Revenue jumped 67.55%, but higher costs deepened Global Vectra's loss
Expenses grew faster than revenue, while interest and depreciation more than doubled sequentially and pushed the standalone net loss to Rs 38.33 cr.
Filed 13 Nov 2026, 19:50 IST · after market close · Global Vectra Helicorp Ltd (GLOBALVECT)
Key takeaways
- Standalone operating margin fell 6.90 percentage points QoQ to 1.95% as expenses grew 80.21%, faster than revenue at 67.55%.
- Interest rose 112.17% and depreciation increased 101.74%, deepening the quarterly net loss to Rs 38.33 cr from Rs 11.85 cr.
- At 1.95%, operating margin was 12.47 percentage points below the Services median across 75 reporting peers.
Price around the results
Revenue growth did not translate into operating leverage
Standalone revenue rose 67.55% QoQ, but expenses increased faster at 80.21%. That cost mismatch cut operating profit 63.01% and narrowed operating margin by 6.90 percentage points to 1.95%.
Interest and depreciation overwhelmed the operating profit
Interest increased 112.17% QoQ to Rs 21.96 cr, while depreciation rose 101.74% to Rs 49.87 cr, against operating profit of Rs 4.28 cr. Other income of Rs 8.69 cr was not enough to offset these charges, leaving profit before tax at a loss of Rs 58.86 cr. The tax rate increased 3.12 percentage points to 34.89%, even as the tax benefit rose to Rs 20.54 cr from Rs 5.52 cr.
Margin ranked well below reporting Services peers
Global Vectra's 1.95% operating margin was 12.47 percentage points below the 14.42% median for the 75 Services peers that had reported the quarter. The company ranked 15th from the bottom on this measure, underscoring the extent of the margin gap.
Results were filed after market close
The company filed these standalone results after market close on 13 November 2026. The quarter's sequential deterioration can therefore be assessed before any post-filing market response.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹219 cr | ₹131 cr | +67.55% |
| Other income | ₹9 cr | ₹6 cr | +41.76% |
| Expenses | ₹215 cr | ₹119 cr | +80.21% |
| Operating profit | ₹4 cr | ₹12 cr | -63.01% |
| Operating margin (%) | 1.95% | 8.85% | — |
| Interest | ₹22 cr | ₹10 cr | +112.17% |
| Depreciation | ₹50 cr | ₹25 cr | +101.74% |
| Profit before tax | ₹-59 cr | ₹-17 cr | -239.06% |
| Tax | ₹-21 cr | ₹-6 cr | -272.10% |
| Net profit | ₹-38 cr | ₹-12 cr | -223.46% |
| EPS (₹) | ₹-27.38 | ₹-8.46 | -223.64% |
Operating margin of 1.95% compares with a Services sector median of 14.42% across 75 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 1.95%.
- Whether interest stays below Rs 21.96 cr.
- Whether depreciation falls from Rs 49.87 cr.