Revenue rebound swings IVC to operating profit, but margin trails peers
Consolidated revenue rose 78.70% QoQ as expenses declined 8.05%, while lower tax and other income supported the profit recovery.
Filed 04 Nov 2026, 13:53 IST · IL&FS Investment Managers Ltd (IVC)
Key takeaways
- Consolidated operating profit swung to Rs 5.69 cr as revenue rose 78.70% QoQ while expenses fell 8.05%.
- The operating margin rebounded by 57.55 percentage points to 38.97%, but remained 12.69 percentage points below the Financial Services peer median.
- Net profit rose 338.84% QoQ, though other income contributed 19.34% of pre-tax profit and the tax rate fell 33.89 percentage points.
Price around the results
Revenue recovery reversed the operating loss
This consolidated quarter marked a sharp sequential recovery: revenue increased 78.70% to Rs 14.6 cr while expenses declined 8.05% to Rs 8.91 cr. That combination moved operating profit from a Rs 1.52 cr loss in Q1FY27 to Rs 5.69 cr, and net profit rose 338.84% to Rs 5.31 cr.
Margin rebound was helped by costs and tax
Operating margin improved by 57.55 percentage points to 38.97% because revenue grew while expenses fell. Profit quality was also supported by a tax-rate decline of 33.89 percentage points to 23.95%, while other income accounted for 19.34% of pre-tax profit.
Margin remains below the reported peer median
IVC's 38.97% operating margin was 12.69 percentage points below the 51.66% median for the 93 Financial Services peers that had reported the same quarter. The trend shows a rebound from Q1FY27's negative 18.58% margin, but the available sequence is too short to establish a longer 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 | ₹15 cr | ₹8 cr | +78.70% |
| Other income | ₹1 cr | ₹4 cr | -69.73% |
| Expenses | ₹9 cr | ₹10 cr | -8.05% |
| Operating profit | ₹6 cr | ₹-2 cr | — |
| Operating margin (%) | 38.97% | -18.58% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹7 cr | ₹3 cr | +142.36% |
| Tax | ₹2 cr | ₹2 cr | +0.60% |
| Net profit | ₹5 cr | ₹1 cr | +338.84% |
| EPS (₹) | ₹0.10 | ₹0.06 | +66.67% |
Operating margin of 38.97% compares with a Financial Services sector median of 51.66% across 93 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 38.97%.
- Whether the tax rate stays below 23.95%.
- Whether other income remains no more than 19.34% of pre-tax profit.