Indogulf margin expands 10.19 points as Q2 revenue jumps 51.76%
Expenses grew 35.37%, below revenue growth, while a 4.27-point tax-rate rise limited profit conversion.
Filed 02 Nov 2026, 11:57 IST · Indogulf Cropsciences Ltd (IGCL)
Key takeaways
- Consolidated operating margin expanded 10.19 percentage points QoQ as revenue grew +51.76%, faster than expenses at +35.37%.
- Net profit rose +965.56% QoQ, but the tax rate increased 4.27 percentage points to 27.00%.
- Indogulf's 15.86% operating margin was 1.23 percentage points above the 14.63% median for 75 reported commodities peers.
Price around the results
Q2FY27 brought a sharp sequential rebound
On a consolidated basis, revenue growth of +51.76% outpaced expense growth of +35.37%, lifting operating margin from 5.67% to 15.86%. That operating leverage drove operating profit growth of +324.71% QoQ, while interest expense fell -9.09%.
Higher tax reduced the earnings conversion
The tax rate rose 4.27 percentage points to 27.00%, so the increase in profit before tax did not flow through fully to net profit. Other income contributed 4.38% of pre-tax profit, making it a limited part of the quarter's earnings mix.
Margin moved above the commodities peer median
Indogulf's 15.86% operating margin was 1.23 percentage points above the 14.63% median among 75 commodities companies that had reported the quarter. The available trend shows a 10.19-percentage-point QoQ improvement from Q1FY27, but does not establish a longer multi-quarter direction.
Institutional business and capacity expansion are management's focus
Management said the institutional business remained robust, with 184 active institutional partners contributing to revenue. The company said its advisory-led approach is being used to improve product adoption and farmer relationships across channels. Management also said expansion is underway for a dry flowable plant at the Barwasni facility.
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 | ₹256 cr | ₹169 cr | +51.76% |
| Other income | ₹2 cr | ₹1 cr | +81.18% |
| Expenses | ₹215 cr | ₹159 cr | +35.37% |
| Operating profit | ₹41 cr | ₹10 cr | +324.71% |
| Operating margin (%) | 15.86% | 5.67% | — |
| Interest | ₹4 cr | ₹5 cr | -9.09% |
| Depreciation | ₹3 cr | ₹3 cr | +1.81% |
| Profit before tax | ₹35 cr | ₹3 cr | +1027.88% |
| Tax | ₹10 cr | ₹1 cr | +1238.03% |
| Net profit | ₹26 cr | ₹2 cr | +965.56% |
| EPS (₹) | ₹4.26 | ₹0.38 | +1021.05% |
Operating margin of 15.86% compares with a Commodities sector median of 14.63% across 75 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Institutional business remained robust with 184 active institutional partners contributing to revenue.
Expansion
- Expansion is underway for a dry flowable plant at the Barwasni facility.
New initiatives
- The company is strengthening its advisory-led approach to improve product adoption and farmer relationships.
What to watch
- Whether operating margin holds above the 15.86% reported in Q2FY27.
- Whether expense growth remains below the +35.37% QoQ recorded this quarter.
- Whether the institutional partner base remains at or above 184.