Tax and other income swing cut Jindal Photo's Q2 profit 75.23% QoQ
Revenue rose 35.01%, but faster costs, a 44.14-point tax-rate increase and negative other income weighed on earnings.
Filed 13 Nov 2026, 20:19 IST · after market close · Jindal Photo Ltd (JINDALPHOT)
Key takeaways
- Consolidated net profit fell 75.23% QoQ to Rs 3.24 cr as the tax rate rose 44.14 percentage points to 44.9%.
- Revenue grew 35.01% QoQ, but expenses rose 146.67%, narrowing operating margin by 1.56 percentage points.
- At 96.56%, operating margin was 44.9 percentage points above the 51.66% median for 127 reported Financial Services peers.
Price around the results
Revenue growth did not reach net profit
Consolidated revenue increased 35.01% QoQ to Rs 10.76 cr, while operating profit grew 32.86% to Rs 10.39 cr. That operating expansion did not flow through to net profit, which fell 75.23% as interest rose 19.23% and other income moved from Rs 6.41 cr to negative Rs 3.26 cr. Negative other income represented -55.44% of profit before tax.
Costs and tax drove the earnings squeeze
Expenses grew 146.67% QoQ, well ahead of the 35.01% revenue increase, reducing operating margin by 1.56 percentage points to 96.56%. The tax rate rose 44.14 percentage points to 44.9%, further widening the gap between profit before tax and net profit. The combination of faster costs, higher interest and negative other income outweighed the revenue increase.
Margin remains above peers but eased sequentially
Jindal Photo's 96.56% operating margin was 44.9 percentage points above the 51.66% median among 127 reported Financial Services peers. Operating margin also eased from 98.12% in Q1FY27 to 96.56% in Q2FY27, marking a sequential decline but not establishing a longer multi-quarter direction.
Results were filed after market close
The company filed its consolidated Q2FY27 results after market close on 13 November 2026 at 20:19 IST. The immediate market response is therefore not part of this quarter's readout.
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 | ₹11 cr | ₹8 cr | +35.01% |
| Other income | ₹-3 cr | ₹6 cr | — |
| Expenses | ₹0 cr | ₹0 cr | +146.67% |
| Operating profit | ₹10 cr | ₹8 cr | +32.86% |
| Operating margin (%) | 96.56% | 98.12% | — |
| Interest | ₹1 cr | ₹1 cr | +19.23% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹6 cr | ₹13 cr | -55.39% |
| Tax | ₹3 cr | ₹0 cr | +2540.00% |
| Net profit | ₹3 cr | ₹13 cr | -75.23% |
| EPS (₹) | ₹3.15 | ₹12.75 | -75.29% |
Operating margin of 96.56% compares with a Financial Services sector median of 51.66% across 127 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 96.56% after the 1.56-point sequential decline.
- Whether expenses grow more slowly than the 146.67% QoQ increase.
- Whether the tax rate moves down from 44.9% after the 44.14-point increase.