Margin falls as expenses and interest jump at Goyal Aluminiums
Revenue rose +4.72% QoQ, but operating margin fell 1.98 percentage points and reported profit was flattered by a -10.75% tax rate.
Filed 02 Nov 2026, 18:10 IST · after market close · Goyal Aluminiums Ltd (GOYALALUM)
Key takeaways
- Consolidated operating margin fell 1.98 percentage points QoQ to 1.12% as expenses grew +6.88%, faster than revenue at +4.72%.
- Net profit fell -93.48% QoQ to Rs 0.06 cr as interest expense rose +146.67% and other income equaled 400.00% of pre-tax profit.
- The 1.12% operating margin was 12.40 percentage points below the Services median across 32 reported peers, ranking second from bottom.
Price around the results
Revenue growth failed to convert into profit
Consolidated revenue rose +4.72% QoQ to Rs 20.42 cr, but operating profit fell -62.30% to Rs 0.23 cr as costs outpaced sales. Net profit fell -93.48% to Rs 0.06 cr, showing that the small revenue gain did not convert into earnings.
Higher costs and interest squeezed the quarter
Expenses increased +6.88% QoQ against revenue growth of +4.72%, narrowing operating margin by 1.98 percentage points. Interest expense rose +146.67% to Rs 0.37 cr, adding pressure below operating profit. Profit quality was weak: other income was 400.00% of pre-tax profit, while the -10.75% tax rate also supported reported net profit.
Margin is well below Services peers
Q2 operating margin of 1.12% was down from 3.10% in Q1FY27, marking a sequential deterioration. It was 12.40 percentage points below the 13.52% median for 32 Services peers that have reported, placing Goyal Aluminiums second from the bottom.
Filed after market close
The consolidated results were filed after market close on 02 Nov 2026 at 18:10 IST. A same-session stock response is therefore not part of this report.
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 | ₹20 cr | ₹20 cr | +4.72% |
| Other income | ₹0 cr | ₹1 cr | -52.94% |
| Expenses | ₹20 cr | ₹19 cr | +6.88% |
| Operating profit | ₹0 cr | ₹1 cr | -62.30% |
| Operating margin (%) | 1.12% | 3.10% | — |
| Interest | ₹0 cr | ₹0 cr | +146.67% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹0 cr | ₹1 cr | -93.48% |
| Tax | ₹-0 cr | ₹0 cr | — |
| Net profit | ₹0 cr | ₹1 cr | -93.48% |
| EPS (₹) | ₹0.00 | ₹0.06 | -100.00% |
Operating margin of 1.12% compares with a Services sector median of 13.52% across 32 peers that have reported Q2FY27.
What to watch
- Whether operating margin moves back above 1.12% after the 1.98-point QoQ decline.
- Whether interest expense falls from Rs 0.37 cr after rising +146.67% QoQ.
- Whether reported profit remains supported by other income, which was 400.00% of pre-tax profit, and a -10.75% tax rate.