Flat revenue, higher costs and negative other income deepen Q2 loss
Consolidated operating margin deteriorated by 249.85 percentage points QoQ, while negative other income accounted for 93.93% of the pre-tax result.
Filed 12 Nov 2026, 16:39 IST · after market close · Maha Rashtra Apex Corporation Ltd (MAHAPEXLTD)
Key takeaways
- Consolidated operating margin fell 249.85 percentage points QoQ to -1014.05% as expenses rose +31.37% while revenue was flat.
- Negative other income of Rs -9.59 cr drove 93.93% of the pre-tax result and pushed net profit to a loss.
- The company ranked last among 118 Financial Services peers by operating margin, trailing the sector median of 51.61% by 1065.66 percentage points.
Price around the results
Costs rose despite unchanged revenue
Maha Rashtra Apex’s consolidated revenue was unchanged QoQ at Rs 0.06 cr, but expenses rose +31.37% to Rs 0.67 cr. With costs growing while revenue stayed flat, operating profit weakened to Rs -0.61 cr and operating margin fell 249.85 percentage points to -1014.05%.
Negative other income drove the pre-tax loss
Other income swung from Rs 4.07 cr in Q1FY27 to Rs -9.59 cr in Q2FY27, overwhelming the operating result and producing a pre-tax loss of Rs -10.21 cr. Other income represented 93.93% of the pre-tax result, so the quarter’s loss was driven mainly outside operations; the lower tax rate, down 3.18 percentage points, did not materially offset it.
Margin was weakest among 118 reported peers
Operating margin deteriorated from -764.20% in Q1FY27 to -1014.05% in Q2FY27, extending the quarter-on-quarter decline. The company ranked 1st from the bottom among 118 Financial Services peers, with its margin 1065.66 percentage points below the sector median of 51.61%. The results were filed after market close, so no post-result stock reaction is covered here.
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 | ₹0 cr | ₹0 cr | +0.00% |
| Other income | ₹-10 cr | ₹4 cr | — |
| Expenses | ₹1 cr | ₹1 cr | +31.37% |
| Operating profit | ₹-1 cr | ₹-0 cr | -35.56% |
| Operating margin (%) | -1014.05% | -764.20% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹-10 cr | ₹4 cr | — |
| Tax | ₹-0 cr | ₹0 cr | — |
| Net profit | ₹-10 cr | ₹3 cr | — |
| EPS (₹) | ₹-6.00 | ₹1.23 | — |
Operating margin of -1014.05% compares with a Financial Services sector median of 51.61% across 118 peers that have reported Q2FY27.
What to watch
- Whether operating margin improves from -1014.05%.
- Whether expenses continue to rise from Rs 0.67 cr while revenue remains at Rs 0.06 cr.
- Whether other income recovers from Rs -9.59 cr.