HB Stockholdings swings to Q2 loss as revenue falls 94.05%
Expenses rose 254.21% QoQ, taking operating margin down 622.63 percentage points; the results were filed after market close.
Filed 05 Nov 2026, 16:23 IST · after market close · HB Stockholdings Ltd (HBSL)
Key takeaways
- Consolidated operating margin fell 622.63 percentage points QoQ to -533.24% as revenue declined -94.05% and expenses rose +254.21%.
- Consolidated net profit swung from Rs 7.95 cr in Q1FY27 to a Rs -3.29 cr loss, while EPS moved from Rs 11.14 to Rs -4.60.
- HB Stockholdings' -533.24% operating margin was 589.03 percentage points below the 55.79% median for 100 reporting Financial Services peers.
Price around the results
Revenue collapse reverses Q1 profit
Consolidated revenue fell -94.05% QoQ to Rs 0.60 cr, while expenses increased +254.21% to Rs 3.79 cr. The mismatch turned operating profit from Rs 9.02 cr in Q1FY27 into a Rs -3.19 cr loss in Q2FY27. Net profit consequently moved from Rs 7.95 cr to Rs -3.29 cr.
Costs, not taxes, drove the margin swing
Expenses grew faster than revenue, pushing operating margin down 622.63 percentage points to -533.24%. Interest expense also rose +18.75% QoQ, while depreciation was unchanged at Rs 0.06 cr. The tax rate changed only 0.03 percentage points to 8.42%, so the loss was not driven by a tax-rate shift; other income accounted for -1.11% of pre-tax profit.
Q2 ranked at the bottom of its peer set
HB Stockholdings' operating margin was 589.03 percentage points below the 55.79% median for 100 Financial Services peers that had reported the quarter. The company ranked 1 from the bottom on this measure. With only Q1FY27 in the supplied trend, the clearest direction is the sharp sequential reversal from a 89.39% operating margin to -533.24%.
No immediate market response after the filing
The results were filed after market close, so there was no immediate market reaction to report. After the previous four results, the stock rose once and fell three times, with a median absolute move of 0.02%; the recorded moves included one +9.58% move and three -0.02% moves.
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 | ₹1 cr | ₹10 cr | -94.05% |
| Other income | ₹0 cr | ₹0 cr | +0.00% |
| Expenses | ₹4 cr | ₹1 cr | +254.21% |
| Operating profit | ₹-3 cr | ₹9 cr | — |
| Operating margin (%) | -533.24% | 89.39% | — |
| Interest | ₹0 cr | ₹0 cr | +18.75% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹-4 cr | ₹9 cr | — |
| Tax | ₹-0 cr | ₹1 cr | — |
| Net profit | ₹-3 cr | ₹8 cr | — |
| EPS (₹) | ₹-4.60 | ₹11.14 | — |
Operating margin of -533.24% compares with a Financial Services sector median of 55.79% across 100 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -6.11% | -8.12% |
Volume on the results session was 3.73× its 20-day average.
What to watch
- Whether revenue recovers from Rs 0.60 cr in Q2FY27.
- Whether expenses fall from Rs 3.79 cr and their +254.21% QoQ growth moderates.
- Whether operating margin moves back from -533.24%.