Revenue rose 194.69% QoQ, but operating margin stayed negative
Lower expense growth improved the operating loss, but other income still exceeded pre-tax profit and tax rose sharply.
Filed 04 Nov 2026, 17:05 IST · after market close · Oswal Green Tech Ltd (OSWALGREEN)
Key takeaways
- Standalone revenue grew 194.69% QoQ against 81.82% expense growth, lifting operating margin by 68.94 percentage points to -10.97%.
- Net profit rose only 1.66% QoQ as the tax rate increased 15.36 percentage points and other income equalled 120.61% of pre-tax profit.
- Oswal Green Tech's operating margin was 62.63 percentage points below the 51.66% median for 93 reporting Financial Services peers, ranking fourth from the bottom.
Price around the results
Revenue growth narrowed the operating loss
Standalone revenue increased 194.69% QoQ, while expenses grew 81.82%, so costs did not keep pace with the rise in revenue. The operating loss narrowed to Rs 1.52 cr from Rs 3.76 cr, improving operating margin by 68.94 percentage points, although it remained negative at -10.97%.
Profit remains dominated by non-operating income
Pre-tax profit rose 22.59% QoQ, but net profit increased only 1.66% as the tax rate moved up from 9.88% to 25.24%. Other income was 120.61% of pre-tax profit, reflecting that the reported profit was more than accounted for by income outside operations while the operating business remained loss-making.
Operating margin trails the sector sharply
Among 93 Financial Services peers that reported the same quarter, the sector's median operating margin was 51.66%. Oswal Green Tech's -10.97% margin was 62.63 percentage points below that median and ranked fourth from the bottom.
Results were filed after market close
The standalone results were filed after market close on 4 Nov 2026. The release therefore does not include a same-day post-results stock reaction.
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 | ₹14 cr | ₹5 cr | +194.69% |
| Other income | ₹14 cr | ₹14 cr | -0.93% |
| Expenses | ₹15 cr | ₹8 cr | +81.82% |
| Operating profit | ₹-2 cr | ₹-4 cr | +59.57% |
| Operating margin (%) | -10.97% | -79.91% | — |
| Interest | ₹0 cr | ₹0 cr | -6.25% |
| Depreciation | ₹1 cr | ₹1 cr | +1.47% |
| Profit before tax | ₹11 cr | ₹9 cr | +22.59% |
| Tax | ₹3 cr | ₹1 cr | +214.13% |
| Net profit | ₹9 cr | ₹8 cr | +1.66% |
| EPS (₹) | ₹0.33 | ₹0.33 | +0.00% |
Operating margin of -10.97% compares with a Financial Services sector median of 51.66% across 93 peers that have reported Q2FY27.
What to watch
- Whether operating margin moves above -10.97%.
- Whether other income falls below 120.61% of pre-tax profit.
- Whether revenue growth remains ahead of expense growth after the respective 194.69% and 81.82% QoQ increases.