Revenue rose 107.72% QoQ as operating margin reached 40.17%
Expenses grew 39.60%, well below revenue growth, but the tax rate rose 17.98 percentage points.
Filed 12 Nov 2026, 17:29 IST · after market close · Ganges Securities Ltd (GANGESSECU)
Key takeaways
- Consolidated revenue rose 107.72% QoQ while expenses grew 39.60%, lifting operating margin by 29.30 percentage points to 40.17%.
- Consolidated net profit increased 227.87% QoQ even as the tax rate rose 17.98 percentage points to 34.21%.
- Operating margin was 29.48 percentage points above the 10.69% median for 74 reported FMCG peers.
Price around the results
Revenue more than doubled from Q1
Consolidated revenue increased from Rs 7.77 cr in Q1FY27 to Rs 16.14 cr in Q2FY27, a 107.72% QoQ rise. Expenses grew 39.60% to Rs 9.66 cr, so operating profit rose 671.43% to Rs 6.48 cr. The result was a 227.87% increase in net profit to Rs 4.00 cr.
Operating leverage drove the margin expansion
Revenue grew much faster than expenses, expanding operating margin by 29.30 percentage points to 40.17%. Other income was negative at Rs 0.12 cr and represented -1.97% of profit before tax, so reported profit was not supported by a large non-operating gain. The tax rate rose from 16.23% to 34.21%, a 17.98 percentage-point increase that limited the conversion of pre-tax profit into net profit.
Margin was well above the reported FMCG peer median
Ganges Securities' 40.17% operating margin was 29.48 percentage points above the 10.69% median among 74 FMCG peers that had reported the quarter. This was the second quarter in the available trend, with margin rising from 10.87% in Q1FY27. The company filed the consolidated results after market close on 12 Nov 2026 at 17:29 IST, so there is no post-results market response to assess yet.
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 | ₹16 cr | ₹8 cr | +107.72% |
| Other income | ₹-0 cr | ₹1 cr | — |
| Expenses | ₹10 cr | ₹7 cr | +39.60% |
| Operating profit | ₹6 cr | ₹1 cr | +671.43% |
| Operating margin (%) | 40.17% | 10.87% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | +33.33% |
| Profit before tax | ₹6 cr | ₹1 cr | +316.44% |
| Tax | ₹2 cr | ₹0 cr | +766.67% |
| Net profit | ₹4 cr | ₹1 cr | +227.87% |
| EPS (₹) | ₹4.00 | ₹1.22 | +227.87% |
Operating margin of 40.17% compares with a Fast Moving Consumer Goods sector median of 10.69% across 74 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 40.17%.
- Whether revenue remains above Rs 16.14 cr after the 107.72% QoQ increase.
- Whether the tax rate moves down from 34.21%.