Madras Fertilizers lifts Q2 profit 46.55% as margin edges up
Revenue growth outpaced expenses sequentially, but operating margin remained 5.64 percentage points below the commodities-sector median.
Filed 12 Nov 2026, 15:44 IST · after market close · Madras Fertilizers Ltd (MADRASFERT)
Key takeaways
- Standalone net profit rose 46.55% sequentially to Rs 50.69 cr, helped by 18.27% revenue growth.
- Operating margin improved 0.3 percentage points to 6.76% as revenue grew faster than expenses.
- Other income contributed 32.39% of pre-tax profit, making the quarter's earnings quality an important watchpoint.
Price around the results
Revenue momentum lifted standalone profit
Madras Fertilizers' standalone revenue increased 18.27% sequentially, while operating profit rose 23.73%, allowing operating margin to improve from 6.46% to 6.76%. Pre-tax profit grew 47.46% and net profit increased 46.55%, despite a 0.47 percentage-point rise in the tax rate.
Costs were contained, but other income was material
Expenses grew 17.89%, slightly slower than revenue, which supported the 0.3 percentage-point margin improvement. Interest increased 0.85% sequentially, while other income rose 76.79% to Rs 22.01 cr and accounted for 32.39% of pre-tax profit. That makes the reported profit increase less reflective of operating performance alone.
Margin trails 149 reported commodities peers
The company's 6.76% operating margin was 5.64 percentage points below the 12.4% median for the 149 commodities peers that had reported the same quarter. Madras Fertilizers ranked 34th from the bottom on this measure. The Q2FY27 standalone results were filed after market close on 12 Nov 2026.
Q2FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹963 cr | ₹814 cr | +18.27% |
| Other income | ₹22 cr | ₹12 cr | +76.79% |
| Expenses | ₹898 cr | ₹761 cr | +17.89% |
| Operating profit | ₹65 cr | ₹53 cr | +23.73% |
| Operating margin (%) | 6.76% | 6.46% | — |
| Interest | ₹15 cr | ₹15 cr | +0.85% |
| Depreciation | ₹4 cr | ₹4 cr | +1.10% |
| Profit before tax | ₹68 cr | ₹46 cr | +47.46% |
| Tax | ₹17 cr | ₹11 cr | +50.22% |
| Net profit | ₹51 cr | ₹35 cr | +46.55% |
| EPS (₹) | ₹3.15 | ₹2.15 | +46.51% |
Operating margin of 6.76% compares with a Commodities sector median of 12.40% across 149 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 6.76% in the next quarter.
- Whether other income remains below the 32.39% share of pre-tax profit.
- Whether revenue growth remains ahead of the 17.89% sequential expense growth.