HBSL revenue rose 28.57%, but operating loss widened sharply
Expenses grew 65.69% year on year, pushing operating margin down 753.55 percentage points; the standalone results were filed after market close.
Filed 19 Aug 2026, 17:01 IST · after market close · HBSL (HBSL)
Key takeaways
- Revenue grew 28.57% year on year, but expenses grew 65.69%, widening the standalone operating loss to Rs 11.47 cr.
- Operating margin fell 753.55 percentage points year on year to -3171.36%, after standing at -1191.80% in Q2FY26.
- Standalone net loss widened 39.13% year on year to Rs 9.92 cr despite a 26.53% decline in interest expense.
Revenue growth was outpaced by expenses
HBSL's standalone revenue increased 28.57% year on year to Rs 0.36 cr, but expenses rose 65.69% to Rs 11.83 cr. Costs therefore grew faster than revenue, driving the operating loss to Rs 11.47 cr. Other income of Rs 0.04 cr was only -0.34% of pre-tax profit, so it did not materially change the operating picture.
Margin deterioration drove the wider loss
The gap between revenue and expenses pushed operating margin down 753.55 percentage points year on year to -3171.36%. Interest expense fell 26.53% and depreciation fell 40.00%, but those savings were outweighed by the increase in operating costs. A negative tax charge of Rs 1.93 cr reduced the reported pre-tax loss of Rs 11.85 cr to a net loss of Rs 9.92 cr.
Margin worsened after the Q2FY26 improvement
The reported trend shows operating margin improving from -2417.81% in Q4FY25 to -1191.80% in Q2FY26, before worsening to -3171.36% in Q4FY26. Net loss also widened 39.13% year on year, with EPS at negative Rs 13.90 versus negative Rs 9.99 in the year-ago quarter. The results were filed after market close, so there is no market reaction to assess yet.
Q4FY26 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q4FY26 | YoY |
|---|---|---|
| Revenue | ₹0 cr | +28.57% |
| Other income | ₹0 cr | +300.00% |
| Expenses | ₹12 cr | +65.69% |
| Operating profit | ₹-11 cr | -67.45% |
| Operating margin (%) | -3171.36% | — |
| Interest | ₹0 cr | -26.53% |
| Depreciation | ₹0 cr | -40.00% |
| Profit before tax | ₹-12 cr | -59.49% |
| Tax | ₹-2 cr | -543.33% |
| Net profit | ₹-10 cr | -39.13% |
| EPS (₹) | ₹-13.90 | -39.14% |
What to watch
- Whether operating margin improves from -3171.36% in the next reported quarter.
- The expense-to-revenue gap from the current base of Rs 11.83 cr of expenses versus Rs 0.36 cr of revenue.
- Whether the Rs 1.93 cr negative tax charge is repeated against pre-tax loss of Rs 11.85 cr.