Revenue growth lifted margin, but NATCAPSUQ remained in the red
Consolidated revenue rose 5.01% QoQ as expenses grew 1.13%, but depreciation and interest charges kept pre-tax profit at Rs -4.57 cr.
Filed 13 Nov 2026, 19:09 IST · after market close · NATCAPSUQ (NATCAPSUQ)
Key takeaways
- Consolidated revenue grew 5.01% QoQ while expenses rose 1.13%, lifting operating margin by 3.6 percentage points to 5.9%.
- Net loss narrowed 26.48% QoQ to Rs -4.22 cr, helped by a 41.45% fall in interest costs despite 12.47% higher depreciation.
- Other income fell 91.91% QoQ to Rs 0.19 cr and contributed -4.16% of pre-tax profit, so it did not drive the improvement.
Revenue grew faster than costs in Q2FY27
On a consolidated basis, revenue increased 5.01% QoQ to Rs 51.15 cr, while expenses rose 1.13% to Rs 48.13 cr. That gap lifted operating profit by 169.64% and expanded operating margin by 3.6 percentage points to 5.9%. The improvement was from operating leverage, although operating profit of Rs 3.02 cr remained below the combined burden of interest and depreciation.
Lower interest narrowed the loss, but depreciation rose
Interest expense fell 41.45% QoQ to Rs 2.91 cr, partly offsetting a 12.47% increase in depreciation to Rs 4.87 cr. Pre-tax loss narrowed 21.61% to Rs -4.57 cr, while net loss narrowed 26.48% to Rs -4.22 cr. A tax credit of Rs 0.35 cr, versus Rs 0.09 cr in Q1FY27, also reduced the reported loss; the tax rate increased by 6.12 percentage points to 7.65%.
Sequential improvement, but no sustained margin trend yet
The available quarter-on-quarter direction shows operating margin improving from 2.3% in Q1FY27 to 5.9% in Q2FY27. Other income dropped 91.91% QoQ to Rs 0.19 cr, so the smaller loss was not supported by a larger non-operating contribution. The consolidated results were filed after market close on 13 Nov 2026, leaving no post-results market reaction to assess yet.
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 | ₹51 cr | ₹49 cr | +5.01% |
| Other income | ₹0 cr | ₹2 cr | -91.91% |
| Expenses | ₹48 cr | ₹48 cr | +1.13% |
| Operating profit | ₹3 cr | ₹1 cr | +169.64% |
| Operating margin (%) | 5.90% | 2.30% | — |
| Interest | ₹3 cr | ₹5 cr | -41.45% |
| Depreciation | ₹5 cr | ₹4 cr | +12.47% |
| Profit before tax | ₹-5 cr | ₹-6 cr | +21.61% |
| Tax | ₹-0 cr | ₹-0 cr | -288.89% |
| Net profit | ₹-4 cr | ₹-6 cr | +26.48% |
| EPS (₹) | ₹-4.08 | ₹-5.55 | +26.49% |
What to watch
- Whether operating margin holds above 5.9% after its 3.6 percentage-point QoQ improvement.
- Whether interest expense stays below Rs 2.91 cr after falling 41.45% QoQ.
- Whether depreciation moderates from Rs 4.87 cr after rising 12.47% QoQ.