Krishival margin rises as expenses fall faster than revenue
Consolidated operating margin gained 2.08 percentage points QoQ, but other income supplied 30.68% of pre-tax profit.
Filed 04 Nov 2026, 18:00 IST · after market close · Krishival Foods Ltd (KRISHIVAL)
Key takeaways
- Operating margin rose 2.08 percentage points QoQ to 13.87% as expenses fell 5.99% against a 3.71% revenue decline.
- Other income contributed 30.68% of pre-tax profit, while the tax rate rose 7.30 percentage points to 28.68%.
- Krishival's 13.87% margin was 3.18 percentage points above the 10.69% median for 52 reporting FMCG peers.
Price around the results
Lower revenue, sharper expense control
Krishival Foods' consolidated revenue fell 3.71% QoQ, but expenses declined faster at 5.99%. That cost reduction lifted operating margin by 2.08 percentage points to 13.87%, despite the weaker sales base. Operating profit consequently rose 13.36% QoQ.
Other income supported pre-tax profit
Other income accounted for 30.68% of pre-tax profit, making the earnings mix less dependent on operating profit. Interest expense rose 40.00% QoQ to Rs 1.96 cr, partly offsetting the operating improvement. The tax rate also increased 7.30 percentage points to 28.68%, limiting the conversion of pre-tax profit into net profit.
Margin sits above the FMCG peer median
The 13.87% operating margin was 3.18 percentage points above the 10.69% median among 52 FMCG peers that had reported the quarter. Within the available quarterly trend, margin improved from 11.79% in Q1FY27. This quarter-on-quarter improvement came even as revenue declined 3.71%.
Results filed after market close
The consolidated Q2FY27 results were filed at 18:00 IST on 4 Nov 2026, after market close. The subsequent market response is not covered in this note.
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 | ₹86 cr | ₹89 cr | -3.71% |
| Other income | ₹3 cr | ₹1 cr | +175.00% |
| Expenses | ₹74 cr | ₹78 cr | -5.99% |
| Operating profit | ₹12 cr | ₹10 cr | +13.36% |
| Operating margin (%) | 13.87% | 11.79% | — |
| Interest | ₹2 cr | ₹1 cr | +40.00% |
| Depreciation | ₹3 cr | ₹3 cr | +5.92% |
| Profit before tax | ₹10 cr | ₹7 cr | +35.76% |
| Tax | ₹3 cr | ₹2 cr | +82.89% |
| Net profit | ₹7 cr | ₹6 cr | +23.21% |
| EPS (₹) | ₹2.81 | ₹2.40 | +17.08% |
Operating margin of 13.87% compares with a Fast Moving Consumer Goods sector median of 10.69% across 52 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 13.87% after the Q2 improvement.
- Whether other income's contribution to pre-tax profit changes from 30.68%.
- Whether interest expense moves back from Rs 1.96 cr after rising 40.00% QoQ.