Fast Moving Consumer Goods · Q2FY27 · Standalone

Costs outpaced revenue as Nakoda’s operating margin fell 0.81 points QoQ

Standalone net profit still rose +48.28% QoQ as the tax rate eased, but operating margin remained below the FMCG peer median.

By Ashutosh

Filed 30 Oct 2026, 16:51 IST · after market close · Nakoda Group of Industries Ltd (NGIL)

Key takeaways

  • Standalone revenue grew 27.44% QoQ, but expenses grew faster at 28.63%, narrowing operating margin by 0.81 percentage points.
  • Net profit rose 48.28% QoQ to Rs 0.43 cr despite the margin decline, helped by a 46.15% increase in profit before tax.
  • Q2FY27 operating margin of 11.34% was 1.13 percentage points below the 12.47% median for 29 reported FMCG peers.

Price around the results

Revenue growth did not fully translate into operating profit

In the standalone Q2FY27 results, revenue increased 27.44% QoQ to Rs 10.59 cr, while expenses rose 28.63%. That cost gap limited operating-profit growth to 18.81% and reduced operating margin by 0.81 percentage points to 11.34%. With no other income, profit before tax and net profit growth came from operations rather than non-operating gains.

Lower tax rate partly supported net profit

Interest expense increased 3.57% QoQ, while depreciation was unchanged, adding to the pressure below operating profit. The tax rate declined by 0.10 percentage points to 25.16%, providing a modest lift to net profit growth. The company's 11.34% operating margin was 1.13 percentage points below the 12.47% median among 29 FMCG peers that have reported.

Margin has now moved below the prior two reported quarters

Operating margin rose from 12.06% in Q1FY26 to 12.15% in Q1FY27, before falling to 11.34% in Q2FY27; the latest quarter therefore marks a sequential reversal rather than a third straight decline. The results were filed after market close, so no market reaction is assessed here.

Q2FY27 at a glance

Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.

Line itemQ2FY27Q1FY27QoQ
Revenue₹11 cr₹8 cr+27.44%
Other income₹0 cr₹0 cr—
Expenses₹9 cr₹7 cr+28.63%
Operating profit₹1 cr₹1 cr+18.81%
Operating margin (%)11.34%12.15%—
Interest₹0 cr₹0 cr+3.57%
Depreciation₹0 cr₹0 cr+0.00%
Profit before tax₹1 cr₹0 cr+46.15%
Tax₹0 cr₹0 cr+40.00%
Net profit₹0 cr₹0 cr+48.28%
EPS (₹)₹0.24₹0.17+41.18%

Operating margin of 11.34% compares with a Fast Moving Consumer Goods sector median of 12.47% across 29 peers that have reported Q2FY27.

What to watch

  • Whether operating margin recovers from 11.34% after the 0.81-percentage-point QoQ decline.
  • Whether expense growth falls below the Q2FY27 rate of 28.63%.
  • Whether revenue growth sustains above the Q2FY27 QoQ increase of 27.44%.