Munjal Show’s Q1 profit was driven by other income, not operations
Operating margin was just 0.70%, while Rs 13.07 cr of other income exceeded profit before tax of Rs 12.87 cr.
Filed 03 Aug 2026, 14:02 IST · MUNJALSHOW (MUNJALSHOW)
Key takeaways
- Standalone operating profit was only Rs 2.45 cr, leaving Q1FY27 operating margin at 0.70%.
- Other income of Rs 13.07 cr exceeded standalone profit before tax of Rs 12.87 cr, making reported profit heavily non-operating.
- Standalone net profit was Rs 11.23 cr after a 12.77% tax rate, with EPS at Rs 2.81.
Operations contributed little to Q1 profit
Munjal Show reported standalone revenue of Rs 347.5 cr and operating profit of Rs 2.45 cr in Q1FY27. The narrow operating contribution meant that reported profit depended primarily on income outside the core business.
Other income outweighed operating earnings
Other income of Rs 13.07 cr was larger than profit before tax of Rs 12.87 cr, highlighting weak profit quality for the quarter. With no interest expense and depreciation of Rs 2.65 cr, the operating business itself generated only Rs 2.45 cr before these items.
Tax rate supported the reported earnings
Tax was Rs 1.64 cr, equivalent to a 12.77% tax rate, leaving standalone net profit at Rs 11.23 cr. EPS stood at Rs 2.81, but the earnings figure should be read alongside the outsized contribution from other income.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹348 cr |
| Other income | ₹13 cr |
| Expenses | ₹345 cr |
| Operating profit | ₹2 cr |
| Operating margin (%) | 0.70% |
| Interest | ₹0 cr |
| Depreciation | ₹3 cr |
| Profit before tax | ₹13 cr |
| Tax | ₹2 cr |
| Net profit | ₹11 cr |
| EPS (₹) | ₹2.81 |
What to watch
- Whether standalone operating margin improves from 0.70%.
- Whether other income remains below the Rs 13.07 cr reported in Q1FY27.
- Whether net profit continues to exceed operating profit of Rs 2.45 cr by a wide margin.