IVP profit falls 66.83% as costs outpace revenue growth
Standalone revenue rose 10.95% sequentially, but the operating margin fell 8.25 percentage points as expenses grew 21.51%.
Filed 04 Nov 2026, 16:09 IST · after market close · IVP (IVP)
Key takeaways
- Standalone net profit fell 66.83% sequentially to Rs 4.65 cr despite revenue growth of 10.95%.
- Operating margin narrowed 8.25 percentage points to 5.06% as expenses grew 21.51%, faster than revenue.
- Other income contributed 14.19% of pre-tax profit, while the tax rate rose 0.57 percentage points to 25.84%.
Revenue growth did not convert into profit
IVP’s standalone revenue increased 10.95% sequentially to Rs 171.68 cr, but net profit dropped 66.83% to Rs 4.65 cr. EPS fell 66.84% to Rs 4.50 from Rs 13.57 in Q1FY27. The result was filed after market close on 4 November 2026.
Expense growth drove the margin collapse
Expenses grew 21.51% sequentially, nearly twice the pace of revenue growth, reducing operating profit 57.80% and cutting operating margin by 8.25 percentage points to 5.06%. Interest expense also rose 27.54%, adding to the pressure below the operating line. Other income accounted for 14.19% of pre-tax profit, so reported earnings included a meaningful non-operating contribution.
Sharp sequential deterioration from Q1FY27
Compared with Q1FY27, pre-tax profit fell 66.58% as the margin contraction outweighed the increase in revenue. The tax rate rose only 0.57 percentage points to 25.84%, so the profit decline was primarily operational rather than tax-driven. The quarter marks a sharp sequential reversal from Q1FY27’s 13.31% operating margin.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹172 cr | ₹155 cr | +10.95% |
| Other income | ₹1 cr | ₹1 cr | -18.35% |
| Expenses | ₹163 cr | ₹134 cr | +21.51% |
| Operating profit | ₹9 cr | ₹21 cr | -57.80% |
| Operating margin (%) | 5.06% | 13.31% | — |
| Interest | ₹2 cr | ₹1 cr | +27.54% |
| Depreciation | ₹2 cr | ₹2 cr | +0.65% |
| Profit before tax | ₹6 cr | ₹19 cr | -66.58% |
| Tax | ₹2 cr | ₹5 cr | -65.82% |
| Net profit | ₹5 cr | ₹14 cr | -66.83% |
| EPS (₹) | ₹4.50 | ₹13.57 | -66.84% |
What to watch
- Whether operating margin recovers from 5.06% after the 8.25-percentage-point sequential decline.
- Whether expense growth moderates from 21.51% against revenue growth of 10.95%.
- Whether other income remains a material contributor after accounting for 14.19% of pre-tax profit.