Revenue growth outpaced costs, lifting GSP Crop Science margin
Revenue rose +44.67% QoQ while expenses grew +41.16%, pushing operating margin up 2.16 percentage points to 13.18%.
Filed 13 Nov 2026, 20:03 IST · after market close · GSP Crop Science Ltd (GSPCROP)
Key takeaways
- Consolidated operating profit rose +72.99% QoQ as revenue grew +44.67% while expenses rose +41.16%, lifting operating margin by 2.16 percentage points.
- Net profit increased +69.15% QoQ despite interest rising +10.64% and the tax rate moving up 0.80 percentage points.
- The 13.18% operating margin was 0.79 percentage points above the 12.39% median for 156 reported Commodities peers.
Price around the results
Revenue growth delivered sequential operating leverage
On a consolidated basis, revenue expanded to Rs 558.42 cr from Rs 386.00 cr in Q1FY27, while expenses increased at a slower +41.16% versus revenue growth of +44.67%. That spread lifted operating profit +72.99% QoQ and marks a sequential margin improvement from 11.02% to 13.18%.
Tax and other income moderated profit conversion
Profit before tax grew +70.96% QoQ, while net profit rose +69.15% as tax increased +76.25% and the tax rate moved up 0.80 percentage points to 26.16%. Other income contributed 7.28% of pre-tax profit, so reported earnings included a noticeable non-operating component; interest also rose +10.64%.
Margin stayed above the Commodities peer median
GSP Crop Science's 13.18% operating margin was 0.79 percentage points above the 12.39% median among 156 Commodities peers that had reported the quarter. The results were filed after market close on 13 November 2026, so the filing does not yet provide a market reaction to assess.
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 | ₹558 cr | ₹386 cr | +44.67% |
| Other income | ₹4 cr | ₹8 cr | -46.73% |
| Expenses | ₹485 cr | ₹343 cr | +41.16% |
| Operating profit | ₹74 cr | ₹43 cr | +72.99% |
| Operating margin (%) | 13.18% | 11.02% | — |
| Interest | ₹7 cr | ₹7 cr | +10.64% |
| Depreciation | ₹10 cr | ₹9 cr | +16.17% |
| Profit before tax | ₹60 cr | ₹35 cr | +70.96% |
| Tax | ₹16 cr | ₹9 cr | +76.25% |
| Net profit | ₹45 cr | ₹26 cr | +69.15% |
| EPS (₹) | ₹9.60 | ₹5.67 | +69.31% |
Operating margin of 13.18% compares with a Commodities sector median of 12.39% across 156 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 13.18% after the 2.16-percentage-point sequential improvement.
- Whether expense growth remains below revenue growth after +41.16% versus +44.67% QoQ.
- Whether other income's 7.28% contribution to pre-tax profit and the 26.16% tax rate change profit conversion.