Fast Moving Consumer Goods · Q2FY27 · Consolidated

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.

By Ashutosh

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 itemQ2FY27Q1FY27QoQ
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.