Revenue growth outpaced costs, lifting Mitcon's operating margin
Consolidated net profit more than doubled sequentially, but operating margin remained below the Services peer median.
Filed 06 Nov 2026, 18:13 IST · after market close · Mitcon Consultancy & Engineering Services Ltd (MITCON)
Key takeaways
- Revenue rose 28.41% QoQ while expenses rose 23.73%, lifting operating profit 64.59%.
- Net profit increased 125.09% QoQ, helped by a 3.22-percentage-point expansion in operating margin and a 0.4-percentage-point fall in the tax rate.
- At 14.62%, operating margin remained 4.69 percentage points below the 19.31% median for 59 reported Services peers.
Price around the results
Q2 growth translated into faster profit expansion
MITCON's consolidated revenue grew 28.41% QoQ to Rs 86.78, while expenses increased 23.73% to Rs 74.09. The slower cost growth lifted operating profit by 64.59% and net profit by 125.09%. EPS rose 124.68% QoQ to Rs 3.55.
Lower cost intensity widened the margin
Revenue grew faster than expenses, expanding operating margin by 3.22 percentage points to 14.62%. Interest expense still rose 8.04% QoQ, so the operating improvement did not fully flow through before financing costs. Other income contributed 10% of pre-tax profit, while the tax rate fell 0.4 percentage points to 26.39%, both of which supported reported net profit.
Margin improved, but remained below sector median
Operating margin increased from 11.40% in Q1FY27 to 14.62% in Q2FY27, reversing the recent sequential direction visible in the reported quarters. It was nevertheless 4.69 percentage points below the 19.31% median among 59 Services companies that had reported the same quarter.
Results were filed after market close
The consolidated results were filed on 06 Nov 2026 at 18:13 IST, after market close. A post-results share-price reaction is therefore not part of this quarter's assessment.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹87 cr | ₹68 cr | +28.41% |
| Other income | ₹1 cr | ₹1 cr | +2.44% |
| Expenses | ₹74 cr | ₹60 cr | +23.73% |
| Operating profit | ₹13 cr | ₹8 cr | +64.59% |
| Operating margin (%) | 14.62% | 11.40% | — |
| Interest | ₹2 cr | ₹2 cr | +8.04% |
| Depreciation | ₹3 cr | ₹3 cr | +6.69% |
| Profit before tax | ₹8 cr | ₹4 cr | +124.00% |
| Tax | ₹2 cr | ₹1 cr | +119.80% |
| Net profit | ₹6 cr | ₹3 cr | +125.09% |
| EPS (₹) | ₹3.55 | ₹1.58 | +124.68% |
Operating margin of 14.62% compares with a Services sector median of 19.31% across 59 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 14.62% in the next reported quarter.
- Whether expense growth remains below the 23.73% QoQ pace reported in Q2FY27.
- Whether other income remains around its 10% share of pre-tax profit.