoQ, while expenses increased +17.97%, leaving operating margin almost unchanged at 9.10%, up just 0.02 percentage points. Operating profit therefore rose broadly in line with revenue, rather than showing meaningful margin expansion. With only one prior quarter in the trend, there is not yet a longer direction to establish.
Higher financing and depreciation costs reduced conversion below operations
Interest expense increased +11.79% QoQ and depreciation rose +27.36%, putting pressure below the operating-profit line. Pre-tax profit still grew +17.85%, but net profit rose a slower +10.09% as the tax rate increased by 4.72 percentage points. Other income accounted for just 2.57% of pre-tax profit, so reported profit was not materially dependent on non-operating income.
After-close filing leaves the market response pending
These consolidated results were filed after market close on 29 October 2026. No post-results stock reaction is covered here because the filing was too recent for a market response.
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 | ₹137 cr | ₹116 cr | +18.00% |
| Other income | ₹0 cr | ₹0 cr | -18.18% |
| Expenses | ₹124 cr | ₹105 cr | +17.97% |
| Operating profit | ₹12 cr | ₹11 cr | +18.25% |
| Operating margin (%) | 9.10% | 9.08% | — |
| Interest | ₹5 cr | ₹5 cr | +11.79% |
| Depreciation | ₹4 cr | ₹3 cr | +27.36% |
| Profit before tax | ₹4 cr | ₹3 cr | +17.85% |
| Tax | ₹1 cr | ₹1 cr | +42.03% |
| Net profit | ₹3 cr | ₹2 cr | +10.09% |
| EPS (₹) | ₹1.31 | ₹1.18 | +11.02% |
What to watch
- Whether operating margin holds above 9.10% next quarter.
- Whether the tax rate moves back from 28.09%.
- Whether interest expense remains below the current quarter’s 11.79% QoQ increase.