Consumer Discretionary · Q2FY27 · Standalone

Raj Television swings to profit as revenue rises 23.51% sequentially

Standalone operating margin rose 18.48 percentage points as expenses barely grew, while the higher tax rate limited the profit conversion.

By Ashutosh

Filed 12 Nov 2026, 17:02 IST · after market close · Raj Television Network Ltd (RAJTV)

Key takeaways

  • Standalone revenue rose +23.51% QoQ while expenses increased only +1.24%, turning operating profit positive at Rs 2.95 cr.
  • Operating margin swung up 18.48 percentage points to 15.97% as revenue growth outpaced costs, despite a 7.58 percentage-point rise in the tax rate.
  • Raj Television's 15.97% operating margin was 4.74 percentage points above the 11.23% median for 329 Consumer Discretionary peers.

Price around the results

Revenue recovery drove a sharp operating turnaround

Raj Television's standalone revenue increased +23.51% QoQ to Rs 18.49 cr, while expenses rose only +1.24% to Rs 15.53 cr. That gap lifted operating profit from a loss of Rs 0.38 cr in Q1FY27 to Rs 2.95 cr, and profit before tax moved from a loss of Rs 1.19 cr to Rs 2.17 cr. With no other income, the improvement came from operations rather than non-operating gains.

Margin reversal came despite higher tax pressure

Operating margin improved from -2.51% to 15.97%, an 18.48 percentage-point sequential increase, because revenue grew much faster than expenses. Interest expense fell -4.92% QoQ, while depreciation was unchanged at Rs 0.20 cr. The tax rate rose 7.58 percentage points to 22.70%, so the improvement in net profit to Rs 1.68 cr was less than the improvement in pre-tax profit.

Margin now sits above the reported peer median

Raj Television's 15.97% operating margin was 4.74 percentage points above the 11.23% median among 329 reported Consumer Discretionary peers. Operating margin swung from -2.51% in Q1FY27 to 15.97% in Q2FY27, marking a sharp sequential reversal rather than an established multi-quarter trend.

Results were filed after market close

The standalone results were filed after market close, so there is no market reaction to assess yet. The quarter's next read-through is whether the sharp operating improvement is sustained without a return of the expense pressure seen in the prior quarter.

Q2FY27 at a glance

Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.

Line itemQ2FY27Q1FY27QoQ
Revenue₹18 cr₹15 cr+23.51%
Other income₹0 cr₹0 cr—
Expenses₹16 cr₹15 cr+1.24%
Operating profit₹3 cr₹-0 cr—
Operating margin (%)15.97%-2.51%—
Interest₹1 cr₹1 cr-4.92%
Depreciation₹0 cr₹0 cr+0.00%
Profit before tax₹2 cr₹-1 cr—
Tax₹0 cr₹-0 cr—
Net profit₹2 cr₹-1 cr—
EPS (₹)₹0.32₹-0.19—

Operating margin of 15.97% compares with a Consumer Discretionary sector median of 11.23% across 329 peers that have reported Q2FY27.

What to watch

  • Whether operating margin holds above 15.97% after the Q2FY27 reversal.
  • Whether expense growth remains close to the Q2FY27 rate of +1.24% QoQ.
  • Whether the tax rate moves below the current 22.70% level.