Mittal Life Style margin slips as costs outpace Q2 revenue growth
Revenue increased +31.73% sequentially, but expenses rose +35.21%; higher interest and a 57.96% tax rate cut net profit -49.28%.
Filed 04 Nov 2026, 18:13 IST · after market close · Mittal Life Style Ltd (MITTAL)
Key takeaways
- Consolidated revenue increased +31.73% sequentially, but expenses grew +35.21%, narrowing operating margin by 2.26 percentage points to 11.42%.
- Net profit declined -49.28% sequentially as interest expense increased +40.85% and the tax rate rose 14.83 percentage points.
- Operating margin was 0.49 percentage points below the 11.91% median for 223 Consumer Discretionary peers.
Price around the results
Revenue growth came with a thinner margin
In consolidated Q2FY27, revenue increased +31.73% sequentially, but expenses grew faster at +35.21%. That cost imbalance reduced operating margin by 2.26 percentage points, despite operating profit increasing +9.81%.
Interest and tax diluted operating gains
Interest expense increased +40.85% sequentially, which contributed to the -31.15% decline in profit before tax. The tax rate rose 14.83 percentage points to 57.96%, adding to the pressure on net profit. Other income contributed 15.48% of pre-tax profit, so earnings also included a meaningful non-operating component.
Margin trails the peer median
Mittal Life Style's 11.42% operating margin was 0.49 percentage points below the 11.91% median among 223 reported Consumer Discretionary peers. Sequentially, margin moved down from 13.68% in Q1FY27, marking weaker profitability in the latest quarter.
Results filed after market close
The company filed its consolidated results after market close on 4 November 2026. The immediate market reaction is therefore not yet part of this quarter's assessment.
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 | ₹25 cr | ₹19 cr | +31.73% |
| Other income | ₹0 cr | ₹0 cr | -67.50% |
| Expenses | ₹23 cr | ₹17 cr | +35.21% |
| Operating profit | ₹3 cr | ₹3 cr | +9.81% |
| Operating margin (%) | 11.42% | 13.68% | — |
| Interest | ₹1 cr | ₹1 cr | +40.85% |
| Depreciation | ₹1 cr | ₹1 cr | +9.01% |
| Profit before tax | ₹1 cr | ₹1 cr | -31.15% |
| Tax | ₹0 cr | ₹1 cr | -7.55% |
| Net profit | ₹0 cr | ₹1 cr | -49.28% |
| EPS (₹) | ₹0.01 | ₹0.02 | -50.00% |
Operating margin of 11.42% compares with a Consumer Discretionary sector median of 11.91% across 223 peers that have reported Q2FY27.
What to watch
- Whether expenses grow more slowly than revenue after the +35.21% sequential increase.
- Whether operating margin recovers from 11.42% and narrows the 0.49-percentage-point gap with the peer median.
- Whether the tax rate moves down from 57.96% and interest growth moderates after the +40.85% increase.