Halder Venture margin slips as expenses outpace revenue growth
Consolidated net profit rose +116.18% QoQ, helped by a lower tax rate, but interest expense nearly doubled and other income formed 43.21% of pre-tax profit.
Filed 03 Nov 2026, 20:25 IST · after market close · Halder Venture Ltd (HALDER)
Key takeaways
- Revenue grew +128.04% QoQ, but expenses grew faster at +131.40%, reducing operating margin by 1.36 percentage points.
- Other income contributed 43.21% of pre-tax profit, while the tax rate fell 19.44 percentage points and supported the +116.18% rise in net profit.
- Halder Venture's 6.60% operating margin was 4.06 percentage points below the 10.66% median for 45 reported FMCG peers.
Price around the results
Revenue growth came with weaker operating leverage
Halder Venture's consolidated revenue grew +128.04% QoQ, but expenses increased faster at +131.40%. That mismatch reduced operating margin from 7.96% to 6.60%, a decline of 1.36 percentage points. The company reported the results after market close.
Lower tax softened the impact of higher financing costs
Interest expense rose +95.06% QoQ and depreciation increased +97.51%, putting pressure below operating profit. Pre-tax profit still rose +52.92%, but the tax rate fell from 53.04% to 33.60%, helping net profit increase +116.18%. Other income accounted for 43.21% of pre-tax profit, so reported earnings had a material non-operating contribution.
Margin trails the FMCG peer median
Halder Venture's 6.60% operating margin was 4.06 percentage points below the 10.66% median among 45 FMCG peers that have reported the quarter. It ranked 15th from the bottom on this measure. Sequentially, margin has declined from the 7.96% reported in Q1FY27; the available trend covers one prior quarter rather than a longer run.
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 | ₹427 cr | ₹187 cr | +128.04% |
| Other income | ₹5 cr | ₹4 cr | +35.28% |
| Expenses | ₹398 cr | ₹172 cr | +131.40% |
| Operating profit | ₹28 cr | ₹15 cr | +89.11% |
| Operating margin (%) | 6.60% | 7.96% | — |
| Interest | ₹18 cr | ₹9 cr | +95.06% |
| Depreciation | ₹4 cr | ₹2 cr | +97.51% |
| Profit before tax | ₹11 cr | ₹7 cr | +52.92% |
| Tax | ₹4 cr | ₹4 cr | -3.32% |
| Net profit | ₹7 cr | ₹3 cr | +116.18% |
| EPS (₹) | ₹6.01 | ₹2.78 | +116.19% |
Operating margin of 6.60% compares with a Fast Moving Consumer Goods sector median of 10.66% across 45 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 6.60% after the 1.36 percentage-point QoQ decline.
- Whether expense growth remains above the +128.04% revenue growth rate recorded this quarter.
- Whether interest growth moderates from +95.06% QoQ and other income's 43.21% share of pre-tax profit declines.