Patel Integrated Logistics profit fell 12.30% QoQ despite a margin lift
Costs fell marginally faster than revenue, but higher interest and a zero tax charge shaped the quarter's reported profit.
Filed 02 Nov 2026, 16:01 IST · after market close · Patel Integrated Logistics Ltd (PATINTLOG)
Key takeaways
- Consolidated net profit fell 12.30% QoQ to Rs 2.21 cr as revenue declined 3.60%.
- Operating margin improved 0.04 percentage points because expenses fell 3.64%, slightly faster than revenue.
- Other income contributed 21.72% of pre-tax profit, while the tax rate fell 0.67 percentage points to zero.
Price around the results
Lower revenue and other income weighed on profit
Consolidated revenue declined 3.60% QoQ to Rs 109.75 cr, while operating profit fell 1.99% to Rs 2.46 cr. Pre-tax profit declined 12.99% as other income fell 34.25% and interest expense rose 57.14%. Net profit fell less sharply than pre-tax profit because the tax rate moved from 0.67% to zero.
Margin edged up but remained well below Services peers
Operating margin rose from 2.20% to 2.24% because expenses fell 3.64%, slightly faster than revenue. The 57.14% QoQ rise in interest expense partly offset that operating improvement, while other income accounted for 21.72% of pre-tax profit. Patel Integrated Logistics ranked fourth from the bottom among 28 Services peers that had reported, with its 2.24% margin 16.84 percentage points below the 19.08% sector median.
Presentation points to air cargo and warehousing opportunities
Management said the Indian air freight market is projected to reach approximately 5.5 Mn MT by 2029, growing at a 6–9% CAGR, while e-commerce's share of air cargo volumes is projected to rise from 20% to 30% by 2027. The presentation also said warehousing space requirements are expected to reach 483 Mn sq. ft. in 2026, and identified FreightPILL and Udaan 2.0 as digital platforms transforming air cargo. Management also flagged unstable shipping rates and tight air cargo capacity as industry conditions.
Results were filed after market close
The consolidated results were filed at 16:01 IST on 2 November 2026, after market close. A post-results share-price reaction is therefore not assessed here.
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 | ₹110 cr | ₹114 cr | -3.60% |
| Other income | ₹0 cr | ₹1 cr | -34.25% |
| Expenses | ₹107 cr | ₹111 cr | -3.64% |
| Operating profit | ₹2 cr | ₹3 cr | -1.99% |
| Operating margin (%) | 2.24% | 2.20% | — |
| Interest | ₹0 cr | ₹0 cr | +57.14% |
| Depreciation | ₹1 cr | ₹1 cr | -3.17% |
| Profit before tax | ₹2 cr | ₹3 cr | -12.99% |
| Tax | ₹0 cr | ₹0 cr | -100.00% |
| Net profit | ₹2 cr | ₹3 cr | -12.30% |
| EPS (₹) | ₹0.34 | ₹0.36 | -5.56% |
Operating margin of 2.24% compares with a Services sector median of 19.08% across 28 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The Indian air freight market is projected to reach approximately 5.5 Mn MT by 2029, growing at a 6–9% CAGR.
- The e-commerce share of total air cargo volumes is projected to increase from 20% to 30% by 2027.
- Indian warehousing space requirements are expected to reach 483 Mn sq. ft. in 2026, growing at a 12.77% CAGR.
Expansion
- Expansion of cargo terminals and airport infrastructure is supporting growth in air cargo capacity.
New initiatives
- Digital platforms including FreightPILL and Udaan 2.0 are transforming the air cargo industry.
Competition
- The company is a preferred logistics partner for leading e-commerce, pharmaceutical, automobile, FMCG, IT and engineering firms.
Problems & risks
- Shipping rates have been unstable since the pandemic began in March 2020.
- Air cargo capacity has remained tight since the onset of Covid-19.
- Rates will continue to rise while demand for cargo space exceeds supply.
What to watch
- Whether operating margin holds above 2.24% after the 0.04-point QoQ improvement.
- Whether interest expense reverses its 57.14% QoQ increase.
- Whether other income remains a material contributor to pre-tax profit after accounting for 21.72% this quarter.