Other income collapse leaves Manugraph in a Q2 loss
The standalone operating deficit narrowed sequentially, but the near-disappearance of other income pushed profit before tax into a Rs 0.95 cr loss.
Filed 04 Nov 2026, 16:25 IST · after market close · Manugraph India Ltd (MANUGRAPH)
Key takeaways
- Standalone operating margin improved by 5.30 percentage points QoQ as expenses fell 37.42%, faster than the 34.27% revenue decline.
- Net profit swung to a Rs 0.96 cr loss from a Rs 7.46 cr profit as other income fell 98.43% QoQ.
- Operating margin at -5.10% was 17.34 percentage points below the 12.24% median for 143 reporting Industrials peers.
Price around the results
Q2 loss followed a sharp fall in revenue
Manugraph reported standalone revenue of Rs 16.90 cr, down 34.27% QoQ, while the operating loss narrowed to Rs 0.86 cr from Rs 2.67 cr. That improvement did not prevent a loss because other income fell to Rs 0.15 cr from Rs 9.54 cr in Q1, turning profit before tax from Rs 6.59 cr into a Rs 0.95 cr loss.
Lower expenses helped, but margins stayed negative
Expenses declined 37.42% QoQ, outpacing the revenue decline and improving operating margin by 5.30 percentage points to -5.10%. Interest expense fell 71.43%, but tax was still an expense of Rs 0.01 cr; the reported tax rate rose 12.39 percentage points, so tax did not flatter the quarter's loss.
Manugraph ranked near the bottom of reporting peers
Among 143 Industrials companies that had reported, Manugraph's -5.10% operating margin was 17.34 percentage points below the sector median of 12.24%, ranking it third from the bottom.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹17 cr | ₹26 cr | -34.27% |
| Other income | ₹0 cr | ₹10 cr | -98.43% |
| Expenses | ₹18 cr | ₹28 cr | -37.42% |
| Operating profit | ₹-1 cr | ₹-3 cr | +67.79% |
| Operating margin (%) | -5.10% | -10.40% | — |
| Interest | ₹0 cr | ₹0 cr | -71.43% |
| Depreciation | ₹0 cr | ₹0 cr | +10.00% |
| Profit before tax | ₹-1 cr | ₹7 cr | — |
| Tax | ₹0 cr | ₹-1 cr | — |
| Net profit | ₹-1 cr | ₹7 cr | — |
| EPS (₹) | ₹-0.33 | ₹-0.67 | +50.75% |
Operating margin of -5.10% compares with a Industrials sector median of 12.24% across 143 peers that have reported Q2FY27.
What to watch
- Whether revenue recovers from Rs 16.90 cr next quarter.
- Whether operating margin moves above -5.10% without a repeat of Q1's Rs 9.54 cr other income.
- Whether net profit returns above the current Rs 0.96 cr loss.