PTC Industries' operating profit jumps YoY, but margin slips QoQ
Revenue nearly doubled YoY as costs lagged growth, but sequential margin pressure came from a sharper revenue decline than the fall in expenses.
Filed 14 Aug 2026, 20:36 IST · after market close · PTC Industries Ltd (PTCIL)
Key takeaways
- Consolidated operating profit rose 456.31% YoY as revenue grew 97.43%, faster than expenses at 61.72%.
- Sequentially, operating margin fell 6.69 percentage points because revenue declined 14.93% while expenses fell only 6.55%.
- Other income contributed 14.48% of pre-tax profit, while the YoY tax rate fell 22.5 percentage points, tempering profit quality.
Price around the results
Operating profit scales up from a low base
PTC Industries reported consolidated revenue growth of 97.43% YoY, while expenses rose 61.72%; this operating leverage drove a 456.31% increase in operating profit. Net profit rose 465.70% YoY even though other income fell 49.67%, indicating that the improvement was led mainly by operations. Sequentially, revenue fell 14.93% and operating profit declined 32.61%.
Sequential margin pressure reflects cost absorption
Operating margin narrowed 6.69 percentage points QoQ because expenses declined only 6.55% against the 14.93% fall in revenue. Interest expense rose 50.83% QoQ and depreciation increased 44.47%, adding pressure below the operating line. Other income still accounted for 14.48% of pre-tax profit, while the tax rate rose 3.3 percentage points QoQ to 20.56%.
Margin remains above the Industrials peer median
The 25.49% operating margin was 11.07 percentage points above the 14.42% median for 146 Industrials companies that had reported the same quarter. The margin has improved sharply from 9.04% in Q1FY26, but it fell from 32.18% in Q4FY26 after rising through the previous quarter. This makes the sequential decline notable even though the YoY comparison remains favourable.
Results were filed after market close
The consolidated results were filed after market close, so there was no immediate market reaction to report. In the eight recent result sessions covered by the history, the stock fell six times and rose twice; the median absolute move was 2.08%, providing context for the eventual response.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹192 cr | ₹225 cr | -14.93% | +97.43% |
| Other income | ₹5 cr | ₹12 cr | -55.07% | -49.67% |
| Expenses | ₹143 cr | ₹153 cr | -6.55% | +61.72% |
| Operating profit | ₹49 cr | ₹73 cr | -32.61% | +456.31% |
| Operating margin (%) | 25.49% | 32.18% | — | — |
| Interest | ₹4 cr | ₹2 cr | +50.83% | +116.77% |
| Depreciation | ₹14 cr | ₹10 cr | +44.47% | +60.37% |
| Profit before tax | ₹37 cr | ₹72 cr | -49.25% | +306.08% |
| Tax | ₹8 cr | ₹13 cr | -39.60% | +93.59% |
| Net profit | ₹29 cr | ₹60 cr | -51.28% | +465.70% |
| EPS (₹) | ₹19.47 | ₹39.96 | -51.28% | +465.99% |
Operating margin of 25.49% compares with a Industrials sector median of 14.42% across 146 peers that have reported Q1FY27.
What to watch
- Whether operating margin holds above 25.49% after the 6.69-percentage-point QoQ decline.
- Whether expenses continue to grow more slowly than revenue, as seen in the 61.72% YoY versus 97.43% YoY comparison.
- Whether other income remains near its 14.48% contribution to pre-tax profit.