Pix Transmission's operating margin slips as other income normalises
Year-on-year margins improved, but sequential profit fell as expenses outpaced revenue and other income dropped sharply.
Filed 06 Nov 2026, 17:35 IST · after market close · Pix Transmission Ltd (PIXTRANS)
Key takeaways
- Consolidated revenue rose +16.38% year on year, while operating profit grew faster at +36.79% as expenses rose only +9.68%.
- Operating margin fell 1.50 percentage points sequentially to 29.09% because expenses grew +10.56% against revenue growth of +8.23%.
- Net profit fell -38.03% sequentially as other income dropped -86.83% and the tax rate rose 5.06 percentage points.
Price around the results
Year-on-year growth lifted operating profit
Pix Transmission reported consolidated revenue of Rs 161.53 cr, up +16.38% year on year, while operating profit rose +36.79% to Rs 47.00 cr. Expenses increased +9.68%, slower than revenue, lifting operating margin by 4.33 percentage points to 29.09%. Other income contributed 8.18% of pre-tax profit, so the quarter's earnings were still mainly operational.
Sequential profit was reduced by mix and tax
Revenue grew +8.23% sequentially, but expenses rose faster at +10.56%, narrowing operating margin by 1.50 percentage points. Operating profit still increased +2.93%, while the sharp fall in other income of -86.83% pulled pre-tax profit down -33.81%. The tax rate also rose 5.06 percentage points, contributing to the -38.03% decline in net profit.
Margin remains above the Industrials peer median
The 29.09% operating margin was 17.58 percentage points above the 11.51% median for 198 Industrials companies that had reported the same quarter. The quarterly trend shows a recovery from 18.05% in Q4FY26 and 22.69% in Q1FY26, followed by a sequential decline from 30.59% in Q1FY27 rather than a prolonged fall.
No post-results market reaction yet
The consolidated results were filed after market close, so there is no reported reaction to this quarter yet. Across the last eight results, the stock rose after three and fell after five, with a median absolute move of 10.12%, indicating that post-results moves have usually been material.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹162 cr | ₹149 cr | +8.23% | +16.38% |
| Other income | ₹4 cr | ₹27 cr | -86.83% | -24.63% |
| Expenses | ₹115 cr | ₹104 cr | +10.56% | +9.68% |
| Operating profit | ₹47 cr | ₹46 cr | +2.93% | +36.79% |
| Operating margin (%) | 29.09% | 30.59% | — | — |
| Interest | ₹1 cr | ₹1 cr | -11.48% | -25.00% |
| Depreciation | ₹6 cr | ₹6 cr | +2.06% | -0.67% |
| Profit before tax | ₹44 cr | ₹67 cr | -33.81% | +35.97% |
| Tax | ₹11 cr | ₹14 cr | -17.71% | +28.43% |
| Net profit | ₹33 cr | ₹53 cr | -38.03% | +38.87% |
| EPS (₹) | ₹23.99 | ₹38.71 | -38.03% | +38.83% |
Operating margin of 29.09% compares with a Industrials sector median of 11.51% across 198 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 29.09% after the 1.50-percentage-point sequential decline.
- Whether expenses continue to grow faster than revenue after rising +10.56% versus revenue growth of +8.23% sequentially.
- Whether other income remains near its 8.18% share of pre-tax profit after the sequential decline of -86.83%.