Revenue jumped 22.85%, but faster cost growth cut margin
Consolidated net profit rose 27.95% QoQ as interest expense fell, while other income contributed 8.69% of pre-tax profit.
Filed 05 Nov 2026, 17:55 IST · after market close · I G Petrochemicals Ltd (IGPL)
Key takeaways
- Consolidated revenue rose +22.85% QoQ, but expenses grew faster at +23.92%, narrowing operating margin by 0.72 percentage points.
- Net profit increased +27.95% QoQ, helped by a -13.41% decline in interest expense and a slightly lower tax rate.
- I G Petrochemicals’ 17.44% operating margin was 4.59 percentage points above the 12.85% median for 126 reported commodity-sector peers.
Price around the results
Revenue growth came with faster cost growth
I G Petrochemicals reported consolidated revenue of Rs 758.96 cr in Q2FY27, up +22.85% QoQ. Expenses rose faster at +23.92%, limiting operating profit growth to +18.01% and taking operating margin down to 17.44%.
Lower interest expense supported profit conversion
Interest expense fell -13.41% QoQ, while depreciation was broadly unchanged, helping pre-tax profit grow +27.78% despite the operating-margin squeeze. The tax rate declined by 0.09 percentage points to 26.40%. Other income accounted for 8.69% of pre-tax profit, so it made a meaningful contribution to reported profit.
Margin stayed above the commodity-sector median
The company’s 17.44% operating margin was 4.59 percentage points above the 12.85% median among 126 commodity-sector peers that had reported. The sequential margin decline marks a weaker quarter on cost absorption, although only Q1FY27 is available in the reported trend, so a multi-quarter direction cannot be established.
Results were filed after market close
The consolidated results were filed at 17:55 IST on 5 November 2026, after the market close. There is no post-results market reaction to assess yet.
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 | ₹759 cr | ₹618 cr | +22.85% |
| Other income | ₹10 cr | ₹7 cr | +51.89% |
| Expenses | ₹627 cr | ₹506 cr | +23.92% |
| Operating profit | ₹132 cr | ₹112 cr | +18.01% |
| Operating margin (%) | 17.44% | 18.16% | — |
| Interest | ₹9 cr | ₹11 cr | -13.41% |
| Depreciation | ₹18 cr | ₹18 cr | -0.17% |
| Profit before tax | ₹116 cr | ₹90 cr | +27.78% |
| Tax | ₹30 cr | ₹24 cr | +27.31% |
| Net profit | ₹85 cr | ₹66 cr | +27.95% |
| EPS (₹) | ₹27.60 | ₹21.57 | +27.96% |
Operating margin of 17.44% compares with a Commodities sector median of 12.85% across 126 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 17.44% after the 0.72 percentage-point QoQ decline.
- Whether expense growth moderates from +23.92% QoQ relative to revenue growth of +22.85%.
- Whether interest expense remains below Rs 9.30 cr after the -13.41% QoQ decline.