Other income drove MAHAPEXLTD's profit despite an operating loss
The consolidated quarter produced a Rs 3.48 cr net profit, but revenue was only Rs 0.06 cr against Rs 4.07 cr of other income.
Filed 04 Sep 2026, 15:23 IST · Maha Rashtra Apex Corporation Ltd (MAHAPEXLTD)
Key takeaways
- Consolidated operating profit was a loss of Rs -0.45 cr, while Rs 4.07 cr of other income produced Rs 3.48 cr of net profit.
- The operating margin was -764.20%, trailing the Financial Services peer median by 821.72 percentage points across 127 reported companies.
- The stock fell 3.69% on the reaction day and was down 11.31% by the next session, before recovering 3.08% by day five.
Price around the results
Profit came from other income, not operations
The consolidated business posted an operating loss of Rs -0.45 cr on revenue of Rs 0.06 cr, so the reported Rs 3.48 cr net profit does not reflect operating earnings. Other income of Rs 4.07 cr was larger than profit before tax of Rs 3.60 cr, making it the central source of the quarter's profit.
Operating margin was far below sector levels
The operating margin was -764.20%, reflecting expenses of Rs 0.51 cr against revenue of Rs 0.06 cr. That was 821.72 percentage points below the 57.52% median operating margin for 127 Financial Services peers that had reported, placing the company first from the bottom in the comparison.
Low tax rate added to reported profit
Tax was Rs 0.12 cr, equivalent to a 3.40% tax rate on profit before tax. This kept the conversion of Rs 3.60 cr of pre-tax profit into Rs 3.48 cr of net profit high, but the profit base itself was dominated by other income rather than operating profit.
Shares weakened after the result
The stock fell 3.69% on the reaction day and was down 11.31% by the next session. It recovered 3.08% by day five, but remained down 9.25% at day 30.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹0 cr |
| Other income | ₹4 cr |
| Expenses | ₹1 cr |
| Operating profit | ₹-0 cr |
| Operating margin (%) | -764.20% |
| Interest | ₹0 cr |
| Depreciation | ₹0 cr |
| Profit before tax | ₹4 cr |
| Tax | ₹0 cr |
| Net profit | ₹3 cr |
| EPS (₹) | ₹1.23 |
Operating margin of -764.20% compares with a Financial Services sector median of 57.52% across 127 peers that have reported Q1FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -3.69% | -3.53% |
| Next session | -11.31% | — |
| 5 sessions | +3.08% | +3.91% |
| 15 sessions | -3.73% | — |
| 30 sessions | -9.25% | — |
Volume on the results session was 1.11× its 20-day average.
What to watch
- Whether operating margin improves from -764.20% in the next consolidated quarter.
- Whether other income remains above operating revenue of Rs 0.06 cr.
- Whether the tax rate stays near 3.40% while profit before tax remains dependent on other income.