Operating margin rebounds to 62.80%, but net profit drops 49.46%
Revenue grew by +16.39% QoQ and expenses declined by -57.38%, but other income fell by -68.75% and the tax rate rose by 23.56 percentage points.
Filed 11 Nov 2026, 16:52 IST · after market close · ICDSLTD (ICDSLTD)
Key takeaways
- Consolidated operating margin expanded 61.42 percentage points QoQ to 62.80% as expenses fell 57.38% while revenue rose 16.39%.
- Net profit fell 49.46% QoQ despite a 4400.00% rise in operating profit, as other income declined 68.75% and the tax rate rose 23.56 percentage points.
- Other income accounted for 51.47% of consolidated profit before tax, making it a significant contributor to reported earnings.
Expense drop drives the margin swing
Revenue increased 16.39% QoQ, while expenses decreased 57.38%; that divergence lifted consolidated operating margin by 61.42 percentage points to 62.80%. Operating profit rose 4400.00% from Q1FY27, when the operating margin was 1.38%.
Other income and tax reversed the profit outcome
Other income fell 68.75% QoQ and still represented 51.47% of profit before tax, so earnings remained materially influenced by non-operating income. Profit before tax declined 32.67%, while the tax rate rose 23.56 percentage points to 31.45%, taking net profit down 49.46%.
Sharp sequential reversal; results filed after close
The move from a 1.38% operating margin in Q1FY27 to 62.80% in Q2FY27 is a sharp one-quarter reversal, rather than evidence of a multi-quarter direction.
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 | ₹1 cr | +16.39% |
| Other income | ₹0 cr | ₹1 cr | -68.75% |
| Expenses | ₹0 cr | ₹1 cr | -57.38% |
| Operating profit | ₹0 cr | ₹0 cr | +4400.00% |
| Operating margin (%) | 62.80% | 1.38% | — |
| Interest | ₹0 cr | ₹0 cr | +0.00% |
| Depreciation | ₹0 cr | ₹0 cr | +11.11% |
| Profit before tax | ₹1 cr | ₹1 cr | -32.67% |
| Tax | ₹0 cr | ₹0 cr | +162.50% |
| Net profit | ₹0 cr | ₹1 cr | -49.46% |
| EPS (₹) | ₹0.36 | ₹0.72 | -50.00% |
What to watch
- Whether operating margin holds above 62.80%.
- Whether other income's share of profit before tax falls below 51.47%.
- Whether the tax rate moves back from 31.45%.