Commodities · Q2FY27 · Consolidated

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.

By Ashutosh

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 itemQ2FY27Q1FY27QoQ
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.