Revenue momentum lifted operating margin by 13.45 percentage points
Standalone Q2 revenue grew +30.34% QoQ as expenses rose +13.25%, but 69.49% of pre-tax profit came from other income.
Filed 12 Nov 2026, 17:17 IST · after market close · NIRAJISPAT (NIRAJISPAT)
Key takeaways
- Standalone revenue grew +30.34% QoQ while expenses rose +13.25%, lifting operating margin by 13.45 percentage points.
- Other income contributed 69.49% of pre-tax profit, making reported earnings quality a key consideration.
- Net profit rose +46.67% QoQ to EPS of Rs 7.27 despite a 1.19 percentage-point increase in the tax rate.
Q2FY27 brought a sharp operating rebound
Standalone revenue growth of +30.34% outpaced expense growth of +13.25%, allowing operating profit to rise +360.00% QoQ. That operating leverage lifted the margin by 13.45 percentage points to 19.43%.
Other income carried much of pre-tax profit
Other income rose +5.13% QoQ and accounted for 69.49% of pre-tax profit, so the quarter's earnings were not driven only by operations. The tax rate increased by 1.19 percentage points, which did not provide a tax-related lift to net profit.
Margin recovered from the Q1FY27 base
The Q2FY27 margin of 19.43% was a marked improvement from 5.98% in Q1FY27, while net profit rose +46.67% QoQ. With only the preceding quarter shown, this establishes a sequential rebound rather than a longer multi-quarter trend.
Results were filed after market close
Niraj Ispat filed its standalone Q2FY27 results after market close on 12 Nov 2026. The results are therefore too fresh for a market reaction to assess.
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 | ₹1 cr | ₹1 cr | +30.34% |
| Other income | ₹0 cr | ₹0 cr | +5.13% |
| Expenses | ₹1 cr | ₹1 cr | +13.25% |
| Operating profit | ₹0 cr | ₹0 cr | +360.00% |
| Operating margin (%) | 19.43% | 5.98% | — |
| Interest | ₹0 cr | ₹0 cr | +0.00% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹1 cr | ₹0 cr | +47.50% |
| Tax | ₹0 cr | ₹0 cr | +60.00% |
| Net profit | ₹0 cr | ₹0 cr | +46.67% |
| EPS (₹) | ₹7.27 | ₹4.97 | +46.28% |
What to watch
- Whether operating margin holds above 19.43%.
- Whether other income's share of pre-tax profit falls from 69.49%.
- Whether expense growth stays below the +30.34% revenue growth recorded in Q2FY27.