Piccadily’s margin expands as revenue growth outpaces costs
Consolidated operating profit grew 16.87% sequentially, but higher interest costs limited the increase in profit before tax to 6.19%.
Filed 12 Nov 2026, 19:44 IST · after market close · Piccadily Agro Industries Ltd (PICCADIL)
Key takeaways
- Revenue grew 10.63% sequentially, faster than expenses at 9.32%, widening operating margin by 0.98 percentage points to 18.37%.
- Net profit rose 8.35% despite a 33.95% increase in interest costs, helped by a 1.56-percentage-point fall in the tax rate.
- Piccadily’s 18.37% operating margin was 7.68 percentage points above the 10.69% median for 74 reported FMCG peers.
Price around the results
Revenue growth lifted Q2FY27 operating leverage
On a consolidated basis, revenue grew 10.63% sequentially while expenses rose 9.32%, allowing operating profit to increase 16.87%. The resulting 0.98-percentage-point margin expansion indicates that the additional revenue converted into operating profit more efficiently than in Q1FY27. At 18.37%, operating margin was 7.68 percentage points above the 10.69% median among 74 FMCG peers that had reported.
Interest costs absorbed much of the operating gain
Interest expense increased 33.95% sequentially and depreciation rose 4.51%, so profit before tax grew only 6.19%, well below operating-profit growth. Net profit still increased 8.35%, helped by a 1.56-percentage-point reduction in the tax rate. Other income contributed 3.26% of profit before tax, so it was not a major driver of the quarter’s profit.
Results were filed after the market close
The company filed these consolidated Q2FY27 results at 19:44 IST on 12 November 2026, after market close. There is therefore no market reaction to assess yet, and the available comparison is the sequential improvement from Q1FY27.
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 | ₹278 cr | ₹251 cr | +10.63% |
| Other income | ₹1 cr | ₹3 cr | -69.47% |
| Expenses | ₹227 cr | ₹207 cr | +9.32% |
| Operating profit | ₹51 cr | ₹44 cr | +16.87% |
| Operating margin (%) | 18.37% | 17.39% | — |
| Interest | ₹12 cr | ₹9 cr | +33.95% |
| Depreciation | ₹10 cr | ₹10 cr | +4.51% |
| Profit before tax | ₹30 cr | ₹28 cr | +6.19% |
| Tax | ₹7 cr | ₹7 cr | -0.73% |
| Net profit | ₹23 cr | ₹21 cr | +8.35% |
| EPS (₹) | ₹2.40 | ₹2.17 | +10.60% |
Operating margin of 18.37% compares with a Fast Moving Consumer Goods sector median of 10.69% across 74 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 18.37% after the 0.98-percentage-point sequential expansion.
- Whether interest-cost growth moderates from 33.95% sequentially.
- Whether profit before tax growth can move closer to the 16.87% operating-profit growth rate.