ITDC margin widens 5.10 points as revenue growth outpaces costs
Consolidated revenue rose 20.06% QoQ, while lower tax and other income also supported the 93.82% increase in net profit.
Filed 12 Nov 2026, 19:55 IST · after market close · India Tourism Development Corporation Ltd (ITDC)
Key takeaways
- Consolidated revenue grew 20.06% QoQ while expenses rose 13.31%, lifting operating margin by 5.10 percentage points.
- Net profit increased 93.82% QoQ, but other income contributed 42.86% of pre-tax profit.
- ITDC's 14.35% operating margin was 3.12 percentage points above the 11.23% median for 329 reported Consumer Discretionary peers.
Price around the results
Revenue growth created operating leverage in Q2FY27
Consolidated revenue rose 20.06% QoQ, ahead of the 13.31% increase in expenses, allowing operating profit to grow 86.31%. This widened operating margin by 5.10 percentage points to 14.35%, reversing the pressure seen in the previous quarter.
Other income and tax rate lifted reported profit
Other income accounted for 42.86% of pre-tax profit, so reported earnings were not driven entirely by operations. The tax rate fell 7.24 percentage points to 23.25%, which also helped net profit grow 93.82% QoQ.
Margin stood above the reported peer median
ITDC's 14.35% operating margin was 3.12 percentage points above the 11.23% median among 329 Consumer Discretionary peers that had reported the quarter. The available trend shows a sequential rise from 9.25% in Q1FY27, but does not establish a longer multi-quarter direction.
Results were filed after the market close
The company filed its consolidated Q2FY27 results at 19:55 IST on 12 November 2026, after market close. The reported quarter can therefore be assessed separately from any same-day market reaction.
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 | ₹108 cr | ₹90 cr | +20.06% |
| Other income | ₹10 cr | ₹7 cr | +43.42% |
| Expenses | ₹93 cr | ₹82 cr | +13.31% |
| Operating profit | ₹16 cr | ₹8 cr | +86.31% |
| Operating margin (%) | 14.35% | 9.25% | — |
| Interest | ₹0 cr | ₹0 cr | +5.26% |
| Depreciation | ₹2 cr | ₹2 cr | +4.37% |
| Profit before tax | ₹24 cr | ₹14 cr | +74.51% |
| Tax | ₹6 cr | ₹4 cr | +33.33% |
| Net profit | ₹18 cr | ₹9 cr | +93.82% |
| EPS (₹) | ₹-0.77 | ₹1.09 | — |
Operating margin of 14.35% compares with a Consumer Discretionary sector median of 11.23% across 329 peers that have reported Q2FY27.
What to watch
- Whether operating margin remains above 14.35% in the next reported quarter.
- Whether expense growth stays below the 20.06% revenue growth recorded QoQ.
- Whether other income's 42.86% share of pre-tax profit declines.