Pricol's revenue jumps 22.70% QoQ, but margin stays at 11.25%
Expenses grew 22.71%, while higher interest and tax rate limited net-profit growth to 27.14%.
Filed 04 Nov 2026, 15:32 IST · after market close · Pricol Ltd (PRICOLLTD)
Key takeaways
- Consolidated revenue rose +22.70% QoQ to Rs 1,356.32 cr, but operating margin was unchanged at 11.25%.
- Expenses grew +22.71% against revenue's +22.70%, while interest rose +28.99% and the tax rate increased 0.59 percentage points.
- Net profit increased +27.14% QoQ to Rs 85.21 cr, with other income contributing only 2.80% of pre-tax profit.
Price around the results
Q2FY27 growth did not widen the operating margin
Pricol's consolidated revenue grew +22.70% QoQ, while operating profit rose +22.61%, leaving operating margin unchanged at 11.25%. The near-matching growth rates indicate that the quarter's higher revenue did not translate into operating leverage. Compared with Q1FY27, the margin neither extended nor reversed a move.
Higher interest and tax rate diluted profit conversion
Expenses grew +22.71%, marginally faster than revenue, which kept the operating margin flat. Interest costs rose +28.99%, and the tax rate increased by 0.59 percentage points to 23.97%, helping net profit grow more slowly than pre-tax profit. Other income was only 2.80% of pre-tax profit, so reported earnings were not materially supported by non-operating income.
Margin trails the Consumer Discretionary peer median
Pricol's 11.25% operating margin was 0.66 percentage points below the 11.91% median for the 223 Consumer Discretionary peers that had reported the quarter. The results were filed after market close, so there is no post-results stock reaction to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,356 cr | ₹1,105 cr | +22.70% |
| Other income | ₹3 cr | ₹2 cr | +29.75% |
| Expenses | ₹1,204 cr | ₹981 cr | +22.71% |
| Operating profit | ₹153 cr | ₹124 cr | +22.61% |
| Operating margin (%) | 11.25% | 11.25% | — |
| Interest | ₹10 cr | ₹8 cr | +28.99% |
| Depreciation | ₹34 cr | ₹32 cr | +6.50% |
| Profit before tax | ₹112 cr | ₹87 cr | +28.12% |
| Tax | ₹27 cr | ₹20 cr | +31.34% |
| Net profit | ₹85 cr | ₹67 cr | +27.14% |
| EPS (₹) | ₹6.99 | ₹5.50 | +27.09% |
Operating margin of 11.25% compares with a Consumer Discretionary sector median of 11.91% across 223 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds at 11.25% or changes in the next quarter.
- Whether expense growth remains aligned with revenue growth of +22.70%.
- Whether interest growth moderates from +28.99%.