Revenue jumps 21.85%, but faster costs cut Man Infra margin
Consolidated profit grew 3.97% QoQ as the tax rate rose 2.64 percentage points and other income remained a significant part of pre-tax profit.
Filed 29 Oct 2026, 13:52 IST · Man Infraconstruction Ltd (MANINFRA)
Key takeaways
- Consolidated revenue rose 21.85% QoQ to Rs 266.01 cr, but expenses grew faster at 26.33%.
- Operating margin fell 2.47 percentage points QoQ to 30.29% as costs outpaced revenue.
- Other income contributed 21.63% of pre-tax profit, while net profit increased only 3.97% QoQ to Rs 65.23 cr.
Price around the results
Revenue growth did not flow through to profit
Man Infraconstruction's consolidated revenue grew 21.85% QoQ, while operating profit increased 12.65%. Profit before tax rose 7.80% and net profit 3.97%, with EPS declining 11.86% to Rs 1.56. The slower profit growth reflects pressure below the operating line as well as higher tax.
Costs narrowed the operating margin
Expenses grew 26.33% QoQ, faster than the 21.85% rise in revenue, reducing operating margin by 2.47 percentage points. Interest expense increased 7.16%, while the tax rate rose 2.64 percentage points to 28.49%. Other income fell 8.40% but still accounted for 21.63% of pre-tax profit, making reported earnings partly dependent on non-operating income.
Margin stayed well above the sector median
The 30.29% operating margin was 17.55 percentage points above the 12.74% median among 107 Consumer Discretionary peers that had reported the quarter. Sequentially, however, margin moved down from 32.76% in Q1FY27, marking a clear quarter-on-quarter deterioration even as revenue increased.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹266 cr | ₹218 cr | +21.85% |
| Other income | ₹20 cr | ₹22 cr | -8.40% |
| Expenses | ₹185 cr | ₹147 cr | +26.33% |
| Operating profit | ₹81 cr | ₹72 cr | +12.65% |
| Operating margin (%) | 30.29% | 32.76% | — |
| Interest | ₹6 cr | ₹5 cr | +7.16% |
| Depreciation | ₹3 cr | ₹3 cr | +8.65% |
| Profit before tax | ₹91 cr | ₹85 cr | +7.80% |
| Tax | ₹26 cr | ₹22 cr | +18.78% |
| Net profit | ₹65 cr | ₹63 cr | +3.97% |
| EPS (₹) | ₹1.56 | ₹1.77 | -11.86% |
Operating margin of 30.29% compares with a Consumer Discretionary sector median of 12.74% across 107 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 30.29% after the 2.47-percentage-point QoQ decline.
- Whether expenses grow slower than the 26.33% QoQ pace.
- Whether other income's 21.63% share of pre-tax profit declines.