PNC returns to operating profit, but margin remains far below peers
Revenue growth outpaced expense growth sequentially, though other income supplied half of pre-tax profit and operating margin remained below the sector median.
Filed 02 Nov 2026, 18:59 IST · after market close · PNC Media and Entertainment Ltd (PNC)
Key takeaways
- Revenue grew +1186.08% QoQ and returned operating profit to Rs 0.47 cr, lifting operating margin by 53.81 percentage points.
- Other income contributed 50.00% of pre-tax profit, while the 0.71% tax rate kept reported net profit at Rs 0.70 cr.
- Operating margin at 2.31% was 10.43 percentage points below the Consumer Discretionary median across 153 reported peers.
Price around the results
Revenue rebound moved operations back into profit
PNC Media and Entertainment’s consolidated revenue rose +1186.08% QoQ to Rs 20.32 cr, compared with a +730.54% increase in expenses. That gap was enough to move operating profit from a Rs 0.81 cr loss in Q1FY27 to Rs 0.47 cr profit in Q2FY27. The comparison is sequential because no year-ago data is provided.
Margin recovery still leaves a thin operating cushion
Operating margin improved from -51.50% to 2.31%, a 53.81-percentage-point recovery, because revenue grew faster than expenses. The reported tax rate was only 0.71%, so tax had little effect on the Rs 0.70 cr net profit. Other income of Rs 0.35 cr accounted for 50.00% of pre-tax profit, making earnings quality an important consideration.
PNC remains below the reported peer margin
PNC’s 2.31% operating margin was 10.43 percentage points below the 12.74% median for 153 Consumer Discretionary peers that had reported the same quarter. It ranked 20th from the bottom in that comparison. The available quarterly trend shows a sharp rebound from Q1FY27, rather than a multi-quarter direction.
Results were filed after market close
The company filed these consolidated results after market close on 2 November 2026. There is no post-results stock reaction or reaction history to assess yet.
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 | ₹20 cr | ₹2 cr | +1186.08% |
| Other income | ₹0 cr | ₹0 cr | +118.75% |
| Expenses | ₹20 cr | ₹2 cr | +730.54% |
| Operating profit | ₹0 cr | ₹-1 cr | — |
| Operating margin (%) | 2.31% | -51.50% | — |
| Interest | ₹0 cr | ₹0 cr | -25.00% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹1 cr | ₹-1 cr | — |
| Tax | ₹0 cr | ₹0 cr | +0.00% |
| Net profit | ₹1 cr | ₹-1 cr | — |
| EPS (₹) | ₹0.48 | ₹-0.53 | — |
Operating margin of 2.31% compares with a Consumer Discretionary sector median of 12.74% across 153 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 2.31% after its 53.81-percentage-point QoQ recovery.
- Whether revenue remains at or above Rs 20.32 cr while expenses grow more slowly than revenue.
- Whether other income remains near Rs 0.35 cr and below its 50.00% share of pre-tax profit.