Other income drove MMFL's Q1FY27 profit above operating earnings
A 0.98% tax rate further lifted reported profit, leaving operating performance to account for only part of the Rs 91.32 cr profit before tax.
Filed 14 Aug 2026, 19:51 IST · after market close · MMFL (MMFL)
Key takeaways
- MMFL's consolidated Q1FY27 profit before tax was supported by Rs 73.11 cr of other income, which exceeded operating profit of Rs 64.36 cr.
- The 0.98% tax rate materially reduced the tax charge to Rs 0.9 cr on profit before tax of Rs 91.32 cr.
- Operating margin was 15.70%, as expenses of Rs 345.54 cr absorbed most of revenue of Rs 409.9 cr.
Operating earnings were smaller than reported profit
MMFL reported consolidated operating profit of Rs 64.36 cr on revenue of Rs 409.9 cr, implying a 15.70% operating margin. Profit before tax was higher at Rs 91.32 cr because other income of Rs 73.11 cr was larger than operating profit.
Low tax rate added to profit quality concerns
The tax charge was Rs 0.9 cr, equivalent to a 0.98% tax rate on profit before tax of Rs 91.32 cr. Reported net profit of Rs 90.42 cr therefore reflected both substantial other income and a low tax outgo, rather than operating earnings alone.
Results were filed after the market close
MMFL filed the consolidated results on 14 Aug 2026 at 19:51 IST, after market hours. There is no immediate market reaction to assess in this release.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹410 cr |
| Other income | ₹73 cr |
| Expenses | ₹346 cr |
| Operating profit | ₹64 cr |
| Operating margin (%) | 15.70% |
| Interest | ₹16 cr |
| Depreciation | ₹30 cr |
| Profit before tax | ₹91 cr |
| Tax | ₹1 cr |
| Net profit | ₹90 cr |
| EPS (₹) | ₹18.73 |
What to watch
- Whether operating margin moves from the Q1FY27 level of 15.70%.
- Whether other income remains close to Rs 73.11 cr relative to profit before tax of Rs 91.32 cr.
- Whether the tax rate stays near 0.98%.