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.
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 item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| 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%.