Other income made up 77.06% of Oswal Agro's pre-tax profit
Consolidated revenue was flat QoQ as expenses rose 64.18%, while operating margin was 19 percentage points above the Services-peer median.
Filed 04 Nov 2026, 17:54 IST · after market close · Oswal Agro Mills Ltd (OSWALAGRO)
Key takeaways
- Other income contributed 77.06% of consolidated pre-tax profit, making it the main source of Q2FY27 earnings.
- Consolidated net profit rose 110.92% sequentially to Rs 10.82 cr as other income increased 18.79%.
- Expenses rose 64.18% sequentially against flat revenue, even as operating margin was 40.73%.
Price around the results
Flat revenue, sharply higher expenses
Oswal Agro's consolidated revenue was flat sequentially, while expenses increased 64.18% to Rs 4.63 cr. Operating profit was Rs 3.18 cr, indicating that higher reported earnings were not driven by revenue growth. Interest expense also rose 233.33% sequentially to Rs 0.10 cr.
Other income drove the profit increase
Other income increased 18.79% sequentially to Rs 10.18 cr and accounted for 77.06% of consolidated pre-tax profit. This makes the quarter's Rs 10.82 cr net profit dependent largely on non-operating income rather than operating growth. The tax rate rose 8.5 percentage points to 18.11%, so a lower tax charge was not the reason for the profit increase.
Operating margin remains above Services peers
The consolidated operating margin was 40.73%, which was 19 percentage points above the 21.73% median for the 45 Services-sector peers that had reported the quarter. Sequentially, the cost increase was much faster than the flat revenue movement, making expense control the key operating variable in this quarter.
Results filed after market close
The consolidated results were filed after market close on 4 November 2026. The stock's post-results reaction is therefore not yet part of this report.
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 | ₹8 cr | ₹0 cr | — |
| Other income | ₹10 cr | ₹9 cr | +18.79% |
| Expenses | ₹5 cr | ₹3 cr | +64.18% |
| Operating profit | ₹3 cr | ₹-3 cr | — |
| Operating margin (%) | 40.73% | — | — |
| Interest | ₹0 cr | ₹0 cr | +233.33% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹13 cr | ₹6 cr | +132.98% |
| Tax | ₹2 cr | ₹1 cr | +334.55% |
| Net profit | ₹11 cr | ₹5 cr | +110.92% |
| EPS (₹) | ₹0.81 | ₹0.38 | +113.16% |
Operating margin of 40.73% compares with a Services sector median of 21.73% across 45 peers that have reported Q2FY27.
What to watch
- Whether other income's 77.06% share of pre-tax profit declines next quarter.
- Whether expense growth moderates from the sequential 64.18% increase.
- Whether operating margin holds above 40.73%.