Other income outpaced operating profit in NDGL's Q1FY27
Rs 29.72 cr of other income was central to Rs 48.29 cr of consolidated pre-tax profit, while operating margin stood at 30.49%.
Filed 14 Aug 2026, 13:44 IST · NDGL (NDGL)
Key takeaways
- Other income of Rs 29.72 cr exceeded operating profit of Rs 28.80 cr, making non-operating income central to consolidated PBT of Rs 48.29 cr.
- A 30.49% operating margin shows the core business generated profit before Rs 5.24 cr of interest and Rs 4.99 cr of depreciation.
- The 20.47% tax rate left consolidated net profit at Rs 38.41 cr, so tax was not the main bridge from PBT of Rs 48.29 cr.
Non-operating income shaped reported profitability
NDGL reported consolidated revenue of Rs 94.48 cr and operating profit of Rs 28.80 cr, but the more important feature is the earnings mix. Other income was Rs 29.72 cr, above operating profit, and lifted profit before tax to Rs 48.29 cr. That makes the quarter's reported profit more dependent on non-operating income than the operating-profit line alone suggests.
The operating margin was separate from the profit quality issue
Expenses were Rs 65.68 cr, leaving a 30.49% operating margin. Interest of Rs 5.24 cr and depreciation of Rs 4.99 cr reduced the amount of operating profit flowing into pre-tax profit, while the 20.47% tax rate took tax to Rs 9.89 cr. The tax rate did not materially obscure the operating-versus-reported-profit distinction; other income is the larger quality question.
Next quarter's focus is the earnings mix
Consolidated net profit was Rs 38.41 cr and EPS was Rs 363.58. The next reported period will be most informative on whether operating profit remains the main source of earnings or whether other income stays near Rs 29.72 cr.
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 | ₹94 cr |
| Other income | ₹30 cr |
| Expenses | ₹66 cr |
| Operating profit | ₹29 cr |
| Operating margin (%) | 30.49% |
| Interest | ₹5 cr |
| Depreciation | ₹5 cr |
| Profit before tax | ₹48 cr |
| Tax | ₹10 cr |
| Net profit | ₹38 cr |
| EPS (₹) | ₹363.58 |
What to watch
- Whether operating margin holds above 30.49%.
- Whether other income remains close to Rs 29.72 cr relative to operating profit of Rs 28.80 cr.
- Whether the 20.47% tax rate and Rs 5.24 cr interest charge change the conversion of PBT into net profit.